Tidewater (Buy, TP: USD55.00) - On track for 2025
Tidewater had a strong start to the year, with adj. EBITDA of USD154m (c25% above consensus and our estimate) and FCF of USD95m (44% above our forecast). The company reiterated its full-year guidance, with contract visibility on 88% of the revenue midpoint (USD1.35bn). We have made limited estimate revisions, and the stock is trading at a 2025e EV/EBITDA of 4.4x and unlevered FCF yield of 14%. We reiterate our BUY recommendation and USD55 price target.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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