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Friday, July 24, 2009

SEAMEC LTD:-What are the future prospects looking like

Scripscan:SEAMEC LTD

Story:The company’s valuation is particularly attractive given the company’s strong return ratios and debt-free status. The Q1CY2009 results of SEAMEC were much ahead of estimates on account of a strong top line growth and further improvement in margins. The revenues for the quarter grew by 149% to Rs100.1 crore, as all four of its vessels were deployed during the quarter against just two in the same quarter of the last year.Currently, the contracts for all the vessels are in place and all its vessels would be operational for the first half of the fiscal.The company has recently received a one-year contract for Seamec II, though at lower rates, while it has also received a two-month contract for Seamec Princess, starting May 15, 2009.Going forward, in the wake of lowering global exploration and production (E&P) capital expenditure (capex), the deployment of assets would also be achallenge.There is no dry-docking expected for any of its vessels in CY2009, while dry-docking for Seamec I is due in CY2010.For CY2010, Seamec I is likely to go for dry-docking, while currently the company has contract only for Seamec II, which would expire in June 2010.On the valuation front, the stock appears to be trading at an extremely attractive valuations. The valuation is particularly attractive given the company’s strong return ratios and debt-free status.Moreover, at the end of CY2008, the company had cash on books to the tune of Rs63.5 crore, which works out to Rs18.7 per share.Further, on the back of strong performance,I expect excellent cash inflows for the company,In a nutshell,seamec merits an investment at lower levels.

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