Hmmm.
Endúr ASA: Fixed income investor calls
Det der er i forbindelse med Salmon Evolution kontrakten Artec har, så ikke noe nytt 
Endúr ASA: Successful placement of NOK 1,100 million senior secured bond
Noen som vet hva slags snittkurs oceano gjengen har? Middelborg, Songa, Tigerstaden.
Endúr ASA: Innkalling til ekstraordinær generalforsamling
Aksjene som printes til vederlag for kjøp prises til 1.18 pr stk.
Vet det har vært en del innsidekjøp i intervallet (1.10 , 1.50)
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Endúr ASA: Invitation to presentation of Q4 and full-year 2020 interim results
ENDÚR ASA – DISCLOSURE OF VOTING PROXIES FOR THE EXTRAORDINARY GENERAL MEETING
Endúr ASA: Tilleggsavtale til aksjekjøpsavtale vedrørende kjøp av Marcon-Gruppen i Sverige AB
ENDÚR ASA – FLAGGING AV STEMMEFULLMAKTER TIL EKSTRAORDINÆR GENERALFORSAMLING
Norne anbefaler kjøp og har kursmål på 1,5
A one-stop-shop for marine clients
Type:
Company Update
Anbefaling:
Kjøp
Kursmål:
1.5
Endúr had the ambitions to significantly grow through acquisitions in order to reach their promising targets and everything was carried out perfectly. Over 2020 and the beginning of 2021 the company acquired Oceano (Installit), BMO Entreprenør, Artec Aqua and finally Marcon, a marine infrastructure player in Sweden. Impressive pace of acquisitions let the company expect to reach 2022 revenue goals a year in advance. Endúr posted its proforma 2020 results already in relation to the final acquisition, but the official 4Q20 results’ presentation is due this Friday. We updated our model including the new segments and increase the Target Price to NOK 1.5/sh (NOK 1.35/sh), while recommendation is upgraded to Buy seeing a promising future ahead.
Acquisitions complete the idea of a one-stop marine infrastructure shop
The marine infrastructure markets are highly fragmented and we value very positively the idea of combining related marine infrastructure segments and creating a one-stop-shop for the customers. This should also lead to synergy-related costs savings not to mention that all the acquired companies are somehow related to ongoing sustainability-driven megatrends and thus have a promising growth prospects going forwards. Simplifying the new group’s functional structure, Endúr can be divided into Marine Infrastructure, Aquaculture and Legacy divisions. The recent acquisitions of BMO, Artec Aqua and Marcon completes the previously presented circle of targeted marine infrastructure segments.
Marine Infrastructure segment
Marine Infrastructure segment consists of three recently acquired companies: BMO Enterprenør, Marcon and Installit (Oceano previously). The segment provides technical expertise, inspections and maintenance on docks and quays, foundation in the sea, power stations, sea pipes and cables, does construction works on dams, quays bridges, installs subsea pipelines, cables and is responsible for many other maintenance and rehabilitation works. Marine Infrastructure has the largest share of the revenues pie – almost half of the total revenues in 2020 (proforma data). The most recent acquisition, Marcon, is a leading Swedish company engaged in marine construction and civil engineering activities that will enable Endúr to take on larger and more complex assignments. Marcon brings the best-of-all margins to the table and diversified contract portfolio, mainly within the public sector. The strength in Marine Infrastructure segment’s future is mostly related to expected transition to sea transportation and a need of investments in infrastructure, let alone the support from the Norwegian Government to private harbour owners to stimulate buildout.
Aquaculture segment
Aquaculture segment consists of one recently acquired company Artec Aqua and the previous part of Endúr – Sjøsterk division. Sjøsterk is all about the conventional aquaculture – the company designs and produces floating structures with the main emphasis on feed barges. On the other hand, Artec Aqua’s business is that “new kid in town” – the land-based solutions for smolt, postsmolt, broodstock and grow-outs within three technology categories: flow-through system (FTS), flow-through system with regeneration (FTS-R) and recirculating aquaculture system (RAS). We believe this part of Artec Aqua has a particularly bright future seeing the expectations of the land-based segment to grow tremendously. Of course, already having salmon producer giants Cermaq, Mowi or Grieg Seafood as customers, always helps.
Legacy/other segment
Two small parts are remaining from the “old Endúr”. The first one is Endúr Marine, that provides inspection, service, repair, maintenance, upgrading and modifications of various types of vessels and has an engine workshop with Equinor as one of the clients. The second is Endúr Energy, which, after the discontinuation of Endúr Industrier AS now only comprise Endúr AAK AS – the experts in advanced rope access technology related to maintenance and modification work.
Financials – proforma results for 2020 released
Regarding to the latest acquisition of Marcon, Endúr released proforma numbers for 2020 which show how significant all the three acquisitions were for the company. Out of NOK 1.8bn total revenues, NOK 356m comes from “old Endúr”, while BMO, Artec and Marcon provides NOK 399m, NOK 637m and NOK 424m respectively. Even more fluctuation is when looking at EBITDA numbers – small negative figure from “old Endúr” and impressive NOK 69m, NOK 64m and NOK 94m from BMO, Artec and Marcon respectively. This brings the total proforma EBITDA to NOK 227m (NOK 230m adjusted EBITDA). Seeing such strong proforma numbers we are looking positively towards the ambitions of reaching 2022 revenues goal already in 2021.
Future ambitions and 2022 targets
Including all the aforementioned acquisitions, Endúr is very well prepared to reach its targeted revenue for 2022 range of NOK 2-2.5bn in 2021 already. We estimate this goal to be reached, but not the target for EBITDA of NOK 300m, which is estimated in 2023 in our model, however it would not be surprising if Endúr reaches this in 2022. Although the company mentions the chance to further explore the acquisition space, we do not expect it to close another deal in the nearest future.
Changes in largest shareholders list
It is worth mentioning how the ownership structure changed after the acquisitions – adjusted for acquisition of Artec Aqua and Marcon, the total number of shares increased to 1,131m. 291m shares, or 26%, were issued to Artec Holding. Former Marcon owners and former BMO owners currently have 10% and 7% of Endúr’s shares respectively. The remaining list is very much diversified.
Recommendation upgraded to Buy
It is not usual to see the proposed plans to be completed so quickly, especially acknowledging the current Covid-19 business environment. However, Endúr made all the acquisitions at an extreme pace in order to reach their previously very ambitious, but now very reasonable revenues goal, maybe even a year in advance. Furthermore, seeing the acquired companies’ margins is encouraging as well. Our model was changed accordingly and now we issue a Buy recommendation for the “new Endúr’s” stock with a NOK 1.5/sh Target Price.
Dette selskapet er så å si eneste grunnen til at jeg kjøpte Endur, de er hovedentreprenør hos Salmon Evolution som er ett annet selskap jeg har aksjer i
https://newsweb.oslobors.no/message/526255
Rapporter driftsresultat på -440mil på “gamle” Endur.
Goodwill knyttet til ØKD avvikling 160 mil
driftsresultat ØKD -47 mil
er fortsatt over 200 mil som må komme fra Endur og øvrige datterselskap