Otto Marine: Announced that it has entered into a Memorandum of Agreement with Go
Marine Group, on the sale of a 8,000 bhp AHTS vessel identified for US$24m. Co. expects the contract to be positive on EPS and NTA of the grp.
We note however that street is still cautious on grp/industry as a whole, due to the supply glut in the mkt, with 1 Buy Call, 5 Holds and 3 Sells and a mean TP of $0.19. Valuation appears fair with grp trading at 7x P/E vs historical average of 9x.
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