{"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\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/","title":{"rendered":"Choix de valeur - Gulfmark Offshore est un Multibagger \u00e0 acheter pour les 2 prochaines ann\u00e9es"},"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>Avertissement: Ceci est un message d&#039;invit\u00e9 de Michael, et ne refl\u00e8te pas les points de vue de CityFALCON et de ses parties prenantes.<\/em><\/strong><\/p>\n<p>Action: Gulfmark Offshore (NYSE: GLF)<br \/>\nDate: 11\/01\/2016<br \/>\nPrix actuel du march\u00e9: $1.10<\/p>\n<p>Objectif de cours sur deux ans: $5 par action, \u00e9ventuellement $10-$15<\/p>\n<p><em><strong>Risques \u00e0 la baisse: Il s&#039;agit d&#039;une action de micro-capitalisation avec seulement $28m de capitalisation boursi\u00e8re, et peut \u00eatre tr\u00e8s volatile au quotidien. Veuillez consid\u00e9rer les risques et parler \u00e0 un conseiller financier avant d&#039;investir.<\/strong><\/em><\/p>\n<p><strong><br \/>\nContexte<\/strong>:<\/p>\n<p>GLF fournit des services de soutien maritime et de transport aux entreprises impliqu\u00e9es dans l&#039;exploration et la production offshore de p\u00e9trole et de gaz naturel.<\/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=\"2hip-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>Les navires de GLF transportent du mat\u00e9riel et du personnel de forage vers des installations offshore, et d\u00e9placent et positionnent \u00e9galement des structures de forage. Les navires de GLF desservent les secteurs d&#039;exploration et de production offshore de l&#039;industrie p\u00e9troli\u00e8re et gazi\u00e8re. Tout le monde sait que nous traversons une crise \u00e9nerg\u00e9tique, ma th\u00e8se est que nous semblons avoir touch\u00e9 le fond et que le p\u00e9trole et le gaz commencent \u00e0 rebondir.<\/p>\n<p><strong><br \/>\nDu Wall Street Journal:<\/strong><\/p>\n<p>&quot;<em>Au cours de ses cinq mois en tant que ministre saoudien de l&#039;\u00c9nergie, M. Falih a supervis\u00e9 un changement important dans la politique p\u00e9troli\u00e8re du royaume, la d\u00e9tournant des strat\u00e9gies visant principalement \u00e0 survivre \u00e0 une \u00e8re de prix extr\u00eamement bas. M. Falih a plut\u00f4t orient\u00e9 le royaume vers son r\u00f4le traditionnel de stabilisation des prix en r\u00e9gulant la production de l&#039;OPEP, le cartel de 14 nations qui contr\u00f4le plus d&#039;un tiers de la production mondiale de brut, a d\u00e9clar\u00e9 M. Falih, citant une flotte croissante de voitures en Chine et augmentation de la consommation en Inde<\/em>. \u00bb<\/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 navire\" 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 vous comparez le prix que les investisseurs \u00e9taient pr\u00eats \u00e0 payer pour GLF en 2000-2004, disons $13, avec ce que les investisseurs sont pr\u00eats \u00e0 payer pour l&#039;instant, vous devriez \u00eatre d&#039;accord avec moi, qu&#039;aujourd&#039;hui \u00e0 ~ $1.35, c&#039;est moins cher? Dans le graphique ci-dessous, comparez le chiffre d&#039;affaires et l&#039;EBITDA de 2004-2004 \u00e0 celui d&#039;aujourd&#039;hui. \u00c0 l&#039;heure actuelle, GLF a des revenus nettement plus \u00e9lev\u00e9s, une position de march\u00e9 et une force accrues, malgr\u00e9 la r\u00e9cession. Cette soci\u00e9t\u00e9 vend clairement des navires dont les compagnies p\u00e9troli\u00e8res ont besoin. Les niveaux d&#039;EBITDA sont un peu plus bas, mais pas suffisants pour justifier la vente au prix de $1.35.<\/p>\n<p>Nous sommes sans aucun doute \u00e0 un creux du march\u00e9 p\u00e9trolier. Mais la question est de savoir si le fond a \u00e9t\u00e9 trouv\u00e9?<\/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 navire\" 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: pr\u00e9sentation de GLF, ao\u00fbt 2016<\/p><\/div>\n<p><strong><br \/>\nFinances:<\/strong><\/p>\n<p>Les donn\u00e9es financi\u00e8res sont int\u00e9ressantes. La mauvaise nouvelle est que, sur tous les b\u00e9n\u00e9fices que l&#039;entreprise a g\u00e9n\u00e9r\u00e9s, elle n&#039;a expuls\u00e9 que quelques ann\u00e9es de dividendes.<\/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 navire\" 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>Mais la tr\u00e8s bonne nouvelle, c&#039;est qu&#039;ils ont investi beaucoup de capitaux dans leurs navires, et tout cela est pris en compte dans leur bilan, ce qui nous prot\u00e8ge des baisses. Bien s\u00fbr, les navires ne valent pas le $1B sur leur bilan. Mais GLF a diminu\u00e9 la valeur de ses navires depuis le dernier trimestre de 2014 (plus \u00e0 ce sujet ci-dessous). Une autre tr\u00e8s bonne nouvelle est que les navires de cette soci\u00e9t\u00e9 ont clairement un march\u00e9. Cela est d\u00e9montr\u00e9 par le fait que jusqu&#039;\u00e0 l&#039;ann\u00e9e 2015, ils avaient augment\u00e9 leurs revenus, passant de $251m \u00e0 une croissance d&#039;environ $500m ou 100% sur la p\u00e9riode de 9 ans. Il y a clairement une demande pour GLF.<\/p>\n<p><strong><br \/>\nSecteurs op\u00e9rationnels 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 navire\" 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: calculs de l&#039;auteur.<\/p><\/div>\n<p>Bien que GLF compte 3 segments op\u00e9rationnels, du point de vue des revenus, nous devrions nous int\u00e9resser \u00e0 2, la mer du Nord et les Am\u00e9riques. Ces deux sont son pain et son beurre. Cependant, au cours des douze derniers mois, le segment Am\u00e9riques a chut\u00e9 de fa\u00e7on spectaculaire. (Voir ci-dessous, tableau et graphique):<\/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: calculs de l&#039;auteur.\" 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: calculs de l&#039;auteur.<\/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 navire\" 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: calculs de l&#039;auteur.<\/p><\/div>\n<p>Comme vous le remarquerez dans le tableau ci-dessus, le segment de la mer du Nord est rest\u00e9 solide \u00e0 ~ $44m. Et sur une analyse superficielle, beaucoup d&#039;investisseurs auront \u00e9vit\u00e9 GLF. Mais si nous regardons un peu plus en profondeur, nous pouvons voir que les d\u00e9pr\u00e9ciations hors tr\u00e9sorerie proviennent des Am\u00e9riques et de son minuscule segment op\u00e9rationnel en Asie du Sud-Est. <u>Ainsi, le march\u00e9 a massivement r\u00e9agi de mani\u00e8re excessive sur celui-ci, et la vente n&#039;est pas justifi\u00e9e.<\/u><br \/>\n<strong>Navires:<\/strong><\/p>\n<p><em>\u00abUn facteur important dans le processus de d\u00e9pr\u00e9ciation est la valeur estim\u00e9e des actifs (nous recevons chaque trimestre <u>\u00e9valuations de tiers) dont on pourrait supposer qu&#039;elle se rapproche de sa juste valeur<\/u><\/em>. \u00bb<\/p>\n<p style=\"text-align: right;\">- Correspondance personnelle avec la relation investisseurs de GLF<\/p>\n<p style=\"text-align: left;\">\u00a0<em>&quot;La grande majorit\u00e9 de <\/em>[Les actifs \u00e0 long terme figurant au bilan sont constitu\u00e9s de] <em>navires, \u00e9quipements et autres immobilisations sont constitu\u00e9s de nos navires. Probablement plus de 95% sont les vaisseaux. Le reste de la valeur est constitu\u00e9 d&#039;autres \u00e9quipements, pi\u00e8ces de rechange, etc. \u00bb<\/em><\/p>\n<p style=\"text-align: right;\">- Correspondance personnelle avec la relation investisseurs de GLF<\/p>\n<p>Aux prix courants, notre inconv\u00e9nient est prot\u00e9g\u00e9 par les actifs du bilan. Les actifs ont \u00e9t\u00e9 d\u00e9pr\u00e9ci\u00e9s chaque trimestre depuis le dernier trimestre de 2014. Une soci\u00e9t\u00e9 ind\u00e9pendante a \u00e9t\u00e9 embauch\u00e9e pour \u00e9valuer les navires et, \u00e0 partir de l\u00e0, les d\u00e9pr\u00e9ciations ont \u00e9t\u00e9 fond\u00e9es. Apr\u00e8s tant de d\u00e9ficiences, il est juste de dire que ce que vous voyez est ce que vous obtenez. M\u00eame si nous faisons notre propre actualisation sur les immobilisations du bilan, nous avons encore beaucoup de marge de s\u00e9curit\u00e9 sur cet achat d&#039;actions. J&#039;ai \u00e9t\u00e9 en contact avec la relation avec les investisseurs du GLF (extraits ci-dessus) et bien qu&#039;ils ne me proposent pas de chiffres pr\u00e9cis, ils ont confirm\u00e9 que les actifs sont proches de la juste valeur, malgr\u00e9 les d\u00e9pr\u00e9ciations et la faible valorisation des navires.<\/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: pr\u00e9sentation GLF, ao\u00fbt 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: pr\u00e9sentation GLF, ao\u00fbt 2016<\/p><\/div>\n<p>Comme vous le remarquerez dans le tableau ci-dessus, les ventes de navires pendant la r\u00e9cession depuis 2014 sont toujours vendues pour quelque chose. Bien que, bien s\u00fbr, fortement r\u00e9duit.<\/p>\n<p><strong><br \/>\nD\u00e9pr\u00e9ciations:<\/strong><br \/>\nDonc, voici la chose, \u00e0 ce jour, vous comprenez que nous traversons un ralentissement sombre et long sur le march\u00e9 de l&#039;\u00e9nergie, propre \u00e0 GLF, \u00e0 savoir le ralentissement du p\u00e9trole et du gaz. Mais ce qui rend les finances de GLF si sombres ne concerne que partiellement leurs ventes de base. Regardez attentivement le tableau ci-dessous en vous concentrant sur la police rouge.<\/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 navire\" 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: calculs de l&#039;auteur.<\/p><\/div>\n<p><em>\u00ab[\u2026] A enregistr\u00e9 $114,1 millions de charges de d\u00e9pr\u00e9ciation au premier trimestre 2016 et $46,2 millions au deuxi\u00e8me trimestre 2016. La d\u00e9pr\u00e9ciation du premier trimestre se composait de $94,5 millions en rapport avec nos actifs \u00e0 long terme dans le Golfe du Mexique aux \u00c9tats-Unis, qui fait partie de notre segment Am\u00e9riques [\u2026], et $19,6 millions en relation avec notre segment Asie du Sud-Est. [\u2026] La d\u00e9pr\u00e9ciation se compose de $15,9 millions dans le groupe d&#039;actifs Am\u00e9riques qui se trouve en dehors du golfe du Mexique aux \u00c9tats-Unis et de $30,3 millions suppl\u00e9mentaires dans notre segment Asie du Sud-Est \u00bb<\/em><br \/>\n- 10 km 2016<\/p>\n<p>Ainsi, bien que les d\u00e9pr\u00e9ciations non mon\u00e9taires aient tu\u00e9 les financi\u00e8res, une fois que nous avons creus\u00e9 plus profond\u00e9ment, les choses ne sont pas si mauvaises. GLF ne donne pas beaucoup de d\u00e9tails sur l&#039;emplacement de leurs actifs \u00e0 long terme en dehors de leur pays de domicile, les \u00c9tats-Unis, mais ils r\u00e9v\u00e8lent qu&#039;aux \u00c9tats-Unis seulement, ils ont ~ $366m de capital corporel. Je pense qu&#039;\u00e0 <strong>~ $40m Market Cap, nous sommes assez bien compens\u00e9s pour le pire<\/strong>.<\/p>\n<p><strong><br \/>\nSituation financi\u00e8re: <\/strong><\/p>\n<p>La situation de la dette est un g\u00e2chis. C&#039;est vraiment moche. Mais les facilit\u00e9s de cr\u00e9dit renouvelable ont \u00e9t\u00e9 ren\u00e9goci\u00e9es en janvier 2016 et viennent \u00e0 \u00e9ch\u00e9ance en 2019. La dette garantie (~ $420) arrive \u00e0 \u00e9ch\u00e9ance en 2022. Au 30 juin 2016, l&#039;encaisse \u00e9tait de ~ $11 million, ~ $39 million tir\u00e9 sur revolver, emprunts disponibles capacit\u00e9 ~ $134 million; Liquidit\u00e9 totale ~ $145 millions.<\/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: pr\u00e9sentation GLF, ao\u00fbt 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: pr\u00e9sentation GLF, ao\u00fbt 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 navire\" 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\">La source: <a href=\"http:\/\/finra-markets.morningstar.com\" target=\"_blank\" rel=\"noopener noreferrer\">http:\/\/finra-markets.morningstar.com<\/a>; GMRK3956992<\/p><\/div>\n<p>De mani\u00e8re g\u00e9n\u00e9rale, les institutions qui investissent dans des obligations sont tr\u00e8s averses au risque. Beaucoup plus averses au risque que les traders d&#039;actions. La dette s\u00e9curis\u00e9e de GLF s&#039;est consid\u00e9rablement redress\u00e9e depuis le creux de janvier 2016. Mais les capitaux propres de GLF continuent de se vendre. Les investisseurs sont d\u00e9go\u00fbt\u00e9s de poss\u00e9der GLF. Cela permet aux Value Investors, qui sont \u00e9motionnellement d\u00e9tach\u00e9s et concentr\u00e9s sur les fondamentaux, d&#039;acqu\u00e9rir GLF \u00e0 bas prix.<\/p>\n<p><strong><br \/>\nPropri\u00e9t\u00e9 d&#039;initi\u00e9s<\/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 navire\" 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>Les initi\u00e9s ne paient pas de salaires stupides et de loin, la grande majorit\u00e9 de la r\u00e9mun\u00e9ration est li\u00e9e au cours de l&#039;action de GLF. De plus, toutes les options d&#039;achat d&#039;actions sont hors de l&#039;argent (<strong>prix d&#039;exercice ~ $13<\/strong>). Donc, si le cours de l&#039;action n&#039;augmente pas, ils ne re\u00e7oivent pas beaucoup d&#039;argent, il est donc dans leur int\u00e9r\u00eat d&#039;augmenter le cours de l&#039;action.<\/p>\n<p>&quot;<em>Les salaires de base de nos dirigeants ont \u00e9t\u00e9 r\u00e9duits de 15% pour notre chef de la direction, de 10% pour chacun de nos vice-pr\u00e9sidents ex\u00e9cutifs et de 5% pour nos vice-pr\u00e9sidents principaux<\/em>&quot;<\/p>\n<p>&quot;<em>Compte tenu des conditions du secteur, un pouvoir discr\u00e9tionnaire n\u00e9gatif a \u00e9t\u00e9 appliqu\u00e9 et aucune prime en esp\u00e8ces n&#039;a \u00e9t\u00e9 vers\u00e9e en 2016 pour l&#039;ann\u00e9e de performance 2015 \u00e0 l&#039;un de nos employ\u00e9s, y compris les membres de la haute direction.<\/em>&quot;<\/p>\n<p><strong><br \/>\nComparaison de la valorisation de GLF avec ses concurrents:<\/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 navire\" 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>J&#039;aime comparer le P \/ S sur la moyenne de 5 ans avec le P \/ S actuel. Les investisseurs \u00e9taient pr\u00eats \u00e0 payer environ 2,2 fois les ventes ou ~ $800m-$900m de capitalisation boursi\u00e8re pour GLF au cours des 5 derni\u00e8res ann\u00e9es, il ne se n\u00e9gocie d\u00e9sormais que pour ~ $40m.<\/p>\n<p><strong>Tidewater Inc. (<\/strong>vendre \u00e0 peu pr\u00e8s \u00e0 la m\u00eame valeur que GLF<strong>; mais avec d&#039;\u00e9normes probl\u00e8mes de liquidit\u00e9). <\/strong>Au moment o\u00f9 nous \u00e9crivons, il fait face au chapitre 11.<\/p>\n<p><strong>Compagnie Halliburton <\/strong>(sur\u00e9valu\u00e9; ce qui est presque assez insens\u00e9, pendant le ralentissement du p\u00e9trole.)<\/p>\n<p><strong>SEACOR Holdings Inc <\/strong>(proche de la juste valeur). Fait int\u00e9ressant, \u00e9tant un important d\u00e9tenteur d&#039;obligations de la dette de GLF, il a lanc\u00e9 un petit appel provisoire pour l&#039;acquisition de GLF. Bien que n&#039;\u00e9tant pas s\u00e9rieusement envisag\u00e9 par l&#039;une ou l&#039;autre des soci\u00e9t\u00e9s, cela montre qu&#039;il y a une valeur \u00e9norme dans les activit\u00e9s de GLF, \u00e0 tel point que son principal concurrent est pr\u00eat \u00e0 acqu\u00e9rir la dette de GLF de ~ $460m!<\/p>\n<p><strong><br \/>\nCatalyseur possible:<\/strong><\/p>\n<p>Voici deux graphiques pour m&#039;aider ce que je veux dire (ci-dessous). Nous sommes <em>clairement <\/em>au bas du cycle. Mais cela ne s&#039;est pas refl\u00e9t\u00e9 dans certaines des soci\u00e9t\u00e9s \u00e0 plus petite capitalisation. Beaucoup de ces entreprises sont bon march\u00e9 pour une raison. Le travail de Value Investor consiste \u00e0 trouver la poign\u00e9e que nous pensons que le march\u00e9 s&#039;est tromp\u00e9e et \u00e0 choisir parmi ce petit groupe l&#039;action la plus s\u00fbre.<\/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>Je n&#039;ai pas envie de chronom\u00e9trer les hauts et les bas des cycles des mati\u00e8res premi\u00e8res, mais je soup\u00e7onne que le pire est peut-\u00eatre pass\u00e9. Encore une fois, la reprise sera tr\u00e8s longue, mais elle viendra. Pour reprendre les mots du ministre saoudien de l\u2019\u00e9nergie, M. Falih, \u00ab<em>l&#039;augmentation du parc automobile en Chine et l&#039;augmentation de la consommation en Inde [\u2026] m\u00e8neront la reprise \u00bb<\/em>. Je ne sais pas quand, mais au prix actuel, nous sommes r\u00e9mun\u00e9r\u00e9s pour attendre et voir.<\/p>\n<p>&nbsp;<\/p>\n<p>Si vous souhaitez suivre en temps r\u00e9el les actualit\u00e9s financi\u00e8res pertinentes pour Gulfmark Offshore (NYSE: GLF), consultez-le <a href=\"http:\/\/www.cityfalcon.com\/watchlists?assets=Gulfmark%20Offshore\" target=\"_blank\" rel=\"noopener noreferrer\">ici<\/a>.<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Avertissement: Ceci est un message d&#039;invit\u00e9 de Michael, et ne refl\u00e8te pas les points de vue de CityFALCON et de ses parties prenantes. Stock: Gulfmark Offshore (NYSE: GLF) Date: 11\/01\/2016 Cours actuel du march\u00e9: $1.10 Objectif de cours sur deux ans: $5 par action, \u00e9ventuellement $10-$15 Inconv\u00e9nient\u2026 <a class=\"more-link\" href=\"https:\/\/www.cityfalcon.ai\/blog\/fr\/investments\/gulfmark-offshore-is-a-multibagger-to-buy-for-the-next-2-years\/\">Continuer la lecture \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=\"fr_FR\" \/>\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=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael Wiggins De Oliveira\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\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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