{"id":1485,"date":"2016-11-01T05:50:25","date_gmt":"2016-11-01T05:50:25","guid":{"rendered":"https:\/\/cityfalcon.com\/blog\/?p=1485"},"modified":"2017-10-05T11:12:25","modified_gmt":"2017-10-05T11:12:25","slug":"gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years","status":"publish","type":"post","link":"https:\/\/www.cityfalcon.ai\/blog\/de\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/","title":{"rendered":"Value Pick \u2013 Gulfmark Offshore ist ein Multibagger, den Sie f\u00fcr die n\u00e4chsten 2 Jahre kaufen k\u00f6nnen"},"content":{"rendered":"<br \/>\n<style>\n.wp-caption {\nmax-width: 100% !important;\n}\n iframe {\nmax-width: 100%; hight: auto;\n}\n<\/style>\n<p><strong><em>Disclaimer: This is a guest post from Michael, and does not reflect the views of CityFALCON and its stakeholders.<\/em><\/strong><\/p>\n<p>Stock: Gulfmark Offshore (NYSE:GLF)<br \/>\nDate: 1\/11\/2016<br \/>\nCurrent Market Price: $1.10<\/p>\n<p>Price target over two years: $5 per share, possibly $10-$15<\/p>\n<p><em><strong>Downside risks: This\u00a0is a micro-cap stock with only $28m in market capitalisation, and can be very volatile on a daily basis. \u00a0Please consider the risks and talk to a financial advisor before investing.<\/strong><\/em><\/p>\n<p><strong><br \/>\nBackground<\/strong>:<\/p>\n<p>GLF provides marine support and transportation services to companies involved in the offshore exploration and production of oil and natural gas.<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/2Ship-image.jpg\"><img fetchpriority=\"high\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1487\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/2Ship-image.jpg\" alt=\"2ship-image\" width=\"797\" height=\"425\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/2Ship-image.jpg 797w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/2Ship-image-300x160.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/2Ship-image-600x320.jpg 600w\" sizes=\"(max-width: 797px) 100vw, 797px\" \/><\/a><\/p>\n<p>GLF\u2019s vessels transport drilling materials and personnel to offshore facilities, and also moves and positions drilling structures. GLF\u2019s vessels service the offshore exploration and production sectors of the oil and natural gas industry. Everyone knows that we are going through an energy slump, my thesis is that we appear to have hit the bottom and oil and gas are starting to rebound.<\/p>\n<p><strong><br \/>\nFrom Wall Street Journal:<\/strong><\/p>\n<p>\u201c<em>In his five months as Saudi energy minister, Mr. Falih has overseen a significant change in the kingdom\u2019s oil policy, turning it away from strategies aimed primarily at surviving an era of ultralow prices. Mr. Falih has instead pointed the kingdom back in the direction of its traditional role of stabilising prices by regulating the output of OPEC, the 14 nation cartel that controls over a third of world crude production Mr. Falih said, citing an increasing car fleet in China and rising consumption in India<\/em>.\u201d<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/3ship.jpg\"><img decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1488\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/3ship.jpg\" alt=\"3ship\" width=\"1118\" height=\"777\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/3ship.jpg 1118w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/3ship-300x208.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/3ship-1024x712.jpg 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/3ship-945x657.jpg 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/3ship-600x417.jpg 600w\" sizes=\"(max-width: 1118px) 100vw, 1118px\" \/><\/a><\/p>\n<p>If you compare the price investors were willing to pay for GLF in 2000-2004, say $13, with what investors are willing to pay for now, you should agree with me, that today at ~$1.35 it is cheaper? In the graph below, compare the Revenue and EBITDA of 2004-2004, with now. Presently, GLF has significantly higher revenues, greater market position and strength, in spite of the downturn. This company is clearly selling vessels that oil companies need. EBITDA levels are a little lower, but not enough to warrant the sell-off down to the price of $1.35.<\/p>\n<p>We are at a trough in the oil market, no doubt. But the question is, has the bottom been found?<\/p>\n<div id=\"attachment_1489\" style=\"width: 792px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/4ship.jpg\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1489\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-1489 size-full\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/4ship.jpg\" alt=\"4ship\" width=\"782\" height=\"567\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/4ship.jpg 782w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/4ship-300x218.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/4ship-600x435.jpg 600w\" sizes=\"(max-width: 782px) 100vw, 782px\" \/><\/a><p id=\"caption-attachment-1489\" class=\"wp-caption-text\">Source: GLF\u2019s presentation, August 2016<\/p><\/div>\n<p><strong><br \/>\nFinancials:<\/strong><\/p>\n<p>The financials are interesting. The bad news is that, out of all of the earnings that the company has generated, they only kicked out a few years of dividends.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/5ship.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1490\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/5ship.jpg\" alt=\"5ship\" width=\"950\" height=\"319\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/5ship.jpg 950w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/5ship-300x101.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/5ship-945x317.jpg 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/5ship-600x201.jpg 600w\" sizes=\"(max-width: 950px) 100vw, 950px\" \/><\/a><\/p>\n<p>But the really good news is that they have invested a lot of capital into their vessels, and this is all accounted for on their balance sheet, giving us downside protection. Sure, the vessels are not worth the $1B on their balance sheet. But GLF has been impairing the value of its vessels since last quart of 2014 (more on this below). Another really good bit of news is that this company\u2019s vessels clearly have a market. This is demonstrated by the fact that up to full year 2015, they had been growing revenue, going from $251m all the way up to ~$500m or 100% growth over the 9 year period. There is clearly demand for GLF.<\/p>\n<p><strong><br \/>\nGLF\u2019s Operating Segments:<\/strong><\/p>\n<div id=\"attachment_1492\" style=\"width: 1119px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/6ship.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1492\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-1492 size-full\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/6ship.jpg\" alt=\"6ship\" width=\"1109\" height=\"670\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/6ship.jpg 1109w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/6ship-300x181.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/6ship-1024x619.jpg 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/6ship-945x571.jpg 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/6ship-600x362.jpg 600w\" sizes=\"(max-width: 1109px) 100vw, 1109px\" \/><\/a><p id=\"caption-attachment-1492\" class=\"wp-caption-text\">Source: Author calculations.<\/p><\/div>\n<p>Although GLF has 3 operating segments, from a revenue perspective we should be interested in 2, North Sea and Americas. These two are its bread and butter. However, in the trailing twelve months, the Americas segment has fallen dramatically. (See below, table &amp; graph):<\/p>\n<div id=\"attachment_1493\" style=\"width: 902px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/7ship.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1493\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1493\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/7ship.jpg\" alt=\"Source: Author calculations.\" width=\"892\" height=\"284\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/7ship.jpg 892w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/7ship-300x96.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/7ship-600x191.jpg 600w\" sizes=\"(max-width: 892px) 100vw, 892px\" \/><\/a><p id=\"caption-attachment-1493\" class=\"wp-caption-text\">Source: Author calculations.<\/p><\/div>\n<div id=\"attachment_1494\" style=\"width: 1034px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/8ship.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1494\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-1494 size-full\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/8ship.jpg\" alt=\"8ship\" width=\"1024\" height=\"634\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/8ship.jpg 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/8ship-300x186.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/8ship-945x585.jpg 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/8ship-600x371.jpg 600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><p id=\"caption-attachment-1494\" class=\"wp-caption-text\">Source: Author calculations.<\/p><\/div>\n<p>As you will notice in the table above, the North Sea segment has remained strong at ~$44m. And on superficial analysis, a lot of investors will have shun away from GLF. But if we look a little deeper, we can see that the non-cash impairments came from Americas and its tiny South East Asia operating segment. <u>So, the market has massively over-reacted on this one, and the selloff is not warranted.<\/u><br \/>\n<strong>Vessels:<\/strong><\/p>\n<p><em>\u201c\u00a0A large factor in the impairment process is the assets\u2019 appraised value (we receive quarterly <u>third party appraisals) which one could assume approximates its fair value<\/u><\/em>.\u201d<\/p>\n<p style=\"text-align: right;\">&#8211; Personal correspondence with GLF\u2019s investor relation<\/p>\n<p style=\"text-align: left;\">\u00a0<em>\u201cThe vast majority of <\/em>[Long-lived assets on the balance sheet, is made up of] <em>vessels , equipment,\u00a0and other fixed assets is made up of our\u00a0vessels.\u00a0 Probably more than 95% are the\u00a0vessels.\u00a0 There rest of the value is other equipment, spares, etc.\u201d<\/em><\/p>\n<p style=\"text-align: right;\">&#8211; Personal correspondence with GLF\u2019s investor relation<\/p>\n<p>At current prices, our downside is being protected by the assets on the balance sheet. The assets have been impaired every quarter since last quarter of 2014. An independent firm was hired to value the vessels and off that, the impairments have been based on. After so many impairments, it is fair to say, what you see is what you get. Even if do our own discounting further on the fixed assets on the balance sheet, we still have plenty of margin of safety on this stock purchase. I have been in touch with the GLF\u2019s investor relation (excerpts above) and while they would not offer me any specific numbers they did confirm that the assets are close to fair value, in spite of the impairments and low vessel valuation.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"attachment_1495\" style=\"width: 853px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/9ship.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1495\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1495\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/9ship.jpg\" alt=\"Source: GLF presentation, August 2016\" width=\"843\" height=\"780\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/9ship.jpg 843w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/9ship-300x278.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/9ship-600x555.jpg 600w\" sizes=\"(max-width: 843px) 100vw, 843px\" \/><\/a><p id=\"caption-attachment-1495\" class=\"wp-caption-text\">Source: GLF presentation, August 2016<\/p><\/div>\n<p>As you will notice in the table above, the sale of vessels during the downturn since 2014, are still being sold for something. Although, of course, heavily discounted.<\/p>\n<p><strong><br \/>\nImpairments:<\/strong><br \/>\nSo, here is the thing, by now, you understand that we are going through a grim and long downturn in the energy market, specific to GLF, being the oil and gas downturn. But the thing that is actually causing GLF\u2019s financials to look so grim are only partially revolved around their core sales. Carefully look at the table below focusing in on the red font.<\/p>\n<div id=\"attachment_1496\" style=\"width: 1100px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/91ship.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1496\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-1496 size-full\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/91ship.jpg\" alt=\"91ship\" width=\"1090\" height=\"504\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/91ship.jpg 1090w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/91ship-300x139.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/91ship-1024x473.jpg 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/91ship-945x437.jpg 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/91ship-600x277.jpg 600w\" sizes=\"(max-width: 1090px) 100vw, 1090px\" \/><\/a><p id=\"caption-attachment-1496\" class=\"wp-caption-text\">Source: Author calculations.<\/p><\/div>\n<p><em>\u201c[\u2026] recorded $114.1 million of impairment charges in the first quarter of 2016 and $46.2 million in the second quarter of 2016. The first quarter impairment consisted of $94.5 million in connection with our long-lived assets in the U.S. Gulf of Mexico, which is part of our Americas segment [\u2026], and $19.6 million in connection with our Southeast Asia segment. [\u2026] impairment consisted of $15.9 million in the Americas asset group that is outside the U.S. Gulf of Mexico and an additional $30.3 million in our Southeast Asia segment\u201d<\/em><br \/>\n&#8211; 10K 2016<\/p>\n<p>So while the non-cash impairments have been killing the financials, once we dig deeper, things aren\u2019t so bad. GLF does not give up a lot of detail into the location of their long-lived assets apart from in their country of domicile, the US, but they do disclose that in US alone they have ~$366m in tangible capital. I think that at <strong>~$40m Market Cap, we are quite well compensated for the worst<\/strong>.<\/p>\n<p><strong><br \/>\nFinancial position: <\/strong><\/p>\n<p>The debt situation is a mess. It is really ugly. But the Revolving Credit Facilities were Renegotiated in January 2016 and now mature in 2019. The secured debt (~$420) matures in 2022. At June 30, 2016, cash on hand was ~$11 million, ~$39 million drawn on revolver, available borrowing capacity ~$134 million; Total liquidity ~$145 million.<\/p>\n<div id=\"attachment_1498\" style=\"width: 736px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/92ship.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1498\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1498\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/92ship.jpg\" alt=\"Source: GLF presentation, August 2016\" width=\"726\" height=\"513\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/92ship.jpg 726w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/92ship-300x212.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/92ship-600x424.jpg 600w\" sizes=\"(max-width: 726px) 100vw, 726px\" \/><\/a><p id=\"caption-attachment-1498\" class=\"wp-caption-text\">Source: GLF presentation, August 2016<\/p><\/div>\n<div id=\"attachment_1499\" style=\"width: 849px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/93ship.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1499\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-1499 size-full\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/93ship.jpg\" alt=\"93ship\" width=\"839\" height=\"429\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/93ship.jpg 839w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/93ship-300x153.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/93ship-600x307.jpg 600w\" sizes=\"(max-width: 839px) 100vw, 839px\" \/><\/a><p id=\"caption-attachment-1499\" class=\"wp-caption-text\">Source: <a href=\"http:\/\/finra-markets.morningstar.com\" target=\"_blank\" rel=\"noopener noreferrer\">http:\/\/finra-markets.morningstar.com<\/a>; GMRK3956992<\/p><\/div>\n<p>Generally speaking, institutions that invest in bonds are very risk averse. Much more risk averse than equity traders. GLF\u2019s secure debt, has recovered considerably from the trough of January 2016. But GLF\u2019s equity continues to selloff. Investors are disgusted to own GLF. This allows Value Investors, that are emotionally detached and focused on fundamentals to pick up GLF cheaply.<\/p>\n<p><strong><br \/>\nInsider Ownership<\/strong><\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/94ship.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1500\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/94ship.jpg\" alt=\"94ship\" width=\"1224\" height=\"724\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/94ship.jpg 1224w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/94ship-300x177.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/94ship-1024x606.jpg 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/94ship-945x559.jpg 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/94ship-600x355.jpg 600w\" sizes=\"(max-width: 1224px) 100vw, 1224px\" \/><\/a><\/p>\n<p>Insiders are not been paying silly salaries and by far, the vast majority of the remuneration is tied up to GLF\u2019s stock price. Also, all the stock options are out of the money (<strong>strike price ~$13<\/strong>). So if the share price does not increase, they don\u2019t get much money, so it is in their interest to move up the share price.<\/p>\n<p>\u201c<em>Base salaries for our executive officers were reduced by 15% for our Chief Executive Officer, by 10% for each of our Executive Vice Presidents and by 5% for our Senior Vice Presidents<\/em>\u201d<\/p>\n<p>\u201c<em>In light of industry conditions, negative discretion was applied and no cash bonus was paid in 2016 for the 2015 performance year to any of our employees, including executive officers<\/em>\u201d<\/p>\n<p><strong><br \/>\nComparing GLF\u2019s valuation with competitors:<\/strong><\/p>\n<p><strong>GLF:<\/strong><\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/95ship.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1501\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/95ship.jpg\" alt=\"95ship\" width=\"1074\" height=\"264\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/95ship.jpg 1074w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/95ship-300x74.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/95ship-1024x252.jpg 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/95ship-945x232.jpg 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/95ship-600x147.jpg 600w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/a><\/p>\n<p>I like to compare the P\/S on the 5 year average with the current P\/S. Investors were willing to pay about ~2.2x Sales, or ~$800m-$900m Market Cap for GLF over the last 5 years, now it trades for only ~$40m.<\/p>\n<p><strong>Tidewater Inc. (<\/strong>selling for roughly same valuation as GLF<strong>; but with huge liquidity issues). <\/strong>As we write, it is facing Chapter 11.<\/p>\n<p><strong>Halliburton Company <\/strong>(overvalued; which is near enough insane, during the oil downturn.)<\/p>\n<p><strong>SEACOR Holdings Inc <\/strong>(close to fair value). Interestingly, being a significant bondholder of GLF\u2019s debt, it has made a small tentative call for acquisition of GLF. Although, not seriously being considered by either company, it shows that there is huge value in GLF business, so much so, that its main competitor is willing to acquire GLF\u2019s debt of ~$460m!<\/p>\n<p><strong><br \/>\nPossible catalyst:<\/strong><\/p>\n<p>Here are two graphs to help me what I want to say (below). We are <em>clearly <\/em>off the bottom of the cycle. But this has not reflected itself in some of the smaller cap companies. A lot of these companies, are cheap for a reason. Value Investor\u2019s job is to find the handful that we think the market has got wrong, and from that small group, pick the safest stock.<\/p>\n<div id=\"attachment_1502\" style=\"width: 869px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/96ship.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1502\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1502\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/10\/96ship.jpg\" alt=\"Source: Nasdaq.com\" width=\"859\" height=\"790\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/96ship.jpg 859w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/96ship-300x276.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/96ship-600x552.jpg 600w\" sizes=\"(max-width: 859px) 100vw, 859px\" \/><\/a><p id=\"caption-attachment-1502\" class=\"wp-caption-text\">Source: Nasdaq.com<\/p><\/div>\n<p><strong><br \/>\nConclusion: <\/strong><\/p>\n<p>I\u2019m not into timing tops and bottom of commodity cycles, but I suspect that possibly the worst is over. Again, the recovery will be very long, but it will come. In the words of the Saudi energy minister Mr. Falih \u201c<em>an increasing car fleet in China and rising consumption in India [\u2026] will lead the recovering\u201d<\/em>. I don\u2019t know when, but at the current price we are being compensated to wait and see.<\/p>\n<p>&nbsp;<\/p>\n<p>If you&#8217;d like to track real-time relevant financial news for Gulfmark Offshore (NYSE:GLF), check it out <a href=\"http:\/\/www.cityfalcon.com\/watchlists?assets=Gulfmark%20Offshore\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Haftungsausschluss: Dies ist ein Gastbeitrag von Michael und spiegelt nicht die Ansichten von CityFALCON und seinen Stakeholdern wider. Aktie: Gulfmark Offshore (NYSE:GLF) Datum: 11.01.2016 Aktueller Marktpreis: $1,10 Kursziel \u00fcber zwei Jahre: $5 pro Aktie, m\u00f6glicherweise $10-$15 Abw\u00e4rts\u2026 <a class=\"more-link\" href=\"https:\/\/www.cityfalcon.ai\/blog\/de\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/\">Weiterlesen \u2192<\/a><\/p>","protected":false},"author":9,"featured_media":1506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[20],"tags":[121,50],"class_list":["post-1485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments","tag-analysis","tag-stock"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gulfmark Offshore is a Multibagger to Buy for the Next 2 Years<\/title>\n<meta name=\"description\" content=\"GLF provides marine support and transportation services to companies involved in the offshore exploration and production of oil and natural gas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gulfmark Offshore is a Multibagger to Buy for the Next 2 Years\" \/>\n<meta property=\"og:description\" content=\"GLF provides marine support and transportation services to companies involved in the offshore exploration and production of oil and natural gas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/\" \/>\n<meta property=\"og:site_name\" content=\"CityFALCON Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cityfalconfollow\/\" \/>\n<meta property=\"article:published_time\" content=\"2016-11-01T05:50:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-10-05T11:12:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cityfalcon.com\/blog\/wp-content\/uploads\/2016\/10\/ship-1421884_1280-little-facebook.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michael Wiggins De Oliveira\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cityfalcon\" \/>\n<meta name=\"twitter:site\" content=\"@cityfalcon\" \/>\n<meta name=\"twitter:label1\" content=\"Verfasst von\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael Wiggins De Oliveira\" \/>\n\t<meta name=\"twitter:label2\" content=\"Gesch\u00e4tzte Lesezeit\" \/>\n\t<meta name=\"twitter:data2\" content=\"9\u00a0Minuten\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":[\"Article\",\"BlogPosting\"],\"@id\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/\"},\"author\":{\"name\":\"Michael Wiggins De Oliveira\",\"@id\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/#\\\/schema\\\/person\\\/780d39cc0ad8c9d83e2edc7a23454e2b\"},\"headline\":\"Value Pick &#8211; Gulfmark Offshore is a Multibagger to Buy for the Next 2 Years\",\"datePublished\":\"2016-11-01T05:50:25+00:00\",\"dateModified\":\"2017-10-05T11:12:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/\"},\"wordCount\":1737,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/wp-content\\\/uploads\\\/2016\\\/10\\\/ship-1421884_1280.jpg\",\"keywords\":[\"analysis\",\"stock\"],\"articleSection\":[\"Investments\"],\"inLanguage\":\"de\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/\",\"url\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/\",\"name\":\"Gulfmark Offshore is a Multibagger to Buy for the Next 2 Years\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/wp-content\\\/uploads\\\/2016\\\/10\\\/ship-1421884_1280.jpg\",\"datePublished\":\"2016-11-01T05:50:25+00:00\",\"dateModified\":\"2017-10-05T11:12:25+00:00\",\"description\":\"GLF provides marine support and transportation services to companies involved in the offshore exploration and production of oil and natural gas.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/#breadcrumb\"},\"inLanguage\":\"de\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"de\",\"@id\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/wp-content\\\/uploads\\\/2016\\\/10\\\/ship-1421884_1280.jpg\",\"contentUrl\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/wp-content\\\/uploads\\\/2016\\\/10\\\/ship-1421884_1280.jpg\",\"width\":1280,\"height\":853},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/fr\\\/investments\\\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"analysis\",\"item\":\"https:\\\/\\\/www.cityfalcon.com\\\/blog\\\/tag\\\/analysis\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Value Pick &#8211; Gulfmark Offshore is a Multibagger to Buy for the Next 2 Years\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/\",\"name\":\"CityFALCON Blog\",\"description\":\"Financial News Simplified\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"de\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/#organization\",\"name\":\"CityFalcon\",\"url\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"de\",\"@id\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Cityfalcon-Logo.jpeg\",\"contentUrl\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Cityfalcon-Logo.jpeg\",\"width\":238,\"height\":113,\"caption\":\"CityFalcon\"},\"image\":{\"@id\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/cityfalconfollow\\\/\",\"https:\\\/\\\/x.com\\\/cityfalcon\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/cityfalcon\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCkhcDOZES1LUBHRIAAt7WOA\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/#\\\/schema\\\/person\\\/780d39cc0ad8c9d83e2edc7a23454e2b\",\"name\":\"Michael Wiggins De Oliveira\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"de\",\"@id\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/wp-content\\\/uploads\\\/2016\\\/10\\\/Michael-150x150.jpg\",\"url\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/wp-content\\\/uploads\\\/2016\\\/10\\\/Michael-150x150.jpg\",\"contentUrl\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/wp-content\\\/uploads\\\/2016\\\/10\\\/Michael-150x150.jpg\",\"caption\":\"Michael Wiggins De Oliveira\"},\"description\":\"Michael Wiggins De Oliveira is the founder of the London Deep Value Investment Club (LDVIC). He runs a concentrated portfolio of Deep Value stock for LDVIC. LDVIC's primary goal is to invest in value stocks of quality businesses. Michael is always open to meeting fellow investors and sharing his knowledge.\",\"url\":\"https:\\\/\\\/www.cityfalcon.ai\\\/blog\\\/de\\\/author\\\/michael\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Gulfmark Offshore ist ein Multibagger, den Sie f\u00fcr die n\u00e4chsten 2 Jahre kaufen k\u00f6nnen","description":"GLF bietet Unternehmen, die an der Offshore-Exploration und -Produktion von \u00d6l und Erdgas beteiligt sind, Seeunterst\u00fctzungs- und Transportdienste an.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/","og_locale":"de_DE","og_type":"article","og_title":"Gulfmark Offshore is a Multibagger to Buy for the Next 2 Years","og_description":"GLF provides marine support and transportation services to companies involved in the offshore exploration and production of oil and natural gas.","og_url":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/","og_site_name":"CityFALCON Blog","article_publisher":"https:\/\/www.facebook.com\/cityfalconfollow\/","article_published_time":"2016-11-01T05:50:25+00:00","article_modified_time":"2017-10-05T11:12:25+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.cityfalcon.com\/blog\/wp-content\/uploads\/2016\/10\/ship-1421884_1280-little-facebook.jpg","type":"image\/jpeg"}],"author":"Michael Wiggins De Oliveira","twitter_card":"summary_large_image","twitter_creator":"@cityfalcon","twitter_site":"@cityfalcon","twitter_misc":{"Verfasst von":"Michael Wiggins De Oliveira","Gesch\u00e4tzte Lesezeit":"9\u00a0Minuten"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":["Article","BlogPosting"],"@id":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/#article","isPartOf":{"@id":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/"},"author":{"name":"Michael Wiggins De Oliveira","@id":"https:\/\/www.cityfalcon.ai\/blog\/#\/schema\/person\/780d39cc0ad8c9d83e2edc7a23454e2b"},"headline":"Value Pick &#8211; Gulfmark Offshore is a Multibagger to Buy for the Next 2 Years","datePublished":"2016-11-01T05:50:25+00:00","dateModified":"2017-10-05T11:12:25+00:00","mainEntityOfPage":{"@id":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/"},"wordCount":1737,"commentCount":0,"publisher":{"@id":"https:\/\/www.cityfalcon.ai\/blog\/#organization"},"image":{"@id":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/ship-1421884_1280.jpg","keywords":["analysis","stock"],"articleSection":["Investments"],"inLanguage":"de","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/","url":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/","name":"Gulfmark Offshore ist ein Multibagger, den Sie f\u00fcr die n\u00e4chsten 2 Jahre kaufen k\u00f6nnen","isPartOf":{"@id":"https:\/\/www.cityfalcon.ai\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/#primaryimage"},"image":{"@id":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/ship-1421884_1280.jpg","datePublished":"2016-11-01T05:50:25+00:00","dateModified":"2017-10-05T11:12:25+00:00","description":"GLF bietet Unternehmen, die an der Offshore-Exploration und -Produktion von \u00d6l und Erdgas beteiligt sind, Seeunterst\u00fctzungs- und Transportdienste an.","breadcrumb":{"@id":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/#breadcrumb"},"inLanguage":"de","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/"]}]},{"@type":"ImageObject","inLanguage":"de","@id":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/#primaryimage","url":"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/ship-1421884_1280.jpg","contentUrl":"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/ship-1421884_1280.jpg","width":1280,"height":853},{"@type":"BreadcrumbList","@id":"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.cityfalcon.ai\/blog\/"},{"@type":"ListItem","position":2,"name":"analysis","item":"https:\/\/www.cityfalcon.com\/blog\/tag\/analysis\/"},{"@type":"ListItem","position":3,"name":"Value Pick &#8211; Gulfmark Offshore is a Multibagger to Buy for the Next 2 Years"}]},{"@type":"WebSite","@id":"https:\/\/www.cityfalcon.ai\/blog\/#website","url":"https:\/\/www.cityfalcon.ai\/blog\/","name":"CityFALCON-Blog","description":"Finanznachrichten vereinfacht","publisher":{"@id":"https:\/\/www.cityfalcon.ai\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.cityfalcon.ai\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"de"},{"@type":"Organization","@id":"https:\/\/www.cityfalcon.ai\/blog\/#organization","name":"CityFalcon","url":"https:\/\/www.cityfalcon.ai\/blog\/","logo":{"@type":"ImageObject","inLanguage":"de","@id":"https:\/\/www.cityfalcon.ai\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2023\/07\/Cityfalcon-Logo.jpeg","contentUrl":"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2023\/07\/Cityfalcon-Logo.jpeg","width":238,"height":113,"caption":"CityFalcon"},"image":{"@id":"https:\/\/www.cityfalcon.ai\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/cityfalconfollow\/","https:\/\/x.com\/cityfalcon","https:\/\/www.linkedin.com\/company\/cityfalcon","https:\/\/www.youtube.com\/channel\/UCkhcDOZES1LUBHRIAAt7WOA"]},{"@type":"Person","@id":"https:\/\/www.cityfalcon.ai\/blog\/#\/schema\/person\/780d39cc0ad8c9d83e2edc7a23454e2b","name":"Michael Wiggins de Oliveira","image":{"@type":"ImageObject","inLanguage":"de","@id":"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/Michael-150x150.jpg","url":"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/Michael-150x150.jpg","contentUrl":"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/10\/Michael-150x150.jpg","caption":"Michael Wiggins De Oliveira"},"description":"Michael Wiggins De Oliveira ist der Gr\u00fcnder des London Deep Value Investment Club (LDVIC). Er verwaltet ein konzentriertes Portfolio von Deep Value-Aktien f\u00fcr LDVIC. Das Hauptziel von LDVIC besteht darin, in Value-Aktien von Qualit\u00e4tsunternehmen zu investieren. Michael ist immer offen daf\u00fcr, andere Investoren zu treffen und sein Wissen zu teilen.","url":"https:\/\/www.cityfalcon.ai\/blog\/de\/author\/michael\/"}]}},"_links":{"self":[{"href":"https:\/\/www.cityfalcon.ai\/blog\/de\/wp-json\/wp\/v2\/posts\/1485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cityfalcon.ai\/blog\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cityfalcon.ai\/blog\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cityfalcon.ai\/blog\/de\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cityfalcon.ai\/blog\/de\/wp-json\/wp\/v2\/comments?post=1485"}],"version-history":[{"count":17,"href":"https:\/\/www.cityfalcon.ai\/blog\/de\/wp-json\/wp\/v2\/posts\/1485\/revisions"}],"predecessor-version":[{"id":3570,"href":"https:\/\/www.cityfalcon.ai\/blog\/de\/wp-json\/wp\/v2\/posts\/1485\/revisions\/3570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cityfalcon.ai\/blog\/de\/wp-json\/wp\/v2\/media\/1506"}],"wp:attachment":[{"href":"https:\/\/www.cityfalcon.ai\/blog\/de\/wp-json\/wp\/v2\/media?parent=1485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cityfalcon.ai\/blog\/de\/wp-json\/wp\/v2\/categories?post=1485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cityfalcon.ai\/blog\/de\/wp-json\/wp\/v2\/tags?post=1485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}