Ezra

Ezra: said its deep-water subsea business may return to a profit next year as rising energy demand spurs exploration.
“Demand for our services remain extremely strong despite the European slowdown,” said Lionel Lee, Ezra’s managing director. “I don’t see even in the next three to five years a slowdown in our activities.”

Ezra is bidding for subsea projects worth >US$6b globally, including US$2b of contracts in the Asia-Pacific region. The subsea division, which accounts for a third of Ezra’s revenue, posted an operating loss
of US$18 million last fiscal year because of costs stemming from the purchase of Aker Marine Contractors (AMC).
Order backlog for the business was ~US$745m as of Oct, including a contract from BP in the Gulf of Mexico.

The stock trades at 13x P/E, 0.7x P/B.
The Street has a mix of Buy and Hold ratings, with TP btwn $0.97 – 1.70.