Oh yeh this is heating up day oneOne of MMA Offshore’s top shareholders has taken aim at its proposed acquisition by a Cyan Renewables subsidiary, branding it as cheap and opportunistic.
Pendal portfolio manager Lewis Edgley told Street Talk the bid, which came in at $2.60 per share, was an “absolute steal” and comes ahead of a multi-year growth phase for the offshore vessel operator.
“However you cut it, this bid materially undervalues the company and appears opportunistic by the acquirers, who also operate in the offshore wind sector, competing with MMA through the provision of offshore vessels,” he told Street Talk.
“They can clearly see the incredible growth opportunity ahead and understand the demand/supply imbalance, so it makes perfect sense why they are pursuing this...but unless the bid fairly values MMA, shareholders would be better served riding the demand wave and enjoying the spoils over the cycle versus exiting before it even heats up.”
Edgley added that the bid implies a multiple of just five times EBITDA, based on next year’s projected earnings. This compares with US-listed peer, Tidewater, trading at 6.5-times, whose fleet is less specialised and older.
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