Added to YB: 2026-04-17
Pitch date: 2026-04-15
GMS.L [neutral]
Gulf Marine Services PLC
+4.08%
current return
Author Info
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Company Info
Gulf Marine Services PLC, together with its subsidiaries, operates self-propelled self-elevating support vessels (SESVs) in the United Arab Emirates, the Kingdom of Saudi Arabia, Qatar, and Europe.
Market Cap
GBP 312.3M
Pitch Price
GBP 0.19
Price Target
N/A
Dividend
N/A
EV/EBITDA
4.80
P/E
16.53
EV/Sales
2.67
Sector
Energy Equipment and Services
Category
value
The hunger GMS
GMS.L (update): SESVs provider for offshore O&G/renewables. 2H25 rev $101M (+$13.9M vs 1H25); adj EBITDA $62.1M (+$11.3M). Day rates +11% YoY, +8% in 2026. Stat net profit $19.5M vs adj $41.8M due to K-Class vessel impairment (-$10.1M) & one-off tax (-$11.4M). Net debt $156.6M, 1.39x leverage (down from 4x in 2023). $660M backlog = 3.3yrs rev. Trades 74% discount to tangible assets by 2029. 2026 EBITDA guide $105-$115M under review due to Strait of Hormuz tensions & customer force majeure. Geographic concentration risk UAE/Qatar/Saudi, but E-Class relocating to North Sea for wind. Thesis: regional instability temporary, long-term supply/demand favorable.
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