Added to YB: 2026-08-10
Pitch date: 2026-08-06
GMS.L [bullish]
Gulf Marine Services PLC
+3.23%
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 297.0M
Pitch Price
GBP 0.19
Price Target
N/A
Dividend
N/A
EV/EBITDA
4.65
P/E
15.72
EV/Sales
2.59
Sector
Energy Equipment and Services
Category
value
Orphaned Stock with a 25% Free Cash Flow Yield - Gulf Marine Services
GMS.L (new position): Offshore support vessel operator at 3.1x '27 EV/EBITDA, 25% FCF yield, 70% of book. Backlog 3.5x rev, deleveraged 8x to 1.4x ND/EBITDA, 60% EBITDA margins, young fleet. Dead money 2yrs on Gulf conflict/Seafox selldown. Catalyst: dividend restart (Sept), Zeus PT 32p vs 18.8p. Risks: geopolitics (no BI insurance), 90% rev from 3 NOCs, low liquidity, dayrate cyclicality.
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