Professional
Added to YB: 2026-04-16
Pitch date: 2026-04-14
TDW [neutral]
Tidewater Inc.
-0.79%
current return
Author Info
No bio for this author
Company Info
Tidewater Inc., together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of offshore marine service vessels worldwide.
Market Cap
$4.4B
Pitch Price
$84.28
Price Target
N/A
Dividend
N/A
EV/EBITDA
10.32
P/E
13.23
EV/Sales
3.29
Sector
Energy Equipment and Services
Category
turnaround
Black Bear Value Partners Portfolio Holding: Tidewater Inc.
TDW (holding update): Leading OSV operator, up ~65% Q1 on energy rotation. Acquired Wilson Sons (Brazil PSV leader) in Feb. Global OSV fleet shrinking ~40% next decade (60% shipyard capacity cut since GFC, limited newbuild lending). Generated $350M FCF in 2025 (~8% yield); normal environment $500M-$1B FCF = 12-25% yield. Minimal debt post-acquisition enables buybacks. Offshore capex rebound expected 1-2 yrs as Permian slows.
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