External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

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Equity Bottom-Up

<ul>
<li>1H24 EBITDA guidance range exceeds our expectations: management has issued quantitative guidance for the first time, and expects 1H24 EBITDA in the range of $55- $60m, which implies +56% upgrade on prior MAe (at the midpoint), as well as +79% growth on pcp and +54% sequential HoH growth;</li>
<li>From an operational perspective, management noted strong contributions across all divisions (vessels, subsea, and project logistics) during the first 4 months of the year supported by strong activity across all key markets;</li>
<li>Management further noted "solid contracted revenue position" for the remainder of 1H24</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


1H24 EBITDA guidance range exceeds our expectations: management has issued quantitative guidance for the first time, and expects 1H24 EBITDA in the range of $55- $60m, which implies +56% upgrade on prior MAe (at the midpoint), as well as +79% growth on pcp and +54% sequential HoH growth;
From an operational perspective, management noted strong contributions across all divisions (vessels, subsea, and project logistics) during the first 4 months of the year supported by strong activity across all key markets;
Management further noted "solid contracted revenue position" for the remainder of 1H24

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MMA Offshore Ltd - 1H24 Guidance Highlights Operating Leverage

<div><div><div><div><ul><li><p>Vessel supply shortfall expected to be sustained against a backdrop of building demand: New OSV deliveries have been at historical lows since 2017 as returns have not justified new investment.</p></li><li><p>Improved oil &amp; gas prices and offshore wind activity underpinned by growing energy demand have contributed to climbing vessel utilisation (MRM: 80% in FY24 vs 53% in FY21) that is expected to be sustained through the short term as new supply lags.</p></li><li><p>Improved day rates and utilisation expected to unlock operating leverage: The cost base associated with a large asset base contributes to significant operating leverage within the model. </p></li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Vessel supply shortfall expected to be sustained against a backdrop of building demand: New OSV deliveries have been at historical lows since 2017 as returns have not justified new investment.Improved oil &amp; gas prices and offshore wind activity underpinned by growing energy demand have contributed to climbing vessel utilisation (MRM: 80% in FY24 vs 53% in FY21) that is expected to be sustained through the short term as new supply lags.Improved day rates and utilisation expected to unlock operating leverage: The cost base associated with a large asset base contributes to significant operating leverage within the model. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MMA Offshore Limited (MRM-AU) – Buy – Price: $1.29; PT: $1.65

Australia

MMA Offshore Limited provides diversified marine services. The Company operates mainly in the Dampier and North West Shelf in Western Australia and also in the Northern Territory. MMA Offshore operates crew vessel charters, vessel manning, management and logistics along with operating supply base facilities.

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Mma Offshore (MRM AU)

MMA Offshore Ltd - 1H24 Guidance Highlights Operating Leverage

1H24 EBITDA guidance range exceeds our expectations: management has issued quantitative guidance for the first time, and expects 1H24 EBITDA in the...

MA Moelis Australia

MMA Offshore Limited (MRM-AU) – Buy – Price: $1.29; PT: $1.65

Vessel supply shortfall expected to be sustained against a backdrop of building demand: New OSV deliveries have been at historical lows since 2017...

MA Moelis Australia

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