Added to YB: 2026-07-24
Pitch date: 2026-07-22
MCDIF [bullish]
Mcdermott International Ltd.
Author Info
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Company Info
Mcdermott International Ltd. provides engineering, procurement, construction, and installation solutions to the energy industry worldwide.
Market Cap
$170.9M
Pitch Price
$4.55
Price Target
N/A
Dividend
N/A
EV/EBITDA
1.62
P/E
-2.37
EV/Sales
0.06
Sector
Energy Equipment and Services
Category
turnaround
The Company That Taught Steel to Swim - $MCDIF
MCDIF: 100yr offshore EPC contractor, delisted Expert Market after 2 bankruptcies. Post-Jul refi: ~$500M net cash, no maturity to 2031, rebuilt LC lines. 4 funds (MFN, Mason, Baupost, FPA) backstopped $1.50 rights raise, will own ~90%. Op biz priced at ~1mo EBITDA ($490M LTM) vs peers 4-6x. Dominant Aramco/Qatar/ADNOC franchise, $18B backlog, sold-out fleet into tight cycle. Bear: lump-sum relapse, share loss, LC-syndicate dependence, minority squeeze risk, opacity. Backward math: $1.50 assumes op co worth ~zero. Fair ~$4-10/sh.
Read full article (41 min)