Mermaid Maritime - Earnings recovery intact | I3investor

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Mermaid Maritime - Earnings recovery intact

StockFanatic

Publish date: Thu, 14 Aug 2014, 09:49 AM

Mermaid's 3Q14 core earnings of US$13m (+22% yoy), at 8% below our forecast of US$14.2m, bring 9M14's core earnings to US$30.6m or 62% of our full-year number. The slight miss was due to downtime for Mermaid Siam. We lower our FY14-16 core EPS by 4-5% as we turn conservative on subsea margins. In turn, our target price, still at 7x EV/EBITDA, dips. Nonetheless, we believe the recent share price weakness is unwarranted as earnings recovery is intact.

The stock remains a value-proposition, at 0.85x CY14 P/BV and 5x CY15 EV/EBITDA. Maintain Add, with catalysts from stronger-than expected earnings and contract wins.

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