reports
- Toby Thorrington
MedservRegis - Termination of coverage
Edison Investment Research is terminating coverage on Gamesys Group (GYG), Mutares (MUX) and MedservRegis (MDS). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Toby Thorrington
MedservRegis - Reverse takeover transforms prospects
The reverse takeover by Regis Holdings in June 2021 strengthens the balance sheet and leaves MedservRegis well positioned to pursue growth opportunities around the globe in both existing and new markets. As global oil markets progressively recover from the effects of the pandemic and the related unprecedented declines in demand, MedservRegis is ideally situated to participate in many of the largest energy projects scheduled over the next five years. The recomposed management team is focused on r...
- Toby Thorrington
MedservRegis - Reverse takeover transforms prospects
The reverse takeover by Regis Holdings in June 2021 strengthens the balance sheet and leaves MedservRegis well positioned to pursue growth opportunities around the globe in both existing and new markets. As global oil markets progressively recover from the effects of the pandemic and the related unprecedented declines in demand, MedservRegis is ideally situated to participate in many of the largest energy projects scheduled over the next five years. The recomposed management team is focused on r...
- Toby Thorrington
Medserv - Proposed share exchange for Regis Holdings
The Medserv board has announced that a conditional agreement has been reached with Regis Holdings Limited, based in Mauritius, to effect a strategic transaction through a share for share exchange with a value of €32.5m. The deal should provide Medserv with market access into critical growing markets and should strengthen its equity base and liquidity position. The deal is subject to Medserv shareholder approval at a general meeting. More details including financial outlooks for FY21 and FY22 for...
Medserv Plc: 1 director sold
A director at Medserv Plc sold 837,593 shares at 0.500EUR and the significance rating of the trade was 83/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
- Toby Thorrington
Medserv - Moving to the next phase
The search for a strategic partner is moving forward with the announcement that Advanced Maritime Transports SA (AMT) is to be acquired by Medserv via a share-for-share exchange, following which AMT’s owners will purchase the stakes of the majority holders and launch a voluntary bid for the minority holdings at €1.102. The bid represents a 10% premium to the deal for the majority shares. With no financial information provided it is difficult to assess the merits of the offer to shareholders ...
- Andy Chambers
Medserv - Strong year in progress
With a strong revenue and profit contribution from the Suriname contract, H119 group performance was excellent. The timing of the project should mean there is a stronger H219 performance, although FY20 group revenue prospects are impaired by the anticipated end to activity early in the year. Existing prospects in Cyprus, Egypt and elsewhere support our FY20 estimates and should be augmented by several major new projects that could be captured in the coming months for both the ILSS and OCTG divis...
- Andy Chambers
Medserv - A platform for growth
FY18 results met revenue and company-defined adjusted EBITDA guidance, although accounting changes and impairments led to higher depreciation charges than we expected. As a result, the adjusted pre-tax loss was a little below our estimate. The Suriname offshore base management contract is a prime driver of significant improvement in FY19, with group revenues set to almost double. However, even in other territories underlying progress is occurring, notably in Egypt, Cyprus and Malta, with potenti...
- Annabel Hewson
Medserv - Geographical reach
Medserv has announced signing a contract for shore-base logistics in Suriname, a new geographic region for the company. End markets are supportive for the company and we believe tendering activity continues at a good level. Overall, FY18 has progressed well, with contract wins establishing the company on a broad geographic reach and underpinning growth expectations in FY19.
- Annabel Hewson
Medserv - Pieces fitting into place
Medserv has demonstrated the success of its broadened geographic reach with strong H118 revenue growth and improved profitability. With the required investment in equipment and personnel complete, we see greater momentum and improved profitability in H218. We maintain our forecasts.
- Annabel Hewson
Medserv - Winning ways
Medserv has announced the signature of a second contract for Shore Base Logistics for offshore Cyprus for an international oil company (IOC). Cyprus is a key growth driver for the company’s Integrated Logistic Support Services business. Overall, FY18 has started well for Medserv with contract wins establishing the company now in eight countries as tendering activity continues.
- Annabel Hewson
Medserv - Internationalisation underpins growth
Medserv’s strategy to expand its geographic reach and range of services is bearing fruit. FY17 was affected by lower than expected demand and project delays, but Q118 results show strong progress and the order backlog underpins future revenue performance. A change of management and key shareholders at an early stage to source a strategic purchaser have also been announced. We reduce our FY18 estimates on the lower run rate out of FY17 and introduce FY19 estimates.
- Annabel Hewson
Medserv - Trading update highlights Q4 delays
Medserv’s trading update has highlighted project delays that will see H217 miss expectations. A lower Q4 drilling contribution from Cyprus and activity in Iraq falling off Q3 levels prompt us to reduce our FY17 forecasts. However, contracted projects underpin our FY18 estimates and we leave them unchanged.
- Annabel Hewson
Momentum to build in H2
While H117 results reflect a slower than expected performance in each of the key divisions, Medserv looks set to deliver sequential improvement in H2. We have lowered FY17 estimates; however, our FY18 estimates remain largely unchanged as momentum from the increased drilling programme from Q417 should continue. The longer-term investment case is underpinned by established contracts for drilling and OCTG services together with workover programmes. In addition, the company is well placed to secure...
- Andy Chambers
Stabilising the platform
Medserv issued an interim report on 22 May that indicates a stabilisation of the outlook for the group. METS appears to be trading strongly and while the onshore base support activities are still depressed, these should progressively recover in the second half. The reaction to the challenged FY16 results and more tempered outlook, while unsurprising, leaves the shares looking increasingly attractive against our fair value estimate of €1.83. There is scope for this discount to reduce as trading i...
- Andy Chambers
FY16 results
2016 turned out to be a far more challenging year for Medserv than we had anticipated. Project delays compounded the cost-saving actions of major customers in a depressed market. The delays are also likely to adversely affect 2017 prospects, especially H117, resulting in a sharp reduction in our near-term estimates. Longer-term cash values hold up well, assuming the stabilisation in market conditions persists, and our revised DCF value is now €1.83 compared to €2.03 previously.
- Andy Chambers
Record contract award and update
METS, acquired by Medserv last year, has been awarded a major supply contract by Sumitomo. The contract is significant because it represents the largest contract ever won by Medserv, underpinning METS activities with extended scope, which further justifies the purchase price. Despite challenging markets Medserv continues to successfully renew existing services contracts that underpin its core performance. Although the update in Trinidad indicates the loss of the initial tender for an onshore bas...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Andy Chambers
ENI North Africa renewal
Following on from the Q3 trading update, Medserv has announced the renewal of the second core contract from ENI for the Malta base. It has now won both contracts let in Malta for Libya operations this year. The company has thus secured its core business for the Malta base from 2017 to 2019. New opportunities in the eastern Mediterranean and resumption of drilling offshore Portugal, together with growth of METS in the Middle East, should support growth in FY17.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.