Mermaid Maritime - Stormy waters ahead | I3investor

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Mermaid Maritime - Stormy waters ahead

StockFanatic

Publish date: Tue, 03 Mar 2015, 12:08 PM

Mermaid's 15MFY14 core net profit of US$49.9m was within our expectations but likely below consensus, at 103% of our forecast. We hike FY15-17 EPS by 6-54% for higher margin assumptions but lower our target price, now based on 0.45x CY15 P/BV (5-year trough), instead of 0.6x CY15 P/BV. Although Mermaid's valuations are at trough, we think that the earnings risk is still skewed to downside as its key vessels- Mermaid Endurer, Mubarak Supporter and Windermere- face significant work gaps in 2015. Furthermore, our ~5% ROE forecast for FY16 justifies a material discount to book value while possible net loss in 1QFY15 would cap near-term share price performance. Maintain Hold.

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