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NMS - Neptune Marine Services

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maungatapu said:
I would say the book value of NMS is approx 45/46c

Total Assets $183.3m
Total Liabilities $ 49.7m
Shareholder Equity $133.6m
No. shares outstanding 292.3m

Book value = shareholder equity/ No. shares outstanding =45.7c

Trading at a 33% discount
Click to expand...

if you dont adjust the book value for intangibles, then its well overstated...

they have $114 mill of intangible assets on the B/S

Total Tangible Assets $ 70m
Total Liabilities $ 49m
Shareholder Equity $ 21m
/ No. shares outstanding 292.3m

= 7.2c adjusted book value per share

so its trading at about 4.5x premium to adjusted book value...

i hate intangibles
 
mrgroundwork you might hate intangibles but you can't ignore them. Asset values may be shown at cost not reasonable value on the balance sheet. Some of its assets eg its underwater welding system is not easy to value accurately.
 
It's looking a little better now, maybe it's turned?? gee I don't like those intangibles MrGroundwork, I'm glad the market doesn't see it like you. You do have to wonder as The Great Sob says elsewhere, will the options be worth it by dec2010, I hope so, but the way the rest of the worlds going, who knows?? I fixed up the feng sui at home, which should encourage a few $$$$ my way, hopefully through NMS.

Happy New year!!
 
Be positive signs to see NMS win some more tenders, at that point the market should have more comfort with the years performance.
 
Talking about a possible turnaround....

Does it look like a reverse head and shoulders on the 3 month NMS chart?
(How do you attach a chart here)

Volume isn't rising enough in the right shoulder perhaps but that may be reduced due to the festive season.


I wonder if this straw will keep me afloat..... still clutching....:confused:
 
Bazmate said:
Talking about a possible turnaround....

Does it look like a reverse head and shoulders on the 3 month NMS chart?
(How do you attach a chart here)

Volume isn't rising enough in the right shoulder perhaps but that may be reduced due to the festive season.


I wonder if this straw will keep me afloat..... still clutching....:confused:
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I reckon iit does look like a reverse head and shoulders with quite a broad head base. Opened today at the high of the right shoulder. 34c could provide some support. Onwards and upwards.
 
despite another beautiful set of numbers reported in the december quarterly cashflow report, this stock continues to provide little interest to traders & analysts, typified by the continued lack of posts in this forum.
other forums continue to have occasional posts from a hard core of devotees, but in general the stock is ignored.

does anyone want to suggest what it will take for an increase in interest ?

is it revenues thru contracts, is it profits, is it dividends, is it greater share turnover, anyone ?
 
son of baglimit said:
despite another beautiful set of numbers reported in the december quarterly cashflow report, this stock continues to provide little interest to traders & analysts, typified by the continued lack of posts in this forum.
other forums continue to have occasional posts from a hard core of devotees, but in general the stock is ignored.

does anyone want to suggest what it will take for an increase in interest ?

is it revenues thru contracts, is it profits, is it dividends, is it greater share turnover, anyone ?
Click to expand...

Hi son of baglimit, this might help, as a long term fundamental

http://www.ft.com/cms/s/0/0fd4fe70-ed58-11dd-88f3-0000779fd2ac.html
 
Total operating and investing cash flows in the black for the first time $914000. On the other side of the ledger cash has dropped $12m this 1/2 year down to $6.5m. Debt has risen from $32.2m to $35.2m. Can't see NMS making anymore aquisitions in the near future.

Macquarie bank has dropped its holding 1.2%

Great to see a 15% increase on the previous 1/4 and 231% yoy. Not many companies are doing that these days. And no lay offs.

Also see that Chevron is to maintain capital spending at 2008 level despite drop in oil prices. Plans to spend $35b in capital projects during 2009. 75% 0n oil and gas exploration 20% on refining & marketing.
 
Does anyone remember when/why Macquarie became a substantial shareholder?
Was it the result of an underwriting commitment? - or are they there as an investment decision?

Disc: Not currently holding but getting interested again.
 
oldblue said:
Does anyone remember when/why Macquarie became a substantial shareholder?
Was it the result of an underwriting commitment? - or are they there as an investment decision?

Disc: Not currently holding but getting interested again.
Click to expand...

Sometime during the 2007 financial year. I would say as an investment decision. You need to check and compare the top 20 shareholders on the 2006/2007 financial reports.
 
son of baglimit said:
despite another beautiful set of numbers reported in the december quarterly cashflow report, this stock continues to provide little interest to traders & analysts, typified by the continued lack of posts in this forum.
other forums continue to have occasional posts from a hard core of devotees, but in general the stock is ignored.

does anyone want to suggest what it will take for an increase in interest ?

is it revenues thru contracts, is it profits, is it dividends, is it greater share turnover, anyone ?
Click to expand...

SOB,
Probably all you mention and more.
There's a lot of really nervous folks out there, facing huge losses....Insto's, small and large investors.....the whole gammut.
It's not just NMS thats lost its gloss, the whole of the world's markets are in the same boat.
It's going to take some time for everyone to regain composure and, confidence....:2twocents
 
son of baglimit said:
despite another beautiful set of numbers reported in the december quarterly cashflow report, this stock continues to provide little interest to traders & analysts, typified by the continued lack of posts in this forum.
other forums continue to have occasional posts from a hard core of devotees, but in general the stock is ignored.

does anyone want to suggest what it will take for an increase in interest ?

is it revenues thru contracts, is it profits, is it dividends, is it greater share turnover, anyone ?
Click to expand...

SOB, I'm still here, lurking, wondering why I took up 95c share purchase plan, but I did enjoy the quarterly report. Sadly I think it will be a while before we see the real value back into NMS shares, but I do think it will emerge and maybe (hopefully no impairment losses!) we will see EPS growth and thats when people will emerge from the woodwork!
 
oldblue said:
Does anyone remember when/why Macquarie became a substantial shareholder?
Was it the result of an underwriting commitment? - or are they there as an investment decision?

Disc: Not currently holding but getting interested again.
Click to expand...

Old blue....look back on around page 43, if I recall correctly the SPP was @0.95 but the sp was under pressure leaving alot with Macquarie to pick up due to the underwriting comminment.
 
Santoro said:
Old blue....look back on around page 43, if I recall correctly the SPP was @0.95 but the sp was under pressure leaving alot with Macquarie to pick up due to the underwriting comminment.
Click to expand...

Thanks for that, Santoro.
As a result was able to ascertain that:

- the 95c SPP was not underwritten.

- Macquarie were a substantial holder with around 17.5% as at 31/12/07.

- they had increased that somewhat by 12/8/08 when they sold down from 18.69% to 17.57%.

- and further to 16.3% on 12/1/09.

Not sure where this leaves me. I had suspected that McQ had been left with an underwriting shortfall but that is not the case, as maungatapu surmised.
So it looks like they have cooled on NMS as an investment for their various funds and have sold down. Whether that continues or not we'll have to wait and see.
I would have been more confident about buying if it had been a case of McQ selling an inherited position. However, we all know though that not even the mighty Macquarie are infallible!

;)
 
If you are long term about NMS, you have to be happy about what they have achieved. They have surpassed targets/forecasts.
If the stock was $1.30 plus on speculation sometime ago, what is the stock really worth?.
The market is suffering shell shock and NMS is getting some friendly fire.
The EPS could be 9 cents for 09, based on the results of the first half of 08/09.
So holders, look at the achievements.
The SP is lousy. But 99.9% of the good companies are in the same situation.
I think for the SP to really go north NMS they need to pay a dividend.
The major attraction back to the market for investors will be dividends. as there will be little return on investment elsewhere.
Takeover, what is the chance. I hate to say it but someone like Schlumberger Ltd must be casting an eye, they are Mr Lange old employer, even at a premium of say 33% what a buy, international operations at AUS $ prices. I hope it never happens.
 
folks - take it from me.

the bulk of macbank holding is as a result of the 20c, yes 20c raising back in late 06 - patersons were underwriter, macbank sub-underwriter, and so got the rest. NMS chose to declare no news, no info - zilch, during the whole period, and so surprise surprise, not many took up the 2 for 1 rights issue, leaving mac with heaps to put aside for a rainy day.

and has that rainy day arrived, YES - has macbank dumped them - NO.

you figure out the rest.

wait for late feb when the HY figures arrives - not cashflow like last week.
i dont want to say profit in case the lads deem it ramping.
 
Thanks for that, s.o.b.
:)
Looks like I wasted my time! - but all the same I think I'll wait for the SP to show some strength before I get seriously interested again.

;)
 
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