Philly Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the U.S. Jones Act market, which requires all commercial vessels transporting merchandise between ports in the United States to be built, owned, operated and manned by U.S. citizens and to be registered under the U.S. flag. Philly Shipyard possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels.
Historie kan leses:
- During the first quarter, Philly Shipyard delivered the second vessel of a series of four product tankers (Hulls 025-028) to Kinder Morgan. Under IFRS, 100% of the revenue, cost and profit on Hull 026 was recognized at its delivery in Q1 2017, and no revenue, cost or profit on Hulls 027-028 was recognized in Q1 2017.
- First quarter 2017 Adjusted EBITDA of USD 14.3 million compared to USD 11.8 million in the same period in 2016
- Total cash and cash equivalents of USD 68.0 million at 31 March 2017, excluding USD 20.1 million of restricted cash securing certain shipbuilding contracts and loans
- The Company’s total debt decreased in 2017 to USD 112.5 million at 31 March 2017 compared to total debt at year-end 2016 of USD 157.5 million. The net decrease was mainly due to payback of the full USD 75.0 million Caterpillar loan for Hull 026, offset partially by draws made on the Caterpillar loan facility for Hull 027. The Caterpillar loan facility is described under Financing below.
- Høy rate med gjeld, men om man ser tilbake på kvartallsrapportene før 2015 er dette alle lån som er tatt ut for å bygge alle båtene med kontrakter på opp til hull 030. Fra Q1:(The Company has a secured USD 150.0 million loan facility with Caterpillar Financial Services Corporation (Cat Financial) for construction financing on Hulls 027-028. USD 53.0 million was drawn under this facility as of 31 March 2017 for the construction of Hull 027. )
- Order backlog of USD 624.4 million on 31 March 2017; two product tankers (Hulls 027-028) and two containerships (Hulls 029-030) are currently under construction
- Matson (Hulls 029-030) provide for shipbuilding activity with delivery dates through Q1 2019. As of 31 March 2017, Philly Shipyard had an order backlog of USD 624.4 million.
- Philly Shipyard has commenced design work and procurement activities to build Hulls 031 and 032 as container vessels. Start of production for Hull 031 is planned for Q2 2018; however, Building the Future production start is dependent upon the satisfaction of certain contingencies, including securing a firm order and/or construction financing for this vessel
- Det finnes p.dd ingen nye kontrakter på hull 031 -032 ++ som tilsier en produksjon frem til 2019 med inntjening (hull 030)
Markedsverdi pdd: 678 042 456kr til kurs 56.
PE : 9,67
Med forbehold om at utregningen er riktig, og med videre inntjening frem til 2019 med «dagens» resultater kan nok aksjen anses som billig. Men med tanke på mangel på kontrakter, som Philly selv hevder i siste kvartalsrapport, er det vel en risiko at selskapet kan falle noe ned. Men oppsiden om det skulle dukke opp en kontrakt i løpet av 2017 kan vel anses som stor.
Mulig flere her har bedre peiling på denne aksjen da jeg ikke har fulgt den så altfor lenge, men syns det er litt synd at den ikke har en egen tråd her inne da den har et greit potensiale. Prøver meg derfor med å legge inn en start her. Om andre har bedre eller mer utfyllende informasjon er det vel tatt imot.