NYSE:TDW

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

Excellent balance sheet with reasonable growth potential.


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: TDW has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-15.5%

TDW

-1.8%

US Energy Services

0.5%

US Market


1 Year Return

-40.8%

TDW

-31.1%

US Energy Services

12.8%

US Market

Return vs Industry: TDW exceeded the US Energy Services industry which returned -31.1% over the past year.

Return vs Market: TDW underperformed the US Market which returned 12.8% over the past year.


Shareholder returns

TDWIndustryMarket
7 Day-15.5%-1.8%0.5%
30 Day-4.9%3.9%4.3%
90 Day-4.3%6.9%8.0%
1 Year-40.8%-40.8%-29.1%-31.1%15.3%12.8%
3 Yearn/a-51.6%-57.9%48.3%38.7%
5 Yearn/a-62.1%-68.0%62.6%44.5%

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

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: TDW ($14.5) is trading below our estimate of fair value ($226.09)

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


Price To Earnings Ratio

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

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


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: TDW is good value based on its PB Ratio (0.5x) compared to the US Energy Services industry average (0.7x).


Next Steps

Future Growth

How is Tidewater forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

111.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TDW is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2.7%).

Earnings vs Market: TDW is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: TDW's is expected to become profitable in the next 3 years.

Revenue vs Market: TDW's revenue (17.7% per year) is forecast to grow faster than the US market (7.3% per year).

High Growth Revenue: TDW's revenue (17.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TDW's Return on Equity is forecast to be low in 3 years time (9%).


Next Steps

Past Performance

How has Tidewater performed over the past 5 years?

-24.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TDW has large one-off items impacting its financial results.

Growing Profit Margin: TDW's current net profit margins (-36.1%) are higher than last year (-26.1%).


Past Earnings Growth Analysis

Earnings Trend: TDW is unprofitable, and losses have increased over the past 5 years at a rate of -24.3% per year.

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

Earnings vs Industry: TDW is unprofitable, making it difficult to compare its past year earnings growth to the Energy Services industry (-16.6%).


Return on Equity

High ROE: TDW has a negative Return on Equity (-15.87%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Tidewater's financial position?


Financial Position Analysis

Short Term Liabilities: TDW's short term assets ($644.9M) exceeds its short term liabilities ($159.9M)

Long Term Liabilities: TDW's short term assets (644.9M) exceeds its long term liabilities (516.4M)


Debt to Equity History and Analysis

Debt Level: TDW's debt to equity ratio (39.4%) is considered satisfactory

Reducing Debt: TDW's debt to equity ratio has reduced from 54.3% to 39.4% over the past 5 years.


Balance Sheet

Inventory Level: TDW has a high level of physical assets or inventory.

Debt Coverage by Assets: TDW's debt is covered by short term assets (assets are 1.5x debt).


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: TDW has sufficient cash runway for more than 3 years based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if TDW 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

company0%marketbottom25%1.4%markettop25%3.7%industryaverage4.1%forecastin3Years0%

Current dividend yield vs market & industry

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

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


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: TDW is not paying a notable dividend for the US market.


Future Payout to Shareholders

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


Next Steps

Management

What is the CEO of Tidewater's salary, the management and board of directors tenure and is there insider trading?

0.2yrs

Average management tenure


CEO

Quintin Kneen (53yo)

0.2yrs

Tenure

US$1,560,173

Compensation

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


CEO Compensation Analysis

Compensation vs Market: Quintin's total compensation ($USD1.56M) is below average for companies of similar size in the US market ($USD1.75M).

Compensation vs Earnings: Insufficient data to compare Quintin's compensation with company performance.


Management Age and Tenure

0.2yrs

Average Tenure

57yo

Average Age

Experienced Management: TDW's management team is not considered experienced ( 0.2 years average tenure), which suggests a new team.


Board Age and Tenure

1.0yrs

Average Tenure

63yo

Average Age

Experienced Board: TDW's board of directors are not considered experienced ( 1 years average tenure), which suggests a new board.


Insider Trading

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


Recent Insider Transactions

BuyUS$2,183,29128 Oct 19
Robotti & Company, Incorporated
EntityCompany
Shares633,369
Max PriceUS$18.64
BuyUS$88,35013 Sep 19
Kenneth Traub
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,000
Max PriceUS$17.67
SellUS$5,967,52712 Aug 19
Raging Capital Management, LLC
EntityCompany
Shares248,320
Max PriceUS$24.03
BuyUS$58,25024 May 19
John Rynd
EntityIndividual
Shares2,500
Max PriceUS$23.30
BuyUS$62,37423 May 19
Randee Day
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares2,500
Max PriceUS$24.95
BuyUS$122,20221 May 19
Louis Raspino
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,000
Max PriceUS$24.44
BuyUS$106,92121 May 19
Dick Fagerstal
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares4,400
Max PriceUS$24.30
BuyUS$113,75013 May 19
Robert Tamburrino
EntityIndividual
Role
Member of the Board of Directors
Director
Shares5,000
Max PriceUS$22.75
BuyUS$115,70010 May 19
Kenneth Traub
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,000
Max PriceUS$23.14
BuyUS$49,95310 May 19
Steven Newman
EntityIndividual
Shares2,156
Max PriceUS$23.17
BuyUS$231,06410 May 19
Thomas Bates
EntityIndividual
Shares10,000
Max PriceUS$23.11
SellUS$485,63006 May 19
Raging Capital Management, LLC
EntityCompany
Shares20,000
Max PriceUS$24.38
BuyUS$1,145,44406 May 19
Raging Capital Management, LLC
EntityCompany
Shares52,600
Max PriceUS$22.03
SellUS$90,47718 Mar 19
Samuel Rubio
EntityIndividual
Role
Chief Accounting Officer
VP, Chief Accounting Officer & Controller
Shares3,876
Max PriceUS$23.34

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 48%.


Management Team

  • Darren Vorst (54yo)

    VP & Treasurer

    • Tenure: 1.8yrs
  • Bruce Lundstrom (56yo)

    • Tenure: 0.2yrs
    • Compensation: US$613.97k
  • Quintin Kneen (53yo)

    President

    • Tenure: 0.2yrs
    • Compensation: US$1.56m
  • David Darling (64yo)

    VP & Chief Human Resources Officer

    • Tenure: 1.7yrs
  • Sam Rubio (59yo)

    VP, Chief Accounting Officer & Controller

    • Tenure: 0yrs
  • Mark Handin

    Vice President of Operations - Joint Ventures & Strategic Partnerships

    • Tenure: 0.8yrs
  • Jeff Gorski (58yo)

    • Tenure: 0.2yrs
    • Compensation: US$614.36k
  • Jason Stanley

    Director of Investor Relations

    • Tenure: 0yrs
  • Lee Johnson

    VP & Chief Information Officer

    • Tenure: 0yrs
  • Daniel Hudson

    VP, General Counsel & Corporate Secretary

    • Tenure: 0.2yrs

Board Members

  • Louis Raspino (66yo)

    Independent Director

    • Tenure: 1yrs
    • Compensation: US$86.57k
  • Ken Traub (57yo)

    Independent Director

    • Tenure: 1yrs
    • Compensation: US$86.57k
  • Dick Fagerstal (58yo)

    Independent Director

    • Tenure: 2.3yrs
    • Compensation: US$192.27k
  • Larry Rigdon (71yo)

    Chairman

    • Tenure: 0yrs
    • Compensation: US$386.34k
  • Bob Tamburrino (63yo)

    Director

    • Tenure: 1yrs
    • Compensation: US$86.57k
  • Randee Day (71yo)

    Independent Director

    • Tenure: 2.3yrs
    • Compensation: US$177.27k
  • Quintin Kneen (53yo)

    President

    • Tenure: 0.2yrs
    • Compensation: US$1.56m

Company Information

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


Key Information

  • Name: Tidewater Inc.
  • Ticker: TDW
  • Exchange: NYSE
  • Founded: 1956
  • Industry: Oil and Gas Equipment and Services
  • Sector: Energy
  • Market Cap: US$567.109m
  • Shares outstanding: 39.11m
  • Website: https://www.tdw.com

Number of Employees


Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TDWNYSE (New York Stock Exchange)YesCommon StockUSUSDAug 2017
TD9DB (Deutsche Boerse AG)YesCommon StockDEEURAug 2017

Biography

Tidewater Inc. 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 sup ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/13 00:35
End of Day Share Price2019/11/12 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.