Beltone Financial reiterated its fair value estimate for Maridive & Oils Services Co. at $1.28, with 24.3% upside potential to its current market price of $1.03, placing an Add recommendation.
According to the research firm, the company’s revenues will likely see 16.6% CAGR in 2014 to reach $325.3 million. Net profit is also expected to reach $18.9 million, with 10.5-fold growth compared with 2013.
Beltone said Maridive’s outlook is positive, as it continues to benefit from the exploration and production industry.
The research firm also said it looks positively especially as regards the winning of new contracts, especially offshore constructions, which provides solid outlook for revenues during the period 2014-2016.
Maridive has a backlog of $912.9 million worth of contracts during 2014-2018, including $330.7 million revenues likely to be seen in 2014, according to Beltone.