Mermaid Maritime - Hear me roar! | I3investor

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Mermaid Maritime - Hear me roar!

StockFanatic

Publish date: Fri, 08 Aug 2014, 12:52 PM

Mermaid is due to release its 3QFY14 results on 13 Aug, after market hours. We expect it to post a 3Q core net profit of US$14.2m, up 88% yoy due to contributions from AOD, and 1.9x qoq as operating leverage from the subsea division kicks in. We shave our FY14 EPS by 10% due to reduced contributions from MTR-2 and delay in contributions from the Mubarak Supporter.

We also temper our FY15-16 EPS by 3-7% on lower subsea revenue and margin assumptions. Our target price, still at 7x EV/EBITDA (its 4-year mean), drops accordingly. We recommend investors to Add ahead of a stronger 3Q and contract wins.

Mermaid Maritime (DU4)

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