OKAZ Stock Brokers & Investment Consultants upgraded its fair value estimate for Maridive & Oil Services Co. to $1.13 from $1.04, maintaining its Hold recommendation on the stock.
According to the brokerage firm, Maridive is expected to post 9.9% CAGR in consolidated revenues in 2014-2018. Consolidated revenues for this fiscal year were forecasted to rise by 10% CAGR to $307 million, backed by the increase in revenues from offshore support and construction segments. Consolidated revenues were also forecasted to continue rising to $448.1 million in the fiscal year 2018.
Okaz expects stronger performance by the offshore support segment over the coming period, thanks to the company’s new contracts, in addition to capitalizing on the growing demand on offshore support vessels.