Profit decline due to lack of 1 time gain last year due to disposal of vessel.
Operating profit doubles to 11.2 Mio.
Book order is around 476 Mio.
Overall performance was alright with more work on higher margin vessels and FPSO.
This is my counter with exposure in the oil and gas industry. I am bullish with O&G industry in the mid term as the supply side is out of whack.
In this year PUM expects to deliver 9 vessels as compared to 6 vessels last year and with more work on higher margin vessels, this year should be another bumper year for PUM.
I expects EPS to be around 18 cents and dividend between 10-12 cents at least, giving a dividend of 6+ % of the current price of 1.85. This is supported by its big cash hoard of 40+cents.
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