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Vard Holdings
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morningstar13
Member |
10-Sep-2014 13:15
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Maybe it' ll start today ... given that the tax issue is not confirmed.
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MtFaber
Senior |
10-Sep-2014 11:06
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On the technical side, expected a rebound yesterday when Vard hit the lower channel but never materialised. Yesterday gapped down was bearish. Could go down further to next support at 0.90 level. As long as the tax issue is not resolved, the dark cloud will be hanging over Vard' s head and the market don' t like uncertainty. |
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Qanghoo
Supreme |
10-Sep-2014 10:54
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Maybe shd not be too optimistic. So long as Vard maintains yards in Brazil, it stands greater risk of the unexpected. Maybe Promar already got problems that will cause a margin squeeze over the next few qtrs. That' s why I already chabut.
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Tidawave
Member |
10-Sep-2014 10:04
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hopefully the earlier orders will help the Q3 results and improve abit the sentiments on this counter. |
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MtFaber
Senior |
09-Sep-2014 16:57
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All the profits will be provisioned for the backlog tax to the Brazilian Govt. Another disappointing set of results. Guess why the share price goes down in anticipation. No dividends again. Better go for greener pasture instead of wasting time! |
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wangerism
Master |
09-Sep-2014 15:47
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so many orders in their book yet share price keep droppin... fall out of favor...
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eaton1977
Member |
09-Sep-2014 09:54
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No support at all. Correction with low volume. | ||||
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Tidawave
Member |
09-Sep-2014 09:50
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Posted in 8/21/2014, at 08:00 The Shipyard Vard Promar, installed in the complex of Suape, held yesterday the release operation overboard the first ship built by the company in the State of Pernambuco. The vessel is the second of the program of modernization and expansion of the fleet (Promef) of Transpetro honoring a Pernambuco. The gaseiro a number of the State received the name of the journalist, writer and former Governor, Barbosa Lima Sobrinho. The operation also debuted in Pernambuco load out technology, one of the techniques used by the industry to bring the vessel of Earth into the water. The release to the sea is one of the last stages of completion of a vessel. The moment marks the end of the construction of the hull and starts the stage of completion, which are made on the water' s edge, at the finish. In this step are conducted tests and interconnection of systems of the ship. The next moment is the achievement of proof of sea, a sort of test drive of the vessel on a short trip to assess performance, observing conditions of navigation, speed, maneuvers, and motor equipment. After all the tests, the ship is certified by independent certification society and is delivered to the owner (owner of the craft) that made the request to the shipyard. |
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jamesng
Master |
09-Sep-2014 09:43
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Buying more for the long term......risks present an opportunity to get more at lower price..... Hope issues in Brazil get settled soon.....and start adding to the bottom line........ |
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NoRiskNoGain
Veteran |
05-Sep-2014 18:40
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Negative sentiments plus the impairment on the brazil issue. Need contract wins to boast up price in the short term and clearer direction from the mgmt in the long term. I wonder if mgmt will use the tax claim of NOK200millions as an excuse not to give dividend again? This might cause the price to drop even more in the longer term.
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bishan22
Supreme |
02-Sep-2014 11:18
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Below one dollar. On offer liao. 
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nstar0227
Member |
02-Sep-2014 09:17
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Vard going down for last 7 days..any reason why? |
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daffytlh
Veteran |
30-Aug-2014 13:25
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I like this co.but only thing I am unhappy abt is no dividend. | ||||
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jessemani
Member |
29-Aug-2014 23:45
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Fundamentals not changed. I am buying more. :) |
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nstar0227
Member |
28-Aug-2014 09:19
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Seems like it din bounce off in the end.. Or is this a minor correction? |
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DeepBlue
Veteran |
22-Aug-2014 10:05
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Vard bouncing off its ascending triangle. Go, Go, Go! |
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samivenkatesan
Member |
18-Aug-2014 16:25
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VISIT THIS SITE TO GET FREE STOCK ADVICE STRAITSTIMESFREESHARETIPS |
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morningstar13
Member |
18-Aug-2014 13:48
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Hopefully 1.20 is not a dream next year :) |
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DeepBlue
Veteran |
18-Aug-2014 13:40
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Bro Ozone Thks for the headsup |
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ozone2002
Supreme |
18-Aug-2014 13:36
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Next year looking good for VARD Gradual recovery priced in (CIMB) With an earnings recovery priced in and risk-reward looking balanced, we are lukewarm on Vard. We would revisit the stock in the event of stronger-than-expected margins and orders. Our FY13-15 forecasts, target price (still at 8x CY15 P/E, based on peer average) and Hold rating are unchanged. Underwater in Brazil 2Q14 marked the first time EBITDA margin of 6.4% were flat qoq since it bottomed out at 4.1% in 2Q13. Vard had seen cost overrun for projects in its Niteroi yard in Brazil as the yard could not handle the numerous larger vessel orders. Since then, margins have gradually recovered as the Niteroi yard&rsquo s operations have stabilised and the problematic projects are being flushed out of the order book. That said, there will still be some drag on 2H14-1H15 earnings as there are still two loss-making projects which will be progressively delivered by then. In addition, the group is experiencing teething issues for the new Promar yard (also in Brazil) which capped margin improvement in 2Q14. We expect Promar to be fully operational by the start of 2015. Meanwhile, the group&rsquo s operations in Europe and Asia are relatively stable. We expect Vard to achieve 6.6% EBITDA margins for 2014, climbing up to 8.2% for 2015, in line with its long-term historical average of 8-10%. Order expectation Vard recorded an order intake of NOK8.2bn in 1H14 or 59% of our FY14 order target of NOK14bn. Management expects a slowdown in orders in 2H vs. 1H due to the strong order intake in 1H. Order strength mainly springs from the subsea segment. The PSV market remains supportive, despite fears of the market segment being oversupplied. The AHTS market remains slow. We are expecting NOK13bn orders p.a. for 2015-16. Gradual recovery priced in At 8.5x CY15 P/E (the mean since its IPO), its current share price imputes a recovery in EBITDA margin to ~8% for FY15, in line with our expectation. From a bull-bear scenario analysis, we also find that its risk-reward profile now seems balanced. We would revisit the stock in the event of stronger-than-expected margins and/or orders. Financial Summary Dec-12A Dec-13A Dec-14F Dec-15F Dec-16F Revenue (KRm) 11,129 11,155 12,841 15,087 15,015 Operating EBITDA (KRm) 1,473 686 848 1,237 1,276 Net Profit (KRm) 804.0 357.0 517.1 704.5 726.4 Core EPS (KR) 0.72 0.36 0.45 0.60 0.62 Core EPS Growth (47.4%) (49.9%) 23.7% 33.9% 3.1% FD Core P/E (x) 7.07 14.10 11.40 8.51 8.25 DPS (KR) 0.59 0.00 0.14 0.16 0.16 Dividend Yield 11.7% 0.0% 2.8% 3.2% 3.2% EV/EBITDA (x) 4.84 13.95 9.76 6.82 6.24 P/FCFE (x) 8.50 NA 4.75 6.20 7.05 Net Gearing 46% 106% 71% 69% 53% P/BV (x) 1.90 1.63 1.57 1.45 1.34 ROE 25.5% 12.4% 14.0% 17.7% 16.9% % Change In Core EPS Estimates 0% 0% 0% CIMB/consensus EPS (x) 0.98 0.96 0.77 |
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