Tenkte å samle litt info fra andre tråder der Prosafe blir diskutert. Starter med en veldig god oppsummering av caset av forumskribent @Lundekunde
Markedsoppdatering fra PAS
• Oil Service – While the share prices of OSE-listed OSV names is up significantly YTD,
the companies are not significantly more expensive. On an EV-basis, restructured
drillers VAL (BUY, TP USD 43) and NEDRLCO (BUY, TP USD 41) and SIOFF (Not
rated) are the relative winners so far in 2021. The oil service market is increasingly
looking like it will enter a multi-year upcycle and reflecting increased confidence among
vessel and rig owners, dayrates and contract prices have increased recent 6-12
months. Utilization is still at fairly modest levels for most asset classes. Supply has been
reduced, particularly post Covid, with spare capacity in cold stacked and stranded
assets down. Should the market enter a period of sustained growth, the probability of
shortage of some assets (and rates spiking) is high. On average, oil service asset
companies are now priced at ~42% of 2011-14 cost and ~56% of depreciated
replacement values (assuming 25% cost inflation) with ample upside in a recovery
scenario. The restructured names still offer the cheapest assets, and we continue to
highlight drillers NEDRLCO, VAL as top picks. The accommodation market is also
looking better, and also we find PRS (Not covered) pricing relatively attractive. SOFF
still offers the highest absolute upside due to its leverage, noting significantly higher
risk
Interessant om oljeservice, dpedifikt om flotell på slutten
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Veldig bull på flotell ja. Har og snakka om at det snart kjem kursmål på Prosafe. Kan bli ekstremt spennande i 2023
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