Stock Name: STXOSV
Company Name: STX OSV HOLDINGS LIMITED
DMG & Partners Research in a Mar 20 research report says: "STX OSV secured their first major order of the year with a contract from Island Offshore to build an advanced subsea support vessel valued at more than NOK500 million (US$87 million). Island Offshore is a repeat customer for STX OSV.
"We estimate that the new win lifted backlog order book to around NOK17.2 billion vs. its annual revenue capacity of NOK12 billion. We maintain our FY2012-2013F EPS estimates as we have factored in NOK12 billion new order win in FY2012.
"STX OSV is now trading at 10.5x FY12 P/E, 30% discount to average P/E of Singapore rig builders. We expect the tight supply and higher day rates for high-end offshore support vessels (OSV) to drive further new orders. Target price of $2.00. MAINTAIN BUY.
Company Name: STX OSV HOLDINGS LIMITED
| Research House: DMG | Price Call: BUY | Target Price: 2.00 |
DMG & Partners Research in a Mar 20 research report says: "STX OSV secured their first major order of the year with a contract from Island Offshore to build an advanced subsea support vessel valued at more than NOK500 million (US$87 million). Island Offshore is a repeat customer for STX OSV.
"We estimate that the new win lifted backlog order book to around NOK17.2 billion vs. its annual revenue capacity of NOK12 billion. We maintain our FY2012-2013F EPS estimates as we have factored in NOK12 billion new order win in FY2012.
"STX OSV is now trading at 10.5x FY12 P/E, 30% discount to average P/E of Singapore rig builders. We expect the tight supply and higher day rates for high-end offshore support vessels (OSV) to drive further new orders. Target price of $2.00. MAINTAIN BUY.
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