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H i g h e r f l e e t u t i l i s a t i on b o o s t s p e r f o r m a n c e …
Global Offshore (GOL) reported better than expected performance for
Q3FY12. Revenue was higher than our estimates by 4% at | 62.1 crore
(QoQ growth of 17%) while net profit was higher than our estimates by
58% at | 10.9 crore (QoQ growth of 92%). The better than expected
performance was driven by higher revenues, 160 bps QoQ improvement
in EBITDA margin to 45.1% and lower interest cost (QoQ decline of 16%
to | 6.4 crore). Revenues for Q3FY12 have been higher on a QoQ basis on
account of GOL’s vessel MV Kailash being operational for the entire
quarter in Q3FY12 as against one month in Q2FY12. Interest cost has
been lower as the company has repaid debt to the tune of US$ 12 Mn.
ƒ Fleet Status
During Q3FY12, GOL sold its vessel Garware V. On fleet expansion front,
GOL , through its subsidiary , Global Offshore Services B.V. has placed an
order for one platform supply vessel (PSV) to be delivered in Q1CY13 at a
cost of ~ US$ 45 million.
ƒ High proportion of long-term contracts provide comfort
GOL operates a fleet of 11 vessels, which consist of five AHTS vessels,
five OSVs and one construction barge. The company has strong revenue
visibility as majority of its fleet is deployed on long-term charter contract
with contracted revenue being 69% of FY13E revenues
V a l u a t i o n
At the CMP of | 72, the stock is trading at 6.8x FY13E EPS of | 10.6 and
0.54x FY13E book value of | 133. The company has strong revenue
visibility as majority of its fleet is deployed on long-term charter contract
with contracted revenue being 69% of FY13E revenues. GOL’s strong
revenue visibility, owing to higher proportion of long-term contracts in its
revenue mix and the stock trading at a significant discount to its seven
year average PBV multiple of 1.1x provides comfort. We have valued the
stock at 0.8x (Q2FY12:0.8x) FY13E P/BV with a target price of | 106.
Existing investors should also continue to hold the stock.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
H i g h e r f l e e t u t i l i s a t i on b o o s t s p e r f o r m a n c e …
Global Offshore (GOL) reported better than expected performance for
Q3FY12. Revenue was higher than our estimates by 4% at | 62.1 crore
(QoQ growth of 17%) while net profit was higher than our estimates by
58% at | 10.9 crore (QoQ growth of 92%). The better than expected
performance was driven by higher revenues, 160 bps QoQ improvement
in EBITDA margin to 45.1% and lower interest cost (QoQ decline of 16%
to | 6.4 crore). Revenues for Q3FY12 have been higher on a QoQ basis on
account of GOL’s vessel MV Kailash being operational for the entire
quarter in Q3FY12 as against one month in Q2FY12. Interest cost has
been lower as the company has repaid debt to the tune of US$ 12 Mn.
ƒ Fleet Status
During Q3FY12, GOL sold its vessel Garware V. On fleet expansion front,
GOL , through its subsidiary , Global Offshore Services B.V. has placed an
order for one platform supply vessel (PSV) to be delivered in Q1CY13 at a
cost of ~ US$ 45 million.
ƒ High proportion of long-term contracts provide comfort
GOL operates a fleet of 11 vessels, which consist of five AHTS vessels,
five OSVs and one construction barge. The company has strong revenue
visibility as majority of its fleet is deployed on long-term charter contract
with contracted revenue being 69% of FY13E revenues
V a l u a t i o n
At the CMP of | 72, the stock is trading at 6.8x FY13E EPS of | 10.6 and
0.54x FY13E book value of | 133. The company has strong revenue
visibility as majority of its fleet is deployed on long-term charter contract
with contracted revenue being 69% of FY13E revenues. GOL’s strong
revenue visibility, owing to higher proportion of long-term contracts in its
revenue mix and the stock trading at a significant discount to its seven
year average PBV multiple of 1.1x provides comfort. We have valued the
stock at 0.8x (Q2FY12:0.8x) FY13E P/BV with a target price of | 106.
Existing investors should also continue to hold the stock.
very niceeeeeeeeee
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