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better-than-expected third quarter results and reiterated its constructive industry outlook (emphasis added by author): , which represents a satisfying milestone in the continued recovery of our business. The last time I wrote about Global Partners LP, I talked about several things: How is GLP doing now? Last month, SEACOR reported decent first quarter results with revenues, average day rates, direct vessel profit, and EBITDA all reaching new multi-year highs: The sequential improvement is particularly noteworthy given the fact that Q1 is a seasonally weak quarter for the industry. We plan on remaining committed to our chartering strategy of staying sure to take advantage of continued attractive supply and demand fundamentals. Following the recent rally in the shares, discount to estimated net asset value has narrowed to approximately 43%. And the market has rewarded GLP in terms of its share price: In this article, I seek to try to explain why the positive development has happened, as well as make my recommendation about this stock. I have no business relationship with any company whose stock is mentioned in this article. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Tidewater TDW swung to a Q4 net profit of $10.6M, or $0.20/share, from a year-earlier loss of $37.9M, or $0.92/share, and revenues rose 77% Y/Y to $186.7M from $105.2M in the prior-year period. It paid out $24,337,000 in dividends, which means a payout ratio of 42.6%. - Engineering News-Record Challenges of a Cost Estimator's Job Project Finance Comparative Guide - Finance and Banking - Bangladesh - Mondaq News Alerts SEACOR Marine Holdings or "SEACOR" is a leading provider of marine and support transportation services to the offshore energy industry. The warrants were issued to Banyan in connection with Tidewater's (TDW . Based on Tidewater's stated expectations for improvements in dayrates and vessel margin this year, I am looking for SEACOR to generate between $60 million and $70 million in EBITDA and cash flow from operations to turn substantially positive in the second half. Home Tidewater Q1 2023 Earnings Preview Tidewater Q1 2023 Earnings Preview Tidewater (NYSE:TDW) is scheduled to announce Q1 earnings results on Tuesday, May 9th, before market open. Please disable your ad-blocker and refresh. The leading offshore support services provider reported decent first quarter results with revenues, average day rates, direct vessel profit, and EBITDA reaching new multi-year highs. Please. drilling and well installation, maintenance, inspection and repair. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. With Tidewater management projecting dayrates to advance even faster next year, SEACOR should achieve annual EBITDA well in excess of $100 million in 2024. In its adjusted free cash flow calculation, the company also added back an aggregate $2.1 million in merger and integration costs and other special items: Bristow continues to expect total capital expenditures of $159 million for the UKSAR2G contract with the vast majority expected to be incurred in 2023 and 2024. Tidewater rages to record high on upbeat guidance for revenues, margins Feb 28, 202308:55 PST TDW +4.96% Tidewater TDW +5.1% in Tuesday's trading, soaring by as much as 14% to a record high, despite reporting lower than expected Q4 GAAP earnings as it issued guidance for improved revenues and operating margins for 2023. Global Partners has $400M of 7.00% senior notes due 2027, as well as $350M of 6.875% senior notes due 2029. SEACOR's closest publicly-traded peer is Tidewater (TDW), a company I have been very positive on for quite some time now, based on the ongoing recovery in offshore drilling markets and persistent tailwinds from recent geopolitical events. The company also highlighted its significant earnings leverage and free cash flow generation potential: Assuming Tidewater achieves the anticipated $45 million in merger synergies and average day rates increasing by another 20% until the end of FY2023, the company's annual EBITDA run rate would increase to approximately $500 million, with anticipated free cash flow of well above $400 million. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. The acquisition added 26 convenience stores & fuel sites, as well as 22 fuel only sites in Connecticut and New York. I wrote this article myself, and it expresses my own opinions. While SEACOR remained optimistic for 2023, management didn't provide forward guidance nor did it host a conference call, thus complicating modeling somewhat. Is this happening to you frequently? Is this happening to you frequently? During this time, I managed to successfully maneuver the burst of the dotcom bubble and the aftermath of the world trade center attacks as well as the subprime crisis.Despite not being a native speaker, I always try to deliver high quality research at no charge to followers and the entire Seeking Alpha community. In addition, a debt refinancing at improved terms could provide a near-term catalyst for the stock. These businesses are in the storage and transport of refined oil products. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. The price was $40.3M . If you have an ad-blocker enabled you may be blocked from proceeding. Register Now! I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. I have no business relationship with any company whose stock is mentioned in this article. After some meaningful investments in working capital in H1, Tidewater managed to generate $21.9 million in free cash flow in Q3. The recycling of capital means that over the last 3 years means that Global Partners has not had to incur substantial amounts of extra debt. expenditures, free cash flow was positive $3.7 million. Tidewater (NYSE:TDW) stock fell 4.6% postmarket on Tuesday after the firm announced a registered underwritten public offering of up to ~4M shares. Tidewater (NYSE:TDW) is a leading provider of marine and transportation services in the offshore energy industry. Entering text into the input field will update the search result below. As we look forward to the remainder of 2022 and 2023, we remain confident that the fundamentals for the offshore vessel market will remain robust. No other finance apps are more loved, Custom scripts and ideas shared by our users. I am not receiving compensation for it (other than from Seeking Alpha). No recommendation or advice is being given as to whether any investment is suitable for a particular investor. I wrote this article myself, and it expresses my own opinions. If you have an ad-blocker enabled you may be blocked from proceeding. Seeking Alpha - Double S Capital 3h. Indeed, with the share price having almost doubled from recent lows, Tidewater's stock could prove to be a valuable currency in potential M&A activity going forward. While Bristow's first quarter report was nothing to write home about, the scheduled commencement of new contracts should boost results over the course of the year. Since Global Partners is dependent on real estate, its Net Income does not reflect its distributable cash flow. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. ; The company's total fleet of 228 vessels is among the youngest in the world, and features a modern fleet of 199 PSVs and AHTS with an average age of 11.3 years, 65% of which are high-specification vessels. I am mostly a trader engaging in both long and short bets intraday and occasionally over the short- to medium term. Tidewater Inc. (NYSE:TDW) has been covered by me previously, so investors should view this article as an update to my earlier publications on the company. Bristow continues to expect total capital expenditures of $159 million for the UKSAR2G contract with the vast majority expected to be incurred in 2023 and 2024. https://seekingalpha.com/article/4602058-tidewater-inc-tdw-q1-2023-earnings-call-transcript?source=feed_f&utm_campaign=twitter_automated&utm_content=article&utm_medium=social&utm_source=twitter_automated #markets #trading #business" On the conference call, Tidewater management hinted at potential further M&A activity. During this time, I managed to successfully maneuver the burst of the dotcom bubble and the aftermath of the world trade center attacks as well as the subprime crisis.Despite not being a native speaker, I always try to deliver high quality research at no charge to followers and the entire Seeking Alpha community. Tidewater TDW said revenues in its West Africa business improved 6.8% Q/Q driven by an increase in average dayrates; revenues in the Americas also rose 6.8% due to an 8.1% rise in dayrates, including notable dayrate enhancement in the U.S. Gulf of Mexico and Mexico; and Mediterranean revenues rose 9.3% Q/Q, citing a 4.5% increase in dayrates and additional capacity brought to the area from the U.S. Gulf of Mexico. Is this happening to you frequently? Tidewater TDW shares have gained 38% so far this year and 221% during the past 12 months. My historical focus has been mostly on tech stocks but over the past couple of years I have also started broad coverage of the offshore drilling and supply industry as well as the shipping industry in general (tankers, containers, drybulk). Investors looking for other opportunities in the space should consider building a position in competitor SEACOR Marine Holdings Inc. (SMHI), as the shares offer similar upside potential. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Keep in mind that Q4 and Q1 tend to be somewhat weaker quarters as North Sea activities are reduced in the winter months. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha on Twitter: "$TDW - Tidewater Inc. (TDW) Q1 2023 Earnings Call Transcript. Discussing the most recent SAR contract award in Ireland which should provide stable revenue and decent margin contributions for many years. ; Net proceeds will be used to repurchase from Banyan Overseas warrants exercisable for Tidewater (TDW) shares equal to the number of shares sold in the offering. I have no business relationship with any company whose stock is mentioned in this article. As shares have retreated by almost 30% from multi-year highs reached earlier this year, I am raising my rating from "Hold" to "Buy" with a price target of $12 based on a 2024 EBITDA/EV multiple of 6x. My historical focus has been mostly on tech stocks but over the past couple of years I have also started broad coverage of the offshore drilling and supply industry as well as the shipping industry in general (tankers, containers, drybulk). With average day rates fleet utilization anticipated to improve further, the company should start to generate meaningful free cash flow over the coming quarters. The combined improvement in utilization and average day rate provided an approximately 11.5% improvement in revenue per average active vessel. Given that the common shares have no tangible equity backing them up, their 8.7% yield is roughly fair, as compared with the 6.875-7.00% yield on the senior notes, implying a 1.8-2.0% equity risk premium as compared to the bond. In Q4 2022, it had Net Income of $30,485,000, and Depreciation & Amortization of $26,701,000, for a total estimated distributable cash flow of $57,186,000. What is Negative Float and How to Deal With It in Primavera P6? Global Partners remains a highly leveraged enterprise. Note: I have covered Bristow Group (NYSE:VTOL) previously, so investors should view this as an update to my earlier articles on the company. On the conference call, management was confident regarding the company's free cash flow generation potential going forward: We do expect to continue to make necessary investments in working capital as the business continues to grow. Swissotel the Bosphorus, Istanbul, Turkey 8-9 Sep. 2021. I am a student studying mathematics, statistics, and economics. Let's compare its balance sheet today with its balance sheet from 3 years ago to see how much has changed. As shares have retreated by almost 30% from multi-year highs reached earlier this year, I am raising my rating from "Hold" to "Buy" with a price target of $12 based on a 2024 EBITDA/EV multipleof 6x. Analysts Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. February 1, 2022 - GLP acquired Miller Oil Co., Inc. in a cash transaction of $60.1M. Bristow, a leading helicopter services provider, reported another set of mediocre quarterly results, with revenues and profitability being impacted by seasonality and the recent loss of a large contract in Guyana. Instead, I will use the Q4 2022 figures instead. That said, the company recently succeeded in addressing near-term debt maturities while at the same time bolstering liquidity and simplifying SEACOR's corporate structure. Please. Commercial momentum continues as our customers plan for what, by all accounts, appears to be another leg up in offshore activity in 2023. If you have an ad-blocker enabled you may be blocked from proceeding. The company has managed to recycle capital, reducing the need for new debt and maintaining a stable balance sheet. Please. I wrote this article myself, and it expresses my own opinions. An important aspect to note here is the balance between acquisitions and sales: they are more balanced than before, meaning that there has been on the whole somewhat of a recycling of capital from old assets into new, bolstered by sale-leasebacks. Situation Overview Tidewater Midstream (TSX:TWM:CA) reported solid Q4 and year-end 2022 numbers. This means that it is unlikely to need to make large new issues of brand-new senior notes or preferred stock in order to cover the acquisition costs. Analysts Disclosure: I/we have a beneficial long position in the shares of SMHI either through stock ownership, options, or other derivatives. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Please disable your ad-blocker and refresh. Entering text into the input field will update the search result below. Net proceeds will be used to repurchase from Banyan Overseas warrants exercisable for Tidewater (TDW) shares equal to the number of shares sold in the offering. Tidewater shares issued (or to be issued upon warrant exercises) to holders of GulfMark common stock and We do have the ongoing integration with SPO that we talked about on the call, but none of that is at the point now where it's a distraction from us doing our next deal. I will use the EBITDA coverage test to assess the safety of the senior notes. I am not receiving compensation for it (other than from Seeking Alpha). The interest coverage ratio would be $78,147,000 / $22,068,000 = 3.54. My Top 10 Dividend Growth Stocks To Invest In For June 2023. https://seekingalpha.com/article/4608232-my-top-10-dividend-growth-stocks-invest-june-2023?source=feed_f . Unrestricted cash of $198 million and available liquidity of $274.9 million increased substantially from the end of 2022 due to the recent equipment financing agreements with National Westminster Bank Plc. In its preliminary annual 2023 Russell index reconstitution, about 161 companies will be added and 313 deleted from the Russell Microcap Index. In addition, I am having a close eye on the still nascent fuel cell industry.I am located in Germany and have worked quite some time as an auditor for PricewaterhouseCoopers before becoming a daytrader almost 20 years ago. As of March 31, 2023, the company operated a diverse fleet of 59 support vessels, of which 57 were owned or leased in and two were managed on behalf of unaffiliated third parties: SEACOR has also expanded into offshore wind and invested in hybrid power for a number of platform supply vessels in order to gain exposure to the energy transition. Hopefully, management will comment on this issue on the Q2 conference call. Entering text into the input field will update the search result below, another set of mediocre quarterly results with revenues and profitability being impacted by seasonality and the recent loss of a large contract with Exxon Mobil (. I wrote this article myself, and it expresses my own opinions. My historical focus has been mostly on tech stocks but over the past couple of years I have also started broad coverage of the offshore drilling and supply industry as well as the shipping industry in general (tankers, containers, drybulk).
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