EXMAR 9m24 results
Exmar published a good set of 9m24 results last Friday after close. EBITDA (IFRS) landed at $95.7m (up from $54.4m in 9m23). Corrected for the $19.6m capital gain on the Bexco disposal, EBITDA grew from $54.4m to $76.1m with growth realised in all three divisions. EBIT (IFRS) landed at $68m (vs. $25m in 9m23) and net debt (prop. conso) fell to $227m (vs. $252m per 4Q23). As the share is trading close to our €7.4 TP we upgrade from Reduce to Hold.Exmar is a diversified and independent industrial shipping group that serves the international oil and gas industry. Co. provides ships for products transport and performs studies, undertaking the management of commercial, technical or administrative activities. Co. specializes in gas transport activities, particularly Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG) and Ammonia (NH3). Co., through it's subsidiary EXMAR Shipmanagement, provides ship management and ancillary services to ship owners, including regasification and liquefication; other services offered by Co. include insurance brokerage (managed by its subsidiary Belgibo) and an in-house travel agency (Travel Plus).
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