Posts tagged Value Pickr
Bull therapy 101-thread for technical analysis with the fundamentals (26-06-2024)
Regarding Garware, what do you think about the possibility of price getting re-rated before the new capacity comes online? Result wise its almost sure that they can’t do much better for next 3-4 quarters since they are running at full capacity, but the p/e ratio is very cheap considering current market and roughly 100 rupee eps in FY 25. I also sold it at around 2K, since in past I have held onto cap-ex stories and sold in frustration because of interim turbulence as things like depreciation, interest starts immediately but full capacity utilization takes much longer and by that time market sentiment changes for worse and the price basically goes nowhere profitable .
How to register with SEBI as a Research Analyst? (26-06-2024)
how are you going to prove market experience? Just investing is not considered as experience.
If you have work experience related to stock markets (and this can be intepreted openly), then 5 yrs is needed to clear the expereince part.
If you have PG related to finance, accounts, then work experience is not needed.
Protean EGov Technologies Ltd – A Play on the ONDC, Digital Policies (26-06-2024)
Any reason why the OPM has been consistently reducing since 2019?
Seamec Limited: formidable player in niche space; in a dull & boring sector (26-06-2024)
SEAMEC Ltd -
Q4 and FY 24 concall and results highlights -
Q4 outcomes -
Revenues - 239 vs 124 cr, up 92 pc
EBITDA - 90 vs 25 cr, up 253 pc ( margins @ 37 vs 21 pc )
PAT - 52 vs (-) 5 cr
FY 24 outcomes -
Revenues - 758 vs 457 cr
EBITDA - 271 vs 146 cr ( margins @ 36 vs 32 pc )
PAT - 120 vs 34 cr
Gross Debt @ 234 cr
Net Debt ( gross debt - cash ) @ 34 cr
Company profile -
Owns and operates 05 state of the art DSV
( offshore - Diving support vehicles used to support offshore work like - maintenance and inspection of mobile platforms, pipelines etc ) and 03 OSV ( these are also used to support offshore work ) and 02 Bulk Carriers ( used to carry dry bulk cargo like - coal, iron ore, grains etc )
Services provided by the company -
IMR ( inspection, maint, repair ) Operations - for Sub Sea infra
ROV ( remotely operated vehicles ) - facilitating safe and unmanned sub sea operations where human presence is unviable
Sub-Sea construction
Sub Sea fire fighting
Sub Sea pollution control
Major clients -
ONGC
L&T
POSH
MERMAID
ZAMIL
James Fisher
Kreuz Subsea
Current Portfolio of vessels -
DSVs, Gross Tonnage, Year of procurement -
Seamec - II, 4503, 1993
Seamec - III, 4327, 1993
Seamec - Princess, 11121, 2006
Seamec - Paladin, 5648, 2021
Seamec - Swordfish, 5732, 2023
OSVs, Gross Tonnage, Year of procurement -
Seamec - Diamond, 1922, 2024 ( acquired in Apr 24. Deployed with ONGC for 3 yrs @ $ 8750 / day. That translates to aprox 16-18 Cr / yr … assuming 270 days of deployment )
Seamec - Glorious, 8950, 2021
Seamec - Pearl - Delivery expected in June 24 ( again expected to be deployed with ONGC at similar rates as Diamond )
Delivery of another OSV - Nusantara - is expected in Sep 25
Bulk Carriers, Gross Tonnage, Year of procurement -
Seamec - Gallant, 32289, 2017
Seamec - Asian Pearl, 27989, 2020
Improved EBITDA margins are due to deployment of newer vessels ( Paladin and Swordfish ), higher deployment days and increased rates
Both the bulk carriers - Gallant, Asian Pearl are operated under the company’s subsidiaries
The DSV/OSV work has much higher margins due to the specialised nature of work vs margins earned by Bulk carriers
Company expects the hiring rates for its vessels to remain firm for next 2-3 yrs
Company has sold one of its vessels - Seamec - Nidhi ( a bulk carrier ) for a consideration of $ 10 million. It was a loss making vessel and was dragging down the company’s consolidated results. This should lead to a further improvement in company’s consolidated margins / results
Business has an inbuilt seasonality - Q1, Q2 are weaker due monsoons
Capex planned for next 3 yrs combined @ 700 cr - mostly for procurement of newer vessels. All of this is likely to be funded via internal accruals
Company maintains a working capital cycle of 80-90 days
Disc: initiated a tracking position, not SEBI registered, biased
Ranvir’s Portfolio (26-06-2024)
SEAMEC Ltd -
Q4 and FY 24 concall and results highlights -
Q4 outcomes -
Revenues - 239 vs 124 cr, up 92 pc
EBITDA - 90 vs 25 cr, up 253 pc ( margins @ 37 vs 21 pc )
PAT - 52 vs (-) 5 cr
FY 24 outcomes -
Revenues - 758 vs 457 cr
EBITDA - 271 vs 146 cr ( margins @ 36 vs 32 pc )
PAT - 120 vs 34 cr
Gross Debt @ 234 cr
Net Debt ( gross debt - cash ) @ 34 cr
Company profile -
Owns and operates 05 state of the art DSV
( offshore - Diving support vehicles used to support offshore work like - maintenance and inspection of mobile platforms, pipelines etc ) and 03 OSV ( these are also used to support offshore work ) and 02 Bulk Carriers ( used to carry dry bulk cargo like - coal, iron ore, grains etc )
Services provided by the company -
IMR ( inspection, maint, repair ) Operations - for Sub Sea infra
ROV ( remotely operated vehicles ) - facilitating safe and unmanned sub sea operations where human presence is unviable
Sub-Sea construction
Sub Sea fire fighting
Sub Sea pollution control
Major clients -
ONGC
L&T
POSH
MERMAID
ZAMIL
James Fisher
Kreuz Subsea
Current Portfolio of vessels -
DSVs, Gross Tonnage, Year of procurement -
Seamec - II, 4503, 1993
Seamec - III, 4327, 1993
Seamec - Princess, 11121, 2006
Seamec - Paladin, 5648, 2021
Seamec - Swordfish, 5732, 2023
OSVs, Gross Tonnage, Year of procurement -
Seamec - Diamond, 1922, 2024 ( acquired in Apr 24. Deployed with ONGC for 3 yrs @ $ 8750 / day. That translates to aprox 16-18 Cr / yr … assuming 270 days of deployment )
Seamec - Glorious, 8950, 2021
Seamec - Pearl - Delivery expected in June 24 ( again expected to be deployed with ONGC at similar rates as Diamond )
Delivery of another OSV - Nusantara - is expected in Sep 25
Bulk Carriers, Gross Tonnage, Year of procurement -
Seamec - Gallant, 32289, 2017
Seamec - Asian Pearl, 27989, 2020
Improved EBITDA margins are due to deployment of newer vessels ( Paladin and Swordfish ), higher deployment days and increased rates
Both the bulk carriers - Gallant, Asian Pearl are operated under the company’s subsidiaries
The DSV/OSV work has much higher margins due to the specialised nature of work vs margins earned by Bulk carriers
Company expects the hiring rates for its vessels to remain firm for next 2-3 yrs
Company has sold one of its vessels - Seamec - Nidhi ( a bulk carrier ) for a consideration of $ 10 million. It was a loss making vessel and was dragging down the company’s consolidated results. This should lead to a further improvement in company’s consolidated margins / results
Business has an inbuilt seasonality - Q1, Q2 are weaker due monsoons
Capex planned for next 3 yrs combined @ 700 cr - mostly for procurement of newer vessels. All of this is likely to be funded via internal accruals
Company maintains a working capital cycle of 80-90 days
Disc: initiated a tracking position, not SEBI registered, biased
Shilchar Technologies – Power & Distribution Transformers – Sunrise Sector? (26-06-2024)
Are we worried about the order book to revenue ratio? Which doesn’t give pretty picture for long term. Any views?