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MRM - MMA Offshore

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As I mentioned in previous posts I have this in for the June Competition. I entered on the 24th May, so no going back. On the 27th of May there was a huge volume spike. Checking the Twiggs Money Flow, it was going out.

So with a long term falling overhead, TMF leaving the building now, unlike when I entered when it was rising, I think my chances are getting slimmer by the day. It has also made a couple of weak attempts at the falling overhead and failed so far. This appears to be a dead certainty for mediocrity now. But nil desperandum.

 
Just thought I would look in on my June Comp pick, how's it doing? PFFFT nuthin' so far! And the darn thing has fallen under the 19c resistance line. The weekly Twiggs Money flow is going bye-bye! At least it is still sitting above the 21dsma.
Just follow my comp picks if you want a good stock to short folks!

(Note to self: Look at the bloody long term chart before you put something up in a comp, geez!)

 
MRM came up on my system as a buy signal yesterday, as it was a large range bar with extreme volume I was concerned. After following tech/a and his style i watch for this occurring, after analyzing past trades i have noticed that at times i get in at the top only to see the price pull back to my stop. One way i have found to help with this is to place a conditional order to buy above the high of the bar or recent high if close instead of the open, time will tell if this helps. there were 4 trades i didn't enter because of it but unable to locate charts as they were discarded when stop hit.
 
this is my 3rd pick for the 2021 full year comp. After reorganising themselves last year, i hope things can settle and they can get back to work and put some runs on the board. i'm really hoping the share price stays above 0.030c and all will be good. my perennial dog unfortunately
 
Correct MRM is the wettest manky dog of the litter. Years ago I had a fair amount of confidence in the company to get through the downturn but I was completely wrong. They've had to sell off good assets and dilute shareholders to virtually nothing to survive. However - after the recent capital raising, and 1:10 consolidation and capital raising they are looking interesting. The old board and executive team is nearly completely gone now.
  • Net debt sits around 85 million,
  • Net assets around 300 million
  • Market cap of 106 million.
  • Forecast EBITDA 30 to 35 million (as of this month)
The losses are mind-blowing - $1/share last year (consolidated) $0.40 the year before. But cash flow has been positive in each of those years leading to debt repayments of 13 million dollars. MRM has done so horribly since 2014/5 - its difficult to trust them and the market they are in is difficult to predict. If things go well by years end net debt could be another 5-15 million lower. Interest payments were 15+ million alone last year!

The SP is below the recent cap raising price and should vessel utilisation go up (I doubt it will as the world has a lot of stock of vessels doing nothing) and the offshore market kicks up again - MRM could go up very big very quickly. They are certainly on my watch list, but still very risky. If the SP drops to the mid-low 20s I would probably buy. However having Ian Macliver on the board would probably prevent me from investing in MRM (As I am a disgruntled former holder of WSA)
 
Miner said:
You would be laughing now with MRM at 50 +
Click to expand...
Was it pre-consolidation? Probably equates to purchasing at $2.25 now.

The balance sheet has not improved in the past year. Very average results but surely a capital raising is coming shortly for MRM on the SP swing upwards in the past month or so? Should be easy enough to milk some 708s and regular moms and dads for $20 million or so off the back of skyrocketing oil prices.

Have not paid much attention to the vessel day rates lately, but I don't think they've gone up that much. Still think there is some potential here with MRM even if its just liquidating the company assets and returning capital.
 
I have selected MRM for the 2023 CY Tipping Comp.

I noticed MRM in peter2's thread and thought it looked good in the monthly chart. Rising Prices, rising Volume, expanding BB, rising MA, what's not to like chart wise at this moment. I only need it to continue for a year.

 
Is MRM under takeover offer or something? I could not see anything on the ASX website in terms of announcements but it looks like it is?

 
debtfree said:
I have selected MRM for the 2023 CY Tipping Comp.
Click to expand...
noticed elsewhere
....
MMA Offshore offers vessel, sub-sea and logistics services via its fleet of 18 vessels across Australia. The company has undergone a major turnaround, and that’s reflected in its recent share price performance: Up 100% in the past year but still down 22.6% in the last five years.

Non-executive director Peter Kennan resigned last week and sold a substantial $15.4 million worth of shares. He's also the Chief Investment Officer of the Black Crane Asia Pacific Opportunities Fund.

"Despite facing a prolonged challenging period, the Company has repaired its Balance Sheet and successfully transitioned into an integrated service provider across multiple markets," said Kennan.
Click to expand...
"The Black Crane Asia Pacific Opportunities Fund has now attained its targeted investment returns from MMA and is therefore divesting its position to reallocate capital to alternative investments," he added.
Click to expand...
 
A tipster picked MRM in the 2023 Yearly Comp. By the end of the year it had gained 95.81%, so it has now been tagged as one of the 4 Best in 2023 Comp.

So we'll keep an eye on it this year and see how it goes. Since the start of this year 2024 it's off to a great start, up 8.56% so far.

 
  • Cyan Renewables to acquire MMA Offshore for $2.60 cash per share
Asian pure-play offshore windfarm vessel owner
 
One of The Best 4 (up 95.81%) in the 2023 Comp.
MRM has continued upwards this year up 39.57%.

 
April update: One of The Best 4 (up 95.81%) in the 2023 Comp.

Price has hardly moved at all this month so I thought I'd put in the Trading Update Report from the 18th April 2024.

 
One of The Best 4 (up 95.81%) in the 2023 Comp. Not much has happened over the last 3 months but I'll still throw up a chart as it's up 37.43% this year so far.

 
debtfree said:
One of The Best 4 (up 95.81%) in the 2023 Comp. Not much has happened over the last 3 months
Click to expand...
... just a Scheme of Befuddlement takeover offer ..!!
.
from AFR

"Vessels owner MMA Offshore makes only a quarter of revenue servicing offshore wind farms.

"Yet that quarter, worth $55 million in the past six months, was enough to attract a $1 billion takeover bid and should see this boom-and-bust boats owner on track to depart the ASX boards on a high.

"It’s a remarkable story – broke and in need of a shareholder bailout only 3½ years ago, now to be snapped up for $1.03 billion. The fact that the buyer is a private equity-backed infrastructure fund that wants to specialise in offshore wind farms and transition the sector from “blue to green” makes it even more remarkable.

"MMA Offshore, whose 20-odd support vessels still make half the company’s revenue servicing traditional offshore oil and gas fields, is an energy transition winner, ...
 
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