Professional
Added to YB: 2026-04-30
Pitch date: 2026-04-28
GMS.L [bullish]
Gulf Marine Services PLC
-0.53%
current return
Author Info
Alluvial Capital is an investment manager with a focus on overlooked and obscure securities around the world. Sign up for the newsletter.
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 282.2M
Pitch Price
GBP 0.19
Price Target
38.00 (+20352%)
Dividend
N/A
EV/EBITDA
4.51
P/E
14.94
EV/Sales
2.51
Sector
Energy Equipment and Services
Category
turnaround
Alluvial Fund New Position: Gulf Marine Services PLC
GMS.L (new position): Self-elevating support vessel owner for offshore oil/gas & renewables. Young fleet, blue-chip clients (mostly Middle East NOCs). 4x EBITDA, 20% FCF yield after deleveraging $250M since 2020 (net debt $156M, EBITDA $113M). Revenue backlog $396M vs $430M EV. Shares -35% on Iran evacuation of 4 vessels but crews returning. Market assigns zero value beyond backlog despite normalized ops ahead.
Read full article (2 min)