Nog een zeer positief analistenrapport van FDA gehaald:
" 14-11-2013
SBM Offshore (rating 9, +) continued to benefit from a strong market for the exploitation of offshore oil and gas resources. The market leader in FPSOs is able to supply large and technically complex floaters and also lease and operate them. Order intake started to increase in the second quarter of 2010 and their execution is resulting in increasing revenues. Moreover, current order intake outpaces the company's production (book-to-bill around 2.5) resulting in a record backlog, which is promising for the company's further growth. In the third quarter of 2013, according to a brief sales update, revenues jumped 50 percent to USD 1.21 billion, better than expected.
CONSERVATIVE GUIDANCE FOR 2013 MAINTAINED
Management is confident for the rest of the year and foresees for full year 2013 revenues of at least USD 4.3 billion, up 16 percent form 2012. This indicates a sales drop in the final quarter by around 25 percent (YOY and sequentially). The company also reported that the internal investigation into possible improper sales practices is going on and that no further new information is available. Management's dismissal of the company's COO Jean-Philippe Laures could be an outcome of the investigation. Mr. Laures had been involved with SBM's marketing and sales since 1999.
COMPANY DELIVERS ON PROMISES
The execution of the turnkey projects is driving the company's revenue growth. In addition, the highly profitable Lease and Operate Segment also grew, as revenue went up by 22 percent to USD 275 mln in the third quarter. The execution of the projects is on scheme and within budget. Only the MOPU Deep Panuke, is producing below full production capacity. Management is in the process to resolve that problem. It also secured a project loan for a FPSO (USD 600 mln) at attractive conditions. SBM still has significant undrawn credit facilities. Meanwhile, the company is on track with the divestment of non-core assets.
SBM IS WELL POSITIONED
The market for mobile offshore equipment for the exploitation of oil and natural gas fields has been strong lately and this is foreseen to continue in the coming years. The Floating Production Storage and Offloading system (FPSO) is the preferred solution for floating production. Currently, it accounts for 64 percent of all existing offshore production units in the world (263 units). The independent research organisation International Maritime Associates and Fearnley expect 10 to 15 awards for FPSOs per year through 2017, of which 60 percent will be leased. Demand for conversions is increasing for the larger sized units with daily capacity of more than 100,000 barrels per day and costing more than USD 1 billion. Because ownership model shifted from oil company-owned to lease and SBM is offering the possibility to lease, the firm attracts more clients and strengthens its position. Additionally, only companies with the financial capabilities to finance the large projects can enter the offshore-market, like SBM. For the construction of FPSOs, SBM joined Mitsubishi, which will take care for the - partly - financing of the projects. This joint-venture strengthens SBM's financing capacity and offers the opportunity to grow the fleet of leased units.
In the past years, SBM Offshore has been outperforming Modec, with regard to normalised margins. In the third quarter, the Japanese company's revenue increased 38 percent to around USD 600 mln, but the firm's operating margin almost halved to 3.5 percent. With its leased fleet of around 14 units, Modec earns in total net around USD 60 mln yearly, which is extremely low in our view. SBM's profitability is at least five times as hihg.
INVESTMENT CONCLUSION
SBM posted strong figures in the third quarter, with regard to sales and order intake. The company is the global leading supplier of FPSOs and adjacent activities (like turrets) with a large leased fleet. Demand for its services is robust and the growing fleet gives the firm a long term revenue horizon with elevated margins. SBM Offshore's estimates, price target and rating will be reassessed for the latest developments. The positive valuation recommendation is maintained and SBM remains a preferred investment candidate."