LiveWire fundies picks for 2023 closes MRM held position 3…..#3. MMA Offshore (ASX: MRM)
- Portfolio manager: Michael Goldberg Collins St Asset Management
- YTD total return: 65.45%
Taking home the bronze in this year's competition is Michael Goldberg with his pick MMA Offshore.
"MMA Offshore went from strength to strength throughout 2023 with several key contract wins (notably in the Government sector with CSIRO and the Department of Defence both coming on board)," Goldberg said."The full year results seeing a strong uptick across a range of key metrics such as operating cash flow, EBITDA and the net tangible assets of the company."
The Collins St Value Fund team bought MMA Offshore in the mid-30c range and with the stock significantly higher, the team has now exited its position in the stock - despite the "excellent operating business the stock represents".
"MMA Offshore has some incredible tailwinds that will drive the company throughout 2024 and beyond, with both traditional and renewable energy sectors providing substantial opportunity for growth alongside an increasing footprint in the Government sector," Goldberg said.
"We believe the company to be well managed and well capitalised and in an exciting position as a dominant service provider in the Asia Pacific region."
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