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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Gulf Marine Services - Second upgrade in quick succession

April 2024

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • GMS
  • Price:
  • 18p
The shares again challenged their highs after Gulf Marine announced another upward revision to its 2024 EBITDA guidance, which is now anticipated to be in the range of US$92m to US$100m, rather than the previous range of US$87m-US$95m. It also ended 2023 with net debt of just US$268m versus US$406m in 2020. This has been driven by improved trading with Gulf Marine announcing a contract extension and new letter of award. As a result, its backlog has now reached US$373m or 2.45x revenues, offering improved visibility moving forward. Zeus has upgraded EBITDA for FY24 by 5% to US$98.8m with eps raised 11% to 4.1 cents (3.2p), which drops the prospective PE to just 5.6. Gain to date: 41%. I am holding for more. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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