Gulf Marine Services Valuation

Q: What is the Fair Price of GMS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

GMS (£0.18) is trading below our estimate of [[fair value]] (£0.41)

Is GMS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GMS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GMS (£0.18) is trading below our estimate of fair value (£0.41)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GMS?

Key metric: As GMS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for GMS. This is calculated by dividing GMS's market cap by their current earnings.
What is GMS's PE Ratio?
PE Ratio	5.9x
Earnings	US$40.03m
Market Cap	US$236.72m

GMS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.1x
Enterprise Value/EBITDA	6x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does GMS's PE Ratio compare to its peers?

The above table shows the PE ratio for GMS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	9.6x
HTG Hunting	4.7x	-7.9%	UK£498.2m
POS Plexus Holdings	3.9x	-79.8%	UK£11.4m
HSP Hargreaves Services	15.8x	23.4%	UK£193.8m
ENQ EnQuest	13.8x	-3.6%	UK£227.1m
GMS Gulf Marine Services	5.9x	n/a	UK£187.8m

Price-To-Earnings vs Peers: GMS is good value based on its Price-To-Earnings Ratio (5.9x) compared to the peer average (9.6x).

Price to Earnings Ratio vs Industry

How does GMS's PE Ratio compare vs other companies in the European Energy Services Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: GMS is good value based on its Price-To-Earnings Ratio (5.9x) compared to the European Energy Services industry average (9.4x).

Price to Earnings Ratio vs Fair Ratio

What is GMS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GMS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	5.9x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate GMS's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GMS forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	UK£0.18	UK£0.27 +53.2%	11.6%	UK£0.30	UK£0.24	n/a	2
Nov ’25	UK£0.18	UK£0.27 +52.4%	11.6%	UK£0.30	UK£0.24	n/a	2
Oct ’25	UK£0.15	UK£0.25 +66.0%	5.9%	UK£0.26	UK£0.23	n/a	2
Sep ’25	UK£0.17	UK£0.26 +52.3%	8.1%	UK£0.28	UK£0.24	n/a	2
Aug ’25	UK£0.19	UK£0.26 +36.6%	8.1%	UK£0.28	UK£0.24	n/a	2
Jul ’25	UK£0.17	UK£0.26 +50.4%	8.2%	UK£0.28	UK£0.24	n/a	2
Jun ’25	UK£0.20	UK£0.26 +30.9%	8.3%	UK£0.28	UK£0.24	n/a	2
May ’25	UK£0.22	UK£0.26 +18.9%	8.3%	UK£0.28	UK£0.24	n/a	2
Apr ’25	UK£0.20	UK£0.23 +18.0%	1.0%	UK£0.23	UK£0.23	n/a	2
Mar ’25	UK£0.17	UK£0.23 +35.2%	1.4%	UK£0.24	UK£0.23	n/a	2
Feb ’25	UK£0.16	UK£0.23 +43.9%	1.4%	UK£0.24	UK£0.23	n/a	2
Jan ’25	UK£0.14	UK£0.23 +59.3%	3.0%	UK£0.24	UK£0.22	n/a	2
Jun ’24	UK£0.049	UK£0.20 +307.7%	0.1%	UK£0.20	UK£0.20	UK£0.20	2
May ’24	UK£0.048	UK£0.20 +316.2%	0.1%	UK£0.20	UK£0.20	UK£0.22	2
Apr ’24	UK£0.046	UK£0.19 +312.7%	6.0%	UK£0.20	UK£0.18	UK£0.20	2
Mar ’24	UK£0.045	UK£0.19 +313.6%	6.3%	UK£0.20	UK£0.18	UK£0.17	2
Feb ’24	UK£0.045	UK£0.19 +318.2%	6.3%	UK£0.20	UK£0.18	UK£0.16	2
Jan ’24	UK£0.046	UK£0.19 +302.7%	7.1%	UK£0.20	UK£0.17	UK£0.14	2
Dec ’23	UK£0.056	UK£0.19 +243.8%	5.0%	UK£0.20	UK£0.18	UK£0.14	2
Nov ’23	UK£0.058	UK£0.20 +236.9%	1.8%	UK£0.20	UK£0.19	UK£0.12	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

Discover undervalued companies

TotalEnergies

€132.5b

A multi-energy company, produces and markets oil and biofuels, natural gas, green gases, renewables, and electricity in France, rest of Europe, North America, Africa, and internationally.

TTE

€58.45

2.2%

-6.9%

Avance Gas Holding

NOK 8.2b

Engages in the transportation of liquefied petroleum gas (LPG) worldwide.

0QTX

NOK 106.50

2.0%

-38.3%

VAALCO Energy

US$545.7m

An independent energy company, engages in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids in Gabon, Egypt, Equatorial Guinea, and Canada.

EGY

US$4.63

28.5%