! Results in‐line: Aban’s Q4FY13 results were in line with expectations, with
revenues at Rs9.6bn, 19.5% YoY and 5.6% sequential growth. Margins stood at
52.4% as against 53.63% in Q3FY13 and 52.4% in Q4FY12. On account of lower
ETR, PAT grew by 91.6% QoQ and declined 24.3% YoY. During the quarter, all
vessels, with the exception of Tahara, were working.
! Fleet Status: In March 2013, Aban Ice and DDI went off-contract. Of these, DDI
has already been re-contracted and will commence operations from July 2013
onwards. Aban Ice is currently being marketed. Further, Aban 7 completed its
contract in the month of May 2013 and is also being marketed.
! New Contracts: DDII, IV & V, which were contracted in the Middle East and
whose contracts were to expire in September 2012, have all been re-contracted
with the same parties. DDVII, whose contract ended in December 2012, got into
another contract immediately in Mexico for a period of 1005 days at a healthy
operating day rate of US$151K. DDI was also contracted at a healthy rate of
US$158K for a period of 1115 days.
! Valuations: Aban currently trades at a PER of 6.9x FY14 and 5.2x FY14. Given
the strong fleet status, whereby, the risk over the next couple of years is
mitigated, we maintain our positive stance on the company and value it at 6x
FY15 which translates to Rs378.
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revenues at Rs9.6bn, 19.5% YoY and 5.6% sequential growth. Margins stood at
52.4% as against 53.63% in Q3FY13 and 52.4% in Q4FY12. On account of lower
ETR, PAT grew by 91.6% QoQ and declined 24.3% YoY. During the quarter, all
vessels, with the exception of Tahara, were working.
! Fleet Status: In March 2013, Aban Ice and DDI went off-contract. Of these, DDI
has already been re-contracted and will commence operations from July 2013
onwards. Aban Ice is currently being marketed. Further, Aban 7 completed its
contract in the month of May 2013 and is also being marketed.
! New Contracts: DDII, IV & V, which were contracted in the Middle East and
whose contracts were to expire in September 2012, have all been re-contracted
with the same parties. DDVII, whose contract ended in December 2012, got into
another contract immediately in Mexico for a period of 1005 days at a healthy
operating day rate of US$151K. DDI was also contracted at a healthy rate of
US$158K for a period of 1115 days.
! Valuations: Aban currently trades at a PER of 6.9x FY14 and 5.2x FY14. Given
the strong fleet status, whereby, the risk over the next couple of years is
mitigated, we maintain our positive stance on the company and value it at 6x
FY15 which translates to Rs378.
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