DB:TD9

Stock Analysis Report

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Executive Summary

Tidewater Inc., together with its subsidiaries, provides offshore marine support and transportation services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide.


Snowflake Analysis

Excellent balance sheet and fair value.


Similar Companies

Share Price & News

How has Tidewater's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: TD9's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

1.7%

TD9

6.0%

DE Energy Services

4.3%

DE Market


1 Year Return

-74.6%

TD9

-48.7%

DE Energy Services

0.3%

DE Market

Return vs Industry: TD9 underperformed the German Energy Services industry which returned -49.8% over the past year.

Return vs Market: TD9 underperformed the German Market which returned -0.1% over the past year.


Shareholder returns

TD9IndustryMarket
7 Day1.7%6.0%4.3%
30 Day-10.1%5.2%7.4%
90 Day-59.7%-33.5%-0.2%
1 Year-74.6%-74.6%-47.8%-48.7%2.0%0.3%
3 Yearn/a-56.2%-60.0%-5.0%-12.3%
5 Yearn/a-65.1%-87.0%4.2%-9.2%

Price Volatility Vs. Market

How volatile is Tidewater's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Tidewater undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TD9 (€4.72) is trading below our estimate of fair value (€117.31)

Significantly Below Fair Value: TD9 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: TD9 is unprofitable, so we can't compare its PE Ratio to the Energy Services industry average.

PE vs Market: TD9 is unprofitable, so we can't compare its PE Ratio to the German market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate TD9's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: TD9 is good value based on its PB Ratio (0.2x) compared to the XE Energy Services industry average (0.4x).


Next Steps

Future Growth

How is Tidewater forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

123.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TD9 is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: TD9 is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: TD9 is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: TD9's revenue (6.1% per year) is forecast to grow faster than the German market (5.7% per year).

High Growth Revenue: TD9's revenue (6.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if TD9's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Tidewater performed over the past 5 years?

-3.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TD9 is currently unprofitable.

Growing Profit Margin: TD9 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: TD9 is unprofitable, and losses have increased over the past 5 years at a rate of -3.9% per year.

Accelerating Growth: Unable to compare TD9's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: TD9 is unprofitable, making it difficult to compare its past year earnings growth to the Energy Services industry (11.1%).


Return on Equity

High ROE: TD9 has a negative Return on Equity (-13.86%), as it is currently unprofitable.


Next Steps

Financial Health

How is Tidewater's financial position?


Financial Position Analysis

Short Term Liabilities: TD9's short term assets ($518.2M) exceed its short term liabilities ($189.6M).

Long Term Liabilities: TD9's short term assets ($518.2M) exceed its long term liabilities ($364.6M).


Debt to Equity History and Analysis

Debt Level: TD9's debt to equity ratio (27.8%) is considered satisfactory.

Reducing Debt: TD9's debt to equity ratio has reduced from 61.9% to 27.8% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: TD9 has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if TD9 has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


Next Steps

Dividend

What is Tidewater's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate TD9's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate TD9's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if TD9's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TD9's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: TD9 is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of TD9's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.7yrs

Average management tenure


CEO

Quintin Kneen (53yo)

0.67

Tenure

US$1,417,904

Compensation

Mr. Quintin V. Kneen serves as President, Chief Executive Officer and Director of Tidewater Inc. since September 4, 2019 and Interim Chief Financial Officer since November 15, 2018. Mr. Kneen served as Chi ...


CEO Compensation Analysis

Compensation vs Market: Quintin's total compensation ($USD1.42M) is above average for companies of similar size in the German market ($USD711.30K).

Compensation vs Earnings: Quintin's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Quintin Kneen
President0.67yrUS$1.42m0.10% $200.3k
Samuel Rubio
VP, Chief Accounting Officer & Controllerno dataUS$394.98k0.030% $57.8k
Daniel Hudson
VP, General Counsel & Corporate Secretary0.67yrUS$328.41k0.0033% $6.4k
David Darling
VP & Chief Human Resources Officer2.17yrsUS$398.23k0.044% $84.2k
Lee Johnson
VP & Chief Information Officerno datano datano data
Bruce Lundstrom
0.67yrUS$613.97k0.20% $381.6k
Jeffrey Gorski
0.67yrUS$614.36k0.20% $385.0k
Darren Vorst
VP & Treasurer2.33yrsno datano data
Jason Stanley
Director of Investor Relationsno datano datano data

0.7yrs

Average Tenure

56yo

Average Age

Experienced Management: TD9's management team is not considered experienced ( 0.7 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Quintin Kneen
President0.67yrUS$1.42m0.10% $200.3k
Louis Raspino
Independent Director1.5yrsUS$216.56k0.039% $74.6k
Kenneth Traub
Independent Director1.5yrsUS$216.56k0.061% $117.1k
Dick Fagerstal
Independent Director2.83yrsUS$231.56k0.035% $66.9k
Larry Rigdon
Chairmanno dataUS$216.56k0.17% $319.2k
Robert Tamburrino
Director1.5yrsUS$216.56k0.033% $62.5k
Randee Day
Independent Director2.83yrsUS$216.56k0.030% $57.8k

1.5yrs

Average Tenure

63yo

Average Age

Experienced Board: TD9's board of directors are not considered experienced ( 1.5 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: TD9 insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 7.4%.


Top Shareholders

Company Information

Tidewater Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Tidewater Inc.
  • Ticker: TD9
  • Exchange: DB
  • Founded: 1956
  • Industry: Oil and Gas Equipment and Services
  • Sector: Energy
  • Market Cap: US$210.680m
  • Listing Market Cap: US$191.845m
  • Shares outstanding: 40.28m
  • Website: https://www.tdw.com

Number of Employees


Location

  • Tidewater Inc.
  • 6002 Rogerdale Road
  • Suite 600
  • Houston
  • Texas
  • 77072-1655
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TDWNYSE (New York Stock Exchange)YesCommon StockUSUSDAug 2017
TD9DB (Deutsche Boerse AG)YesCommon StockDEEURAug 2017
TDW *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNAug 2017

Biography

Tidewater Inc., together with its subsidiaries, provides offshore marine support and transportation services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore exploration, field development, and production, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; and various specialized services, such as pipe and cable laying. The company operates and charters deepwater vessels, including platform supply and anchor handling tug supply vessels for use in transporting supplies and equipment from shore bases to deepwater and intermediate water depth offshore drilling rigs and production platforms; towing-supply vessels for use in intermediate and shallow waters; and crew boats, utility vessels, and offshore tugs to transport personnel and supplies from shore bases to offshore drilling rigs, platforms, and other installations. It also operates offshore tugs for use in towing floating drilling rigs and barges; and assisting in the docking of tankers, as well as in pipe and cable laying, and construction barges. The company serves oil and natural gas exploration, field development, and production companies; independent exploration and production companies; government-owned or government-controlled organizations, and other companies; drilling contractors; and other companies, such as offshore construction, diving, and well stimulation companies. As of December 31, 2019, it owned or chartered 217 vessels. Tidewater Inc. was founded in 1956 and is headquartered in Houston, Texas. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/29 00:35
End of Day Share Price2020/05/28 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.