Bache schreef op 30 juni 2016 11:47:
SNS 30-6-16:
SBM Offshore (Buy, pt EUR 15.50): Teekay obtains new financing showing weakness
Teekay Offshore has announced that it has obtained a new credit facility of USD 400m, has raised USD 200m in an equity issue and has been able to obtain deferrals for certain bond maturities. Teekay had already indicated earlier in the year that a refinancing would be required so the announcement does not come as a surprise. But it does show that most FPSO players are going through a very difficult period with Bluewater being forced to convert a shareholder loan into equity and now Teekay Offshore going for a share issue at a time when its shares are near its all -time low. Bumi Armada’s shares are also trading at all-time lows due to 1Q16 results in which revenues declined by 25% and net profit by 68% with the CEO also being replaced as net debt/EBITDA is the highest in years. SBM Offshore, however, if we assume a settlement in Brasil anytime soon, is in excellent shape. SBM’s L&O division will report substantial improvements in sales and EBIT (3 new FPSOs) while substantial restructuring minimizes the losses in Turnkey while its balance sheet and liquidity is very strong. SBM Offshore’s current share price does not do its justice at all. We rate SBM’s shares Buy based on a SOTP where we attach zero value to Turnkey and value the L&O portfolio based on existing contracts only. If one of three contracts (Sepia, Libra, Sealion) is won, there is material upside.