{"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\/es\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/","title":{"rendered":"Valor elegido: Gulfmark Offshore es un multibagger para comprar durante los pr\u00f3ximos 2 a\u00f1os"},"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>Descargo de responsabilidad: esta es una publicaci\u00f3n de invitado de Michael y no refleja las opiniones de CityFALCON y sus partes interesadas.<\/em><\/strong><\/p>\n<p>Acciones: Gulfmark Offshore (NYSE: GLF)<br \/>\nFecha: 1\/11\/2016<br \/>\nPrecio de mercado actual: $1.10<\/p>\n<p>Precio objetivo durante dos a\u00f1os: $5 por acci\u00f3n, posiblemente $10-$15<\/p>\n<p><em><strong>Riesgos a la baja: esta es una acci\u00f3n de microcapitalizaci\u00f3n con solo $28m de capitalizaci\u00f3n de mercado y puede ser muy vol\u00e1til a diario. Considere los riesgos y hable con un asesor financiero antes de invertir.<\/strong><\/em><\/p>\n<p><strong><br \/>\nAntecedentes<\/strong>:<\/p>\n<p>GLF brinda servicios de transporte y soporte mar\u00edtimo a empresas involucradas en la exploraci\u00f3n y producci\u00f3n costa afuera de petr\u00f3leo y gas natural.<\/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=\"2 imagen de barco\" 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>Los buques de GLF transportan materiales y personal de perforaci\u00f3n a instalaciones en alta mar y tambi\u00e9n mueven y colocan estructuras de perforaci\u00f3n. Los buques de GLF prestan servicios a los sectores de exploraci\u00f3n y producci\u00f3n en alta mar de la industria del petr\u00f3leo y el gas natural. Todo el mundo sabe que estamos atravesando una depresi\u00f3n energ\u00e9tica, mi tesis es que parece que hemos tocado fondo y el petr\u00f3leo y el gas est\u00e1n comenzando a repuntar.<\/p>\n<p><strong><br \/>\nDesde Wall Street Journal:<\/strong><\/p>\n<p>&quot;<em>En sus cinco meses como ministro de energ\u00eda saud\u00ed, Falih ha supervisado un cambio significativo en la pol\u00edtica petrolera del reino, alej\u00e1ndola de las estrategias destinadas principalmente a sobrevivir a una era de precios ultrabajos. En cambio, Falih ha se\u00f1alado al reino en la direcci\u00f3n de su papel tradicional de estabilizar los precios al regular la producci\u00f3n de la OPEP, el cartel de 14 naciones que controla m\u00e1s de un tercio de la producci\u00f3n mundial de crudo, dijo Falih, citando una flota de autom\u00f3viles en aumento en China y el aumento del consumo en India<\/em>. &quot;<\/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=\"3 barco\" 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>Si compara el precio que los inversores estaban dispuestos a pagar por GLF en 2000-2004, digamos $13, con lo que los inversores est\u00e1n dispuestos a pagar por ahora, deber\u00eda estar de acuerdo conmigo en que hoy en ~ $1.35 es m\u00e1s barato. En el gr\u00e1fico a continuaci\u00f3n, compare los ingresos y el EBITDA de 2004-2004 con el actual. Actualmente, GLF tiene ingresos significativamente m\u00e1s altos, mayor posici\u00f3n en el mercado y fortaleza, a pesar de la recesi\u00f3n. Esta empresa claramente vende los barcos que necesitan las empresas petroleras. Los niveles de EBITDA son un poco m\u00e1s bajos, pero no lo suficiente como para justificar la liquidaci\u00f3n al precio de $1.35.<\/p>\n<p>Estamos en un punto bajo en el mercado del petr\u00f3leo, sin duda. Pero la pregunta es, \u00bfse ha encontrado el fondo?<\/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=\"4 barco\" 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\">Fuente: Presentaci\u00f3n de GLF, agosto de 2016<\/p><\/div>\n<p><strong><br \/>\nFinanzas:<\/strong><\/p>\n<p>Las finanzas son interesantes. La mala noticia es que, de todas las ganancias que ha generado la empresa, solo sacaron unos pocos a\u00f1os de dividendos.<\/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=\"5 barco\" 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>Pero la buena noticia es que han invertido una gran cantidad de capital en sus embarcaciones, y todo esto se contabiliza en su balance, lo que nos brinda una protecci\u00f3n a la baja. Claro, los barcos no valen el $1B en su balance. Pero GLF ha estado deteriorando el valor de sus embarcaciones desde el \u00faltimo trimestre de 2014 (m\u00e1s sobre esto a continuaci\u00f3n). Otra muy buena noticia es que los barcos de esta empresa claramente tienen mercado. Esto se demuestra por el hecho de que hasta el a\u00f1o completo 2015, hab\u00edan aumentado los ingresos, pasando de $251m hasta ~ $500m o 100% de crecimiento durante el per\u00edodo de 9 a\u00f1os. Claramente existe una demanda de GLF.<\/p>\n<p><strong><br \/>\nSegmentos operativos de GLF:<\/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=\"6 barco\" 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\">Fuente: C\u00e1lculos del autor.<\/p><\/div>\n<p>Aunque GLF tiene 3 segmentos operativos, desde una perspectiva de ingresos, deber\u00edamos estar interesados en 2, Mar del Norte y Am\u00e9rica. Estos dos son su pan y mantequilla. Sin embargo, en los \u00faltimos doce meses, el segmento de Am\u00e9rica ha ca\u00eddo dr\u00e1sticamente. (Consulte la tabla y el gr\u00e1fico a continuaci\u00f3n):<\/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=\"Fuente: C\u00e1lculos del autor.\" 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\">Fuente: C\u00e1lculos del autor.<\/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=\"8 barco\" 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\">Fuente: C\u00e1lculos del autor.<\/p><\/div>\n<p>Como notar\u00e1 en la tabla anterior, el segmento del Mar del Norte se ha mantenido fuerte en ~ $44m. Y en un an\u00e1lisis superficial, muchos inversores habr\u00e1n evitado GLF. Pero si miramos un poco m\u00e1s en profundidad, podemos ver que los deterioros no monetarios provienen de Am\u00e9rica y su peque\u00f1o segmento operativo del sudeste asi\u00e1tico. <u>Por lo tanto, el mercado ha reaccionado exageradamente en este caso, y la venta masiva no est\u00e1 justificada.<\/u><br \/>\n<strong>Buques:<\/strong><\/p>\n<p><em>\u201cUn factor importante en el proceso de deterioro es el valor de tasaci\u00f3n de los activos (recibimos <u>tasaciones de terceros) que se podr\u00eda asumir se aproxima a su valor razonable<\/u><\/em>. &quot;<\/p>\n<p style=\"text-align: right;\">- Correspondencia personal con relaci\u00f3n inversionista de GLF<\/p>\n<p style=\"text-align: left;\">\u00a0<em>&quot;La gran mayor\u00eda de <\/em>[Activo de larga duraci\u00f3n en el balance, se compone de] <em>embarcaciones, equipos y otros activos fijos se compone de nuestras embarcaciones. Probablemente m\u00e1s de 95% son los vasos. El resto del valor son otros equipos, repuestos, etc. &quot;<\/em><\/p>\n<p style=\"text-align: right;\">- Correspondencia personal con relaci\u00f3n inversionista de GLF<\/p>\n<p>A precios corrientes, nuestra desventaja est\u00e1 protegida por los activos en el balance. Los activos se han deteriorado trimestralmente desde el \u00faltimo trimestre de 2014. Se contrat\u00f3 a una empresa independiente para valorar las embarcaciones y, a partir de eso, se han basado los deterioros. Despu\u00e9s de tantas discapacidades, es justo decir que lo que ves es lo que obtienes. Incluso si hacemos nuestros propios descuentos sobre los activos fijos en el balance, todav\u00eda tenemos mucho margen de seguridad en esta compra de acciones. Me he puesto en contacto con la relaci\u00f3n de inversionistas de GLF (extractos anteriores) y aunque no me ofrecieron n\u00fameros espec\u00edficos, confirmaron que los activos est\u00e1n cerca del valor razonable, a pesar de los deterioros y la baja valoraci\u00f3n de los buques.<\/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=\"Fuente: Presentaci\u00f3n GLF, agosto de 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\">Fuente: Presentaci\u00f3n GLF, agosto de 2016<\/p><\/div>\n<p>Como notar\u00e1 en la tabla anterior, la venta de embarcaciones durante la recesi\u00f3n desde 2014, todav\u00eda se vende por algo. Aunque, por supuesto, con grandes descuentos.<\/p>\n<p><strong><br \/>\nDeficiencias:<\/strong><br \/>\nEntonces, aqu\u00ed est\u00e1 la cosa, a estas alturas, usted comprende que estamos pasando por una recesi\u00f3n larga y sombr\u00eda en el mercado de la energ\u00eda, espec\u00edfica de GLF, que es la recesi\u00f3n del petr\u00f3leo y el gas. Pero lo que en realidad est\u00e1 causando que las finanzas de GLF se vean tan sombr\u00edas solo gira parcialmente en torno a sus ventas principales. Mire atentamente la tabla a continuaci\u00f3n centr\u00e1ndose en la fuente roja.<\/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=\"91 barco\" 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\">Fuente: C\u00e1lculos del autor.<\/p><\/div>\n<p><em>\u201c[\u2026] Registr\u00f3 $114.1 millones de cargos por deterioro en el primer trimestre de 2016 y $46.2 millones en el segundo trimestre de 2016. El deterioro del primer trimestre consisti\u00f3 en $94.5 millones en relaci\u00f3n con nuestros activos de larga duraci\u00f3n en el EE.UU. Golfo de M\u00e9xico, que es parte de nuestro segmento de las Am\u00e9ricas [\u2026], y $19.6 millones en relaci\u00f3n con nuestro segmento del Sudeste Asi\u00e1tico. [\u2026] El deterioro consisti\u00f3 en $15.9 millones en el grupo de activos de Am\u00e9rica que se encuentra fuera del Golfo de M\u00e9xico de EE. UU. Y $30.3 millones adicional en nuestro segmento del sudeste asi\u00e1tico \u201d<\/em><br \/>\n- 10K 2016<\/p>\n<p>Entonces, si bien los deterioros no monetarios han estado matando las finanzas, una vez que profundizamos, las cosas no est\u00e1n tan mal. GLF no da muchos detalles sobre la ubicaci\u00f3n de sus activos de larga duraci\u00f3n, aparte de su pa\u00eds de domicilio, los EE. UU., Pero s\u00ed revelan que solo en EE. UU. Tienen ~ $366m en capital tangible. Creo que en <strong>~ $40m Market Cap, estamos bastante bien compensados por lo peor<\/strong>.<\/p>\n<p><strong><br \/>\nSituaci\u00f3n financiera: <\/strong><\/p>\n<p>La situaci\u00f3n de la deuda es un desastre. Es realmente feo. Pero las l\u00edneas de cr\u00e9dito rotativas se renegociaron en enero de 2016 y ahora vencen en 2019. La deuda garantizada (~ $420) vence en 2022. Al 30 de junio de 2016, el efectivo disponible era de ~ $11 millones, ~ $39 millones girados en rev\u00f3lver, pr\u00e9stamos disponibles capacidad ~ $134 millones; Liquidez total ~ $145 millones.<\/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=\"Fuente: Presentaci\u00f3n GLF, agosto de 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\">Fuente: Presentaci\u00f3n GLF, agosto de 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=\"93 barco\" 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\">Fuente: <a href=\"http:\/\/finra-markets.morningstar.com\" target=\"_blank\" rel=\"noopener noreferrer\">http:\/\/finra-markets.morningstar.com<\/a>; GMRK3956992<\/p><\/div>\n<p>En t\u00e9rminos generales, las instituciones que invierten en bonos son muy reacias al riesgo. Mucho m\u00e1s reacios al riesgo que los operadores de acciones. La deuda segura de GLF se ha recuperado considerablemente desde el m\u00ednimo de enero de 2016. Pero el capital de GLF sigue cayendo. Los inversores est\u00e1n disgustados de poseer GLF. Esto permite a los inversores de valor, que est\u00e1n emocionalmente distantes y se centran en los fundamentos, adquirir GLF de forma econ\u00f3mica.<\/p>\n<p><strong><br \/>\nPropiedad interna<\/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=\"94 barco\" 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>Los iniciados no han estado pagando sueldos tontos y, de lejos, la gran mayor\u00eda de la remuneraci\u00f3n est\u00e1 vinculada al precio de las acciones de GLF. Adem\u00e1s, todas las opciones sobre acciones est\u00e1n fuera del dinero (<strong>precio de ejercicio ~ $13<\/strong>). Entonces, si el precio de las acciones no aumenta, no obtienen mucho dinero, por lo que les conviene subir el precio de las acciones.<\/p>\n<p>&quot;<em>Los salarios base de nuestros ejecutivos se redujeron en 15% para nuestro director ejecutivo, en 10% para cada uno de nuestros vicepresidentes ejecutivos y en 5% para nuestros vicepresidentes s\u00e9nior.<\/em>&quot;<\/p>\n<p>&quot;<em>A la luz de las condiciones de la industria, se aplic\u00f3 discreci\u00f3n negativa y no se pag\u00f3 ning\u00fan bono en efectivo en 2016 por el a\u00f1o de desempe\u00f1o 2015 a ninguno de nuestros empleados, incluidos los ejecutivos.<\/em>&quot;<\/p>\n<p><strong><br \/>\nComparaci\u00f3n de la valoraci\u00f3n de GLF con la competencia:<\/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=\"95 barco\" 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>Me gusta comparar el P \/ S en el promedio de 5 a\u00f1os con el P \/ S actual. Los inversores estaban dispuestos a pagar alrededor de ~ 2.2x Ventas, o ~ $800m-$900m Market Cap por GLF durante los \u00faltimos 5 a\u00f1os, ahora cotiza por solo ~ $40m.<\/p>\n<p><strong>Tidewater Inc. (<\/strong>vender por aproximadamente la misma valoraci\u00f3n que GLF<strong>; pero con grandes problemas de liquidez). <\/strong>Mientras escribimos, se enfrenta al Cap\u00edtulo 11.<\/p>\n<p><strong>Compa\u00f1\u00eda Halliburton <\/strong>(sobrevalorado; lo cual es casi una locura, durante la recesi\u00f3n del petr\u00f3leo).<\/p>\n<p><strong>SEACOR Holdings Inc <\/strong>(cercano al valor razonable). Curiosamente, siendo un importante tenedor de bonos de la deuda de GLF, ha hecho una peque\u00f1a llamada tentativa para la adquisici\u00f3n de GLF. Aunque, sin ser considerado seriamente por ninguna de las compa\u00f1\u00edas, demuestra que el negocio de GLF tiene un gran valor, tanto que su principal competidor est\u00e1 dispuesto a adquirir la deuda de GLF de ~ $460m.<\/p>\n<p><strong><br \/>\nPosible catalizador:<\/strong><\/p>\n<p>Aqu\u00ed hay dos gr\u00e1ficos para ayudarme con lo que quiero decir (a continuaci\u00f3n). Estamos <em>claramente <\/em>fuera de la parte inferior del ciclo. Pero esto no se ha reflejado en algunas de las empresas de menor capitalizaci\u00f3n. Muchas de estas empresas son baratas por una raz\u00f3n. El trabajo de Value Investor es encontrar el pu\u00f1ado que creemos que el mercado se ha equivocado y, de ese peque\u00f1o grupo, elegir las acciones m\u00e1s seguras.<\/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=\"Fuente: 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\">Fuente: Nasdaq.com<\/p><\/div>\n<p><strong><br \/>\nConclusi\u00f3n: <\/strong><\/p>\n<p>No me gusta medir los m\u00e1ximos y m\u00ednimos de los ciclos de las materias primas, pero sospecho que posiblemente lo peor haya pasado. Nuevamente, la recuperaci\u00f3n ser\u00e1 muy larga, pero llegar\u00e1. En palabras del ministro de energ\u00eda saud\u00ed, Sr. Falih \u201c<em>una flota de autom\u00f3viles en aumento en China y el aumento del consumo en India [\u2026] liderar\u00e1n la recuperaci\u00f3n \u201d<\/em>. No s\u00e9 cu\u00e1ndo, pero al precio actual estamos siendo compensados por esperar y ver.<\/p>\n<p>&nbsp;<\/p>\n<p>Si desea realizar un seguimiento de las noticias financieras relevantes en tiempo real para Gulfmark Offshore (NYSE: GLF), compru\u00e9belo <a href=\"http:\/\/www.cityfalcon.com\/watchlists?assets=Gulfmark%20Offshore\" target=\"_blank\" rel=\"noopener noreferrer\">aqu\u00ed<\/a>.<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Descargo de responsabilidad: esta es una publicaci\u00f3n de invitado de Michael y no refleja las opiniones de CityFALCON y sus partes interesadas. Acciones: Gulfmark Offshore (NYSE: GLF) Fecha: 1\/11\/2016 Precio de mercado actual: $1.10 Precio objetivo durante dos a\u00f1os: $5 por acci\u00f3n, posiblemente $10-$15 A la baja\u2026 <a class=\"more-link\" href=\"https:\/\/www.cityfalcon.ai\/blog\/es\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/\">Seguir leyendo \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,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"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 v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\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=\"es_ES\" \/>\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=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael Wiggins De Oliveira\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tiempo de lectura\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutos\" \/>\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; 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