Mermaid Maritime - Earnings upswing | I3investor

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Mermaid Maritime - Earnings upswing

StockFanatic

Publish date: Thu, 13 Feb 2014, 11:44 AM

Mermaid's 1QFY9/14 net profit beat our estimates by 31% and consensus by 15%. The strong beat came from much higher-than-expected contributions from AOD and subsea. We were too conservative in our earlier forecasts and lift our FY14-16 EPS by 24-35%. We maintain our Add rating with a higher target price, now based on 7x CY15 EV/EBITDA, its 4-year mean (previously 1x CY14 P/BV; 3-year mean). The multiple is also in line with peers.

Our new methodology takes into account the earnings upswing which the company is now experiencing, while the previous indicated a floor price for the stock. Catalysts could come from earnings strength and more contracts.

Mermaid Maritime (DU4)

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