Ezra

Ezra: no specific reasons we see yet to explain the sell off that kicked off from 2.30pm. This morning, co announced that it had appointed JPMorgan to advise on strategic options, aimed to optimize the international profile and competitive position of its subsea services division, EMAS AMC. Potential options include a listing in the US. The co remains committed to the business and the review is intended to unlock value for shareholders and to enhance access to capital. Despite recently announcing 1QFY14 results that came in broadly in line with expectations, most analysts were unimpressed by the stock’s lofty valuations, and remain negative on the stock. The street has 1 Buy, 4 Holds and 8 Sells, consensus TP $1.08