Up-to-date in 60 seconds
Background: Ezra Holdings is an integrated offshore support solutions provider. Its recent focus has been to expand the subsea segment, which it did decisively last year by paying US$250m for Aker Marine Contractors (AMC).
Recent development: Ezra’s share price has been savaged recently, falling by 20% over the past two trading days, after a disappointing set of 3QFY Aug11 numbers. This has also led to consensus broker estimates to be cut by 23% for FY Aug11 and 12% for FY Aug12. While short-term earnings would be affected, Ezra remains confident on the payoff from subsea jobs.
Our view:
A disappointing 3Q. Ezra’s nine-month net profit came in at US$27.7m, a 50% YoY decline, despite revenue growth of 39% to US$340m. While the topline indicated traction in its operations, margins were hit by integration costs and higher interest costs, as well as forex translations. AMC alone is estimated to have posted a US$10m loss.
Subsea market still booming. Ezra estimates that it has an addressable market of over US$80b for subsea, and is bidding for US$3b worth of projects. It recently announced some US$85m in new contracts. Ezra believes there will eventually be more subsea jobs available than it can handle.
Balance sheet under pressure. Ezra’s US$250m purchase of AMC was funded by a combination of cash, equity and convertible securities. Aker Solutions now holds up to 8.4% of Ezra. Prior to this, Ezra also had a 1-for-5 rights issue to raise up to S$168.4mm of which up to 142.8m new shares could be issued. Gearing also stands at 0.9x, raising concerns in the market about further potential fund-raising.
Integration risks. As evidenced in the latest numbers, teething problems are an issue. Management will devote a significant amount of time over the next few months for the integration of AMC, which will be critical for success. While we remain optimistic on Ezra’s big picture, the next two quarters are crucial for management to make the acquisition work.
Key ratios…
Price-to-earnings: 10.4x
Price-to-NTA: 1.5x
Dividend per share / yield: $0.015 / 0.8%
Net cash/(debt) per share: (US$0.65)
Net debt as % of market cap: 60%
Share price S$1.21
Issued shares (m) 867.9
Market cap (S$m) 1,050.15
Free float (%) 62.7%
Recent fundraising activities Oct 2009: US$100m 4.0% CBs, due 2014 (55.9m shares), Aug 2010: 1-for-5 rights issue to raise up to S$168.4m
Financial YE 31 August
Major shareholders MD Lee Chye Tek Lionel – 21.2%, Aker Solutions – 8.4%, Legg Mason – 3.7%
YTD change -30.6%
52-wk price range S$1.19-1.95
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