Seeking Alpha • Oct 02

Eneti: The Merger Looks Good, But The Offshore Wind Market Does Not

Summary Eneti plans to merge with Cadeler, a Copenhagen-based more established competitor. A transaction that would create a global leader. The offshore wind market is facing a cost crisis, with many operators canceling projects, which will negatively impact NETI's post-merger business. Concerns include the viability of planned projects due to rising costs, regulatory approval for the merger, and Eneti's significant Capex liabilities. We think that a fair price is around $11, and thus investors should simply take the merger payout of around $10.80 and cash out. Read the full article on Seeking Alpha

Seeking Alpha • Jun 16

Strong Strategic Rationale Behind Eneti's Proposed Combination With Cadeler - Buy

Summary Eneti and Cadeler announce a proposed all-stock business combination, creating a leading offshore wind player with strong synergy potential and substantial future earnings power. Technically, Cadeler will be acquiring Eneti with shareholders being offered 3.409 Cadeler shares for each Eneti share. Exchange offer is expected to launch in the third or fourth quarter, with the closing date anticipated for Q4. With the transaction still subject to shareholder- and regulatory approvals as well as the requirement for at least 85.01% of Eneti's outstanding shares being tendered, I would expect the current 20%+ discount to the calculated tender offer price to persist for the time being as market participants discount the risk of the deal falling through. At least in my opinion, there's a strong strategic rationale for the proposed combination of Cadeler and Eneti. I would advise Eneti investors to vote for the transaction and tender their shares in the upcoming tender offer. Read the full article on Seeking Alpha

Analysartikel • Apr 14

Returns Are Gaining Momentum At Eneti (NYSE:NETI)

What are the early trends we should look for to identify a stock that could multiply in value over the long term? In a...

Analysartikel • Feb 12

Eneti Inc. (NYSE:NETI) Analysts Just Cut Their EPS Forecasts

The latest analyst coverage could presage a bad day for Eneti Inc. ( NYSE:NETI ), with the analysts making...

Seeking Alpha • Feb 08

Eneti Q4 2022 Earnings Preview

Eneti (NYSE:NETI) is scheduled to announce Q4 earnings results on Thursday, February 9th, before market open. The consensus EPS Estimate is -$0.19 (+79.8% Y/Y) and the consensus Revenue Estimate is $32.29M (+95.5% Y/Y). Over the last 2 years, NETI has beaten EPS estimates 38% of the time and has beaten revenue estimates 63% of the time. Over the last 3 months, EPS estimates have seen 3 upward revisions and 2 downward. Revenue estimates have seen 1 upward revision and 1 downward.

Seeking Alpha • Jan 24

Eneti announces contract awards for its Seajacks UK unit

Eneti (NYSE:NETI) on Tuesday said its Seajacks UK unit had signed two new contracts in northwestern Europe. The contracts were signed for between 75 days and 102 days of employment for one of Seajacks' NG2500-class vessels. NETI anticipated that the contracts could generate between about $5.7M and $7.1M of revenue in 2023. The company also said that additional extensions were negotiated for another NG2500-class vessel which will generate an additional EUR 2.9M of revenue. Furthermore, an existing contract for NETI's NG14000X-class vessel has been extended which has generated an additional EUR 2.6M of revenue. Eneti (NETI) stock was down 2.5% to $9.50 after hours.

Seeking Alpha • Jan 03

Eneti: Still Cheap, Although The Low-Hanging Fruit Is Gone

Summary Eneti has posted decent performance over the past year, but it continues to trade at a cheap valuation relative to normalized FCF levels. The equity portion of the newbuilds is not yet fully covered, but operating performance has been quite strong throughout Q2 and Q3. Eneti recently announced a time charter contract for one of its newbuilds at an attractive day-rate; the vessel is set to generate solid FCF once delivered. Management repurchased a 2.3M share in late August; the move accreted shareholder value, although I do not expect to see additional repurchases in the near term. Introduction Eneti (NETI) is an owner and operator of Wind Turbine Installation vessels, with a fleet composed of five on-the-water vessels plus two additional newbuilds, set to be delivered between Q4-24 and 2025. For more context on the company, I recommend reviewing the piece I published on NETI last March. Albeit stock price performance has been quite strong since then (up around 50%) and the low-hanging fruit is gone, the stock remains attractively priced if someone believes the wind turbine installation vessel (WTIV) market will be tight going forward. Newbuild Charter Announcement On December 19th, NETI disclosed it had "signed a contract with an undisclosed client to transport and install turbines for a project commencing in the first half of 2025". The contract will be fulfilled by one of the company's NG16000X newbuilds (the one to be delivered in Q4-24). Including mobilization fees (to start early in Q1-25), "the engagement is expected to be between 226 and 276 days and generate approximately EUR 60M to EUR 73M of net revenue after forecasted project costs". Although the ultimate payoff will depend on the contract duration, the day-rate is quite similar regardless of the minimum and maximum duration (€265,486/day and closer to €264,492/day respectively). Furthermore, it is relevant to note the contract proceeds are stipulated in euros (the day-rate comes in at closer to $282,225/day on USD at the current exchange rate). We still lack a lot of information to exactly assess the FCF NETI will generate from this contract, but on a presentation dated May 2021, NETI provided EBITDA sensitivities to different day-rates, which can be used to extrapolate an estimation of daily operating costs. Eneti Inc. Offshore Wind Update Call (May 13, 2021), slide 16. This slide is most likely outdated, and inflation may have pressured daily costs higher since then, but I believe it to be a good starting point to assess potential FCF generation. Given the assumptions outlined on the slide, yearly operating expenses should amount to approximately $12.74M ($220k/day 365 80% utilization - $51.5M in EBITDA), or $34,904/day on a 365-day basis (or $43,630 per operating day given the 80% utilization). Overall, I expect the operating costs number to ultimately come ahead of that guidance, possibly at closer to $45k/day-$50k/day. To calculate FCF, we also must calculate interest expenses and debt amortization. Although the debt facilities for the newbuilds are not yet fully closed, management mentioned on the Q3 conference call they had: "received an underwritten proposal from Crédit Agricole and Société Générale for a $436 million term loan facility to finance approximately 65% of the purchase cost of the companies two WTIV newbuildings under construction currently in Korea". Assuming a 7% interest cost on the facility, this equates to $15.2M/year per vessel on interest costs during the first year, whereas for the amortization we are potentially looking at a $14.53M/vessel scheduled debt amortization obligation if the facility is amortized over a 15-year term. Overall, if the vessel does not secure any additional employment for the remainder of 2025, it seems reasonable to expect around $22M-$26M in FCF from just this one asset: +€66.5M (or $70.7M) in revenue; mid-point of the low and high-end revenue ranges -$17.3M in operating costs ($47,500/day times 365) -$15.2M in interest costs -$14.53M in scheduled debt amortization =$23.67M in FCF There are several assumptions embedded on these calculations; I've tried to be on the conservative side, but everyone can tweak and experiment with them if they believe they will come in either higher or lower. Another interesting tidbit of the time charter contract NETI secured on one of its newbuilds was the duration; it is much shorter than the contract Cadeler (a publicly traded Norwegian WTIV owner) secured for one of its F-class vessels, where they fixed it on a period of up to four years for up to €330M if all options are exercised. Interestingly, it seems NETI decided to pursue a contract with a similar to slightly lower day-rate for a much shorter duration which should allow them to re-charter the vessel at higher rates if the market continues to firm. Only time will tell which decision is wiser, but NETI's decision is in-line with management's commentary on the overall market and the tightness they expect to see going forward. Equity Portion for the Newbuilds I believe NETI's undervaluation over the past year and a half is mostly attributable to the market's concerns regarding the financing for the equity portion of the newbuilds. However, after the recent contract addition, the sale of the STNG stake, and strong operating free cash flow generation, those concerns have been put (at least partly) to rest. As of September 30th, the company had a cash and cash equivalents balance of $123.7M plus an additional $14M in restricted cash. Total debt outstanding under the $175M credit facility amounted to $68.75M, for a total net cash position of $55M (or $69M including restricted cash). The remaining obligations under the two newbuild contracts amount to $589.3M, but $436M are expected to be covered by the debt facility from Crédit Agricole (CRARF) and Société Générale (SCGLY); therefore, the remainder of equity payments amount to around $153.3M. NETI's Q3 earnings release Eneti is not fully out of the woods yet but considering their current financial position (and the availability of the $175M facility) and if additional contracts are secured for the Leviathan, Kraken, and Hydra in 2023, they should be able to pull it off without resorting to equity issuance at prevailing pricing. However, should pricing increase noticeably, I believe management would like to issue some shares to further solidify their position. Contract Coverage Eneti started 2022 on a weak note, posting mediocre first quarter results on the back of the meager charter cover the company had secured for the period, as can be seen in the image below. However, performance improved substantially throughout Q2 and Q3; Q4 is set to be weaker, but operating cash flow should remain solid, nonetheless, if optional periods are exercised (if they are not, we are potentially looking at another mediocre quarter). NETI's Q3 earnings presentation, slide 7. Going into 2023, the Scylla and Zaratan are virtually booked out (management confirmed we should not expect any additional contract additions on the Zaratan given it will be demobilizing, transiting, and re-mobilizing), although there is still a ton of spare capacity on the smaller vessel classes.

Seeking Alpha • Dec 16

Eneti: Set For Solid Growth Over The Next Few Years

Summary Long-term growth trajectory looks good for NETI as supply is expected to tighten up in the latter part of the decade from shortage of installation vessels. Contracted backlog has more than doubled from $104 million to $283 million over the last year. NETI is positioning itself to take advantage of the expected shortage on the high-end of the installation market. After reaching a 2-year high of approximately $24.50 on March 15, 2021, the share price of wind turbine installer Eneti Inc. (NETI) has collapsed, falling to a 52-week low of $4.81 on July 11, 2022, before more than doubling to its 52-week high of $9.80 per share on November 14, 2022. Since then, it has pulled back to trade in a range of about $9.00 per share to around $9.70 per share, suggesting the stock is looking for direction with much of the potential near-term growth of the company appearing to be already priced in. TradingView Demand for marine wind turbine installation continues to grow, which has resulted in a contracted backlog of $283 million at the end of the last quarter for NETI. Two of its installation vessels are already contracted through the end of 2023. With significant barriers to entry, growing demand, and the company having two vessels under construction that will have the capacity to install the next generation of wind turbines, NETI is positioned well for long-term growth. In this article we'll look at some of the numbers from its latest earnings report, the short-term possibility of a correction, the future or wind turbine growth, and why NETI is going to be a leading supplier of marine wind turbine installation through the end of the decade. Some of the numbers Revenue in the third quarter was $69.2 million, up $8 million sequentially, and the highest quarterly revenue in the company's history as a wind turbine installation firm. That was a little over double the $34.4 million in revenue reported in the third quarter of 2021. Net income in the reporting period was $36.2 million, or $0.95 per share. Approximately $8.1 million or $0.22 per diluted share of that came from its investment in Scorpio Tankers Inc., which was sold during the reporting period. The company had a net loss in the quarter of $0.9 million, or $0.06 per diluted share. EBITDA in the third quarter was $45 million, up almost $31 million from the $14.1 million in EBITDA produced in the third quarter of 2021. For the first nine months 2022, the company generated net income of $93.1 million, or $2.41 per diluted share. That included the approximate $54.9 million in gains or $1.44 per diluted share, from its equity position in Scorpio Tankers Inc. EBITDA in the first nine months of 2022 was $119.4 million, compared to the $85.8 million in EBITDA generated in the first nine months of 2021. At the end of the third quarter the company held unrestricted cash of $133.4 million. Vessels under construction In response to growing demand and low supply of vessels in the rapidly growing offshore wind turbine market, NETI has contracted with Daewoo Shipbuilding and Marine Engineering to construct "two next-generation offshore wind turbine installation vessels ("WTIV")" for a price of about $654.8 million, of which it has paid approximately 10 percent on at this time. The first vessel should be delivered sometime in the third quarter of 2024, and the second vessel is scheduled to be delivered in the second quarter of 2025. When the vessels are delivered, they'll be among the top-end vessels in the sector. That's significant because the trend among offshore wind turbine demand is for larger turbines to be installed, which requires the type of vessels NETI is having built for it; included with the vessels will be 2,600-ton cranes that will have the capability of installing next generation turbines. Based upon the assumed tightness of vessel supply in the second half of the decade, NETI will be positioned to not only use its current vessels to meet regular demand, but also to meet the growing demand for larger turbine installations. The company states that with the expected shortage of vessels clients are looking to secure capacity before demand significantly outstrips supply. While that sounds good, I would like to hear of contractual confirmation on that, as well as what the utilization and day rates are, especially with the new vessels under construction. If the scenario presented by the company plays out in the offshore wind turbine market, then it could easily outperform in the latter half of the decade, as demand ramps up. On the other hand, if the demand doesn't increase at expected levels, the $654.8 million investment made in the two vessels would be a huge headwind for NETI. Not only that, but it would be a headwind for its other vessels as well, which need to be in service in order to generate revenue. Another thing I'm not sure about is whether or not the $654.8 million could move up in a big way from rising material costs. If costs increase, it will reduce the potential profits the company is looking for. Macro-economics and spend When looking at companies like NETI that operate in the green sector, expectations are there aren't likely to be much in the way of disruptions that could impact the company. Yet look at the solar industry and how that has ebbed and flowed through the years, with a large number of companies underperforming. With that in mind, the current macro-economic environment could slow down spend on these types of projects if governments get strapped for cash. In some cases, they could even be put on long-term hold, or abandoned altogether. If the recession gets worse and deeper for longer than expected, it would definitely be a disruptive force in the time frame assumptions NETI is operating under. Another thing to consider is backlog doesn't necessarily equate with guaranteed business. Many companies in different sectors that compete for government contracts find themselves disappointed when funding is slow to come, or projects are significantly delayed; things like that happen all the time. I don't think it's likely that the offshore wind turbine industry is going to collapse over the long term, but in the near term there are a lot of headwinds that could emerge that would slow things down. The point of all this is with the large investment NETI has made in the two vessels, anything that would slow things down in the sector for a prolonged period of time would hit the company hard. That said, if things go according to plan with few major hiccups, NETI will be positioned in the second half of the decade to sustainably grow over a period of years. The barrier to entry is the capital and time it takes to buy or build enough vessels to serve the offshore turbine market. With NETI, if the two vessels are constructed on time and there is nothing at the macro-level that disrupts the industry, it's going to be a market leader in the sector.

Analysartikel • Nov 11

Eneti (NYSE:NETI) Shareholders Will Want The ROCE Trajectory To Continue

There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to...

Seeking Alpha • Nov 07

Eneti Q3 2022 Earnings Preview

Eneti (NYSE:NETI) is scheduled to announce Q3 earnings results on Tuesday, November 8th, before market open. The consensus EPS Estimate is $0.67 (+219.6% Y/Y) and the consensus Revenue Estimate is $63.5M (+84.6% Y/Y). Over the last 2 years, NETI has beaten EPS estimates 38% of the time and has beaten revenue estimates 63% of the time. Over the last 3 months, EPS estimates have seen 1 upward revision and 0 downward. Revenue estimates have seen 1 upward revision and 0 downward.

Seeking Alpha • Sep 27

Eneti: Scorpio Tankers Stake Sale Supports Further Share Buybacks

Summary Company reports strong Q2 headline numbers boosted by higher fleet utilization and a number of extraordinary gains. Eneti recently sold its stake in Scorpio Tankers for $83.3 million and subsequently repurchased $17 million in common shares from a legacy Seajacks owner. Earlier this month, the company announced a new $50 million share repurchase program. Identified smaller vessels "Hydra", "Kraken", and "Leviathan" as non-core assets. A potential sale would increase liquidity even further. With an estimated 65% discount to net asset value, Eneti's shares continue to trade at bargain levels. Reiterating my "Buy" rating with a near-term price target of $10. Shares of Wind Turbine Installation Vessel ("WTIV") owner Eneti (NETI) are down by more than 55% since I initiated coverage of the company almost two years ago. At that time, the company was still operating as "Scorpio Bulkers" and in the process of selling its entire dry bulk carrier fleet right before the Baltic Dry Bulk Index ("BDI") rallied to new multi-year highs after languishing for more than a decade. In late 2020, I was hopeful of market participants discovering the company as the next red hot ESG play after the eagerly anticipated announcement of its first newbuild WTIV order but things haven't played out as expected by me. Last year, the company surprisingly announced the acquisition of Seajacks International Limited ("Seajacks") "to become the world's leading owner and operator of wind turbine installation vessels". The transaction not only diluted existing Eneti equityholders quite meaningfully while at the same time triggering a whopping $30 million in bonus payments to senior management but also weakened the company's balance sheet substantially. With most of the company's cash having been spent on the Seajacks acquisition, a number of assumed short- and medium-term debt maturities and management's stated intent to exercise the option for the construction of a second newbuild WTIV at a price of $326 million, Eneti apparently recognized the need of raising additional capital. The announcement clearly caught market participants flat-footed as it took the underwriters a number of days to line up investors but the transaction with gross proceeds of $175 million still priced deeply in the hole and actually failed to raise the targeted amount of $200 million despite insiders and related parties purchasing more than 20% of the new shares. In recent months, Eneti managed to secure additional work for its WTIV fleet, successfully closed on a new $175 million credit facility and repaid more than $100 million in Seajacks-related debt. In addition, the company decided not to move forward with plans to construct a Jones Act-compliant vessel due to the perceived likelihood of international WTIVs being required to meet strong demand in the U.S. market expected for 2024 and beyond. Last month, Eneti reported highly profitable second-quarter results but revenues and profitability were boosted by a number of extraordinary gains: Further, substantial appreciation of the company's stake in Scorpio Tankers which the company sold subsequent to quarter end for gross proceeds of $83.3 million. Compensation for contract commencement delays for the WTIV Zaratan. Receipt of payments for claims related to projects completed last year. Higher reimbursable costs (mostly fuel). In contrast, daily operating expenses for the company's largest WTIV, Scylla, increased by an eye-catching 35% sequentially to a new all-time high of $66,950 "due to higher COVID-related crewing and travel costs as well as fuel costs" as stated by management on the conference call. Company Presentation Third-quarter results should again show decent headline numbers as more Zaratan-related compensation will be recorded. In addition, the gain from the recent sale of the company's stake in Scorpio Tankers should add further to the bottom line. That said, Q4 and particularly Q1/2023 should be substantially weaker as the entire fleet is likely to sit idle in December and January and only Scylla having been contracted for work in Q1 so far. Company Presentation But Eneti's story isn't really tied to the legacy Seajacks fleet as the company is scheduled to take delivery of two newbuild, large-scale WTIVs in late 2024 and early 2025, respectively, with the first contract announcement expected by next year at the latest point. The timing of the newbuild deliveries looks great as demand for the larger vessel classes is expected to outpace supply by 2025: Company Presentation On the conference call, management was quick to dismiss analysts' concerns regarding the financial viability of the shipyard and resulting potential delays: Turner Holm (...) I wanted to check in on the newbuilds, maybe a question for Cameron here. Could you just give us an update and some color on construction progress and a little bit more on the delivery times? I guess the yard has had a few financial struggles, but kind of where are you all in terms of the newbuilds? Any color on that would be great. Cameron Mackey Thanks, Turner. Not much to report actually that -- I'm not sure it's fair to say the yard has had financial troubles. What they have experienced, of course, are some well-publicized labor disputes for some of their subcontractors; some uncertainty about their combination with one of their chief competitors, a business combination, but obviously, like the whole Asian shipbuilding complex, they are awash in highly profitable orders from conventional ship types like containers and tankers, so we aren't concerned about their financial stability at all. We are much more focused on the on-time and on-budget progress of our vessels. And being highly specialized offshore vessels, they take on a certain, first of all, separation from the conventional shipbuilding docs and processes; and a higher status. And also we are conveniently alongside and aligned with some major clients in oil and gas bespoke projects, so we feel actually quite confident in the progress, so far, the schedule and the ability of the yard to deliver these vessels as planned. According to management, the company is making good progress on securing debt facilities for the newbuilds with current proposals offering financing for approximately 65% of the contracted prices. A $33.0 million installment is currently scheduled for Q4 followed by an aggregate $65.5 million in Q3/2023. At the end of July, Eneti had cash and cash equivalents of $59.8 million and approximately $86.6 million of availability under its $175 million revolving credit facility.

Seeking Alpha • Aug 31

Eneti repurchases stock from INCJ for $17M

Eneti (NYSE:NETI) said Wednesday it repurchased ~2.3M shares from INCJ for ~$17M. NETI had issued the shares to INCJ as part of the acquisition price it paid to acquire Seajacks in Aug. 2021. The repurchases were made under NETI's existing buyback plan. As of Wednesday, $14.9M remains available under the plan.

Analysartikel • Aug 06

Need To Know: Analysts Are Much More Bullish On Eneti Inc. (NYSE:NETI)

Eneti Inc. ( NYSE:NETI ) shareholders will have a reason to smile today, with the analysts making substantial upgrades...

Seeking Alpha • Aug 03

Eneti declares $0.01 dividend

Eneti (NYSE:NETI) declares $0.01/share quarterly dividend, in line with previous. Forward yield 0.61% Payable Sept. 15; for shareholders of record Aug. 19; ex-div Aug. 18. See NETI Dividend Scorecard, Yield Chart, & Dividend Growth.

Seeking Alpha • Jul 12

Eneti's related party purchases 153.8K shares in open market

Eneti (NYSE:NETI) said a related party Scorpio Holdings has purchased 153.8K shares of Eneti at $5.25 per share in the open market. The installation and maintenance vessels company has 40.7M shares outstanding, and Scorpio Holdings and its affiliates own 9.08M, or 22.28%. Source: Press Release

Analysartikel • Jul 05

We Think Eneti (NYSE:NETI) Has A Fair Chunk Of Debt

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

Seeking Alpha • Jul 01

Eneti announces share purchases by Scorpio

Eneti (NYSE:NETI) announced that Scorpio, a related party, has purchased 288,697 shares at an average price of $6.26/share. Currently, 40.7M shares are outstanding, of which SHL and its affiliates own 8.9M shares of 21.9%.

Seeking Alpha • May 26

Eneti: Buy On Discounted Valuation, Improved Outlook, And Near-Term Catalysts

Discussing encouraging first quarter earnings report. Over the past six months, the company has more than doubled its contracted backlog with both 2022 and 2023 now reasonably well-covered. Expect Q2 and particularly Q3 numbers to show impressive profitability. Company continues to trade at a large discount to net asset value. Get long Eneti with a near-term price target of $10 based on an attractive mix of discounted valuation, improved outlook, and potential near-term catalysts.

Analysartikel • May 15

Need To Know: Analysts Are Much More Bullish On Eneti Inc. (NYSE:NETI) Revenues

Celebrations may be in order for Eneti Inc. ( NYSE:NETI ) shareholders, with the analysts delivering a significant...

Seeking Alpha • Mar 30

Eneti: Discounted Play In Renewable Energy Markets

Eneti is an owner and operator of wind turbine installation vessels (WTIVs) with an on-the-water fleet of five vessels, with two additional high spec newbuilds on order. NETI (which was previously Scorpio Bulkers) has been under severe pressure since it had to resort to equity markets to finance its newbuild orders and Seajacks acquisition. I believe NETI is trading at a very significant discount to net asset value and fair value could be even higher yet. The company should be able to finance the equity portion of its newbuild program from existing liquidity and operating cash flows. Concerns over corporate governance remain, especially considering management’s $30M bonus for closing the Seajacks acquisition.

Analysartikel • Feb 24

Analysts Just Slashed Their Eneti Inc. (NYSE:NETI) Earnings Forecasts

The analysts covering Eneti Inc. ( NYSE:NETI ) delivered a dose of negativity to shareholders today, by making a...

Seeking Alpha • Feb 24

Eneti: New All-Time Lows After Weak Q4 Results And Conference Call

Stock slides to new all-time lows following weaker-than-expected fourth quarter results and an embarrassing management performance on the conference call. CEO Emanuele Lauro has a history of strategic missteps and lacks expertise in offshore wind. Profitability continues to be pressured by elevated operating expense levels. Near-term business prospects remain muted with an inflection point for demand not expected before 2024/2025. While shares are trading at bargain levels, only the most speculative investors should be buying into Eneti at this point as the company remains an ultra-high risk/high-reward play.

Analysartikel • Jan 23

Industry Analysts Just Made A Substantial Upgrade To Their Eneti Inc. (NYSE:NETI) Revenue Forecasts

Celebrations may be in order for Eneti Inc. ( NYSE:NETI ) shareholders, with the analysts delivering a significant...

Analysartikel • Dec 16

What Does The Future Hold For Eneti Inc. (NYSE:NETI)? These Analysts Have Been Cutting Their Estimates

The analysts covering Eneti Inc. ( NYSE:NETI ) delivered a dose of negativity to shareholders today, by making a...

Seeking Alpha • Dec 13

Eneti - Bargain ESG Play Hampered By Limited Visibility And Management Concerns

Stock at all-time lows after a recent, massive follow-on offering caught market participants flat-footed. Surprise Seajacks acquisition added only two higher-specification units besides some much-needed management expertise but required the company to utilize most of its cash reserves and take on substantial debt again. CEO Emanuele Lauro has a history of strategic missteps and lacks expertise in offshore wind. Near-term business prospects appear muted with strong demand for next-generation vessels anticipated to kick in by the middle of the decade. Stock looks inexpensive but only the most speculative investors should consider scaling into the shares at current levels as Eneti remains an ultra-high risk/high-reward play.

Seeking Alpha • Nov 17

Eneti: After The Share Offering

Eneti raised necessary cash for its new wind turbine installation vessels. The company recently completely transitioned from bulk transportation to wind turbine installation. The acquisition of Seajacks adds a fleet and the necessary expertise. The company looks very reasonably valued after the share offering. The timing dilutes existing shareholders by more than 50%. It's a pure-play on offshore wind with opportunities in closed markets like the U.S. and Japan.

Analysartikel • Oct 28

Returns At Eneti (NYSE:NETI) Are On The Way Up

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd...

Analysartikel • Aug 08

New Forecasts: Here's What Analysts Think The Future Holds For Eneti Inc. (NYSE:NETI)

Shareholders in Eneti Inc. ( NYSE:NETI ) may be thrilled to learn that the analysts have just delivered a major upgrade...

Seeking Alpha • Jul 20

Eneti: Attractive Risk/Reward Due To Business Transition

NETI should have roughly $27/sh in cash and investments when it finishes liquidating the dry bulk fleet. Management owns just under 30% of the outstanding equity. I believe they will either find an attractive US partner/installation contracts or sell the newbuilding contract and liquidate the company.

Snöflinga Score
Värdering	2/6
Framtida tillväxt	5/6
Tidigare resultat	0/6
Finansiell hälsa	4/6
Utdelningar	0/6

Historiska aktiekurser
Aktuell aktiekurs	US$11.33
52 veckors högsta	US$13.54
52 veckors lägsta	US$7.75
Beta	1.14
1 månads förändring	4.42%
3 månaders förändring	12.40%
1 års förändring	12.74%
3 års förändring	-33.08%
5 års förändring	-81.15%
Förändring sedan börsintroduktionen	-99.01%

	NETI	US Construction	US Marknad
7D	0.09%	-6.2%	1.1%
1Y	12.7%	103.1%	28.7%

NETI volatility
NETI Average Weekly Movement	5.9%
Construction Industry Average Movement	8.5%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.5%
10% least volatile stocks in US Market	3.1%

NETI grundläggande statistik
Börsvärde	US$415.00m
Vinst(TTM)	-US$36.54m
Intäkter(TTM)	US$152.46m

NETI resultaträkning (TTM)
Intäkter	US$152.46m
Kostnad för intäkter	US$78.87m
Bruttovinst	US$73.59m
Övriga kostnader	US$110.13m
Intäkter	-US$36.54m

Vinst per aktie (EPS)	-1.00
Bruttomarginal	48.27%
Nettovinstmarginal	-23.97%
Skuld/egenkapitalförhållande	8.2%

Uppgifter	Senast uppdaterad (UTC-tid)
Analys av företag	2023/12/30 05:44
Aktiekurs vid dagens slut	2023/12/28 00:00
Intäkter	2023/09/30
Årlig intjäning	2022/12/31

Paket	Uppgifter	Tidsram	Exempel US-källa
Företagets finansiella ställning	10 år	Resultaträkning Kassaflödesanalys Balansräkning	SEC Form 10-K SEC Form 10-Q
Analytikernas konsensusuppskattningar	+3 år	Prognos för finansiella poster Analytikernas prismål	Rapporter från analytiker Blue Matrix
Marknadspriser	30 år	Aktiekurser Utdelningar, splittar och åtgärder	ICE Marknadsdata SEC Form S-1
Ägarskap	10 år	Största aktieägare Insiderhandel	SEC Formulär 4 SEC Formulär 13D
Förvaltning	10 år	Ledningsgrupp Styrelse och verkställande direktörer	SEC Form 10-K SEC Form DEF 14A
Viktiga utvecklingstendenser	10 år	Företagsmeddelanden	SEC Formulär 8-K

Analytiker	Institution
Liam Burke	B. Riley Securities, Inc.
John Lowe	Citigroup Inc
Scott Gruber	Citigroup Inc

This company has been acquired

Eneti (NETI) Aktievy

Belöningar

Riskanalys

Eneti Inc. Konkurrenter

Matrix Service

NWPX Infrastructure

Concrete Pumping Holdings

Orion Group Holdings

Prishistorik och prestanda

Senaste nyheter och uppdateringar

Eneti Files Form 15

Eneti Inc. to Delist from NYSE

Upcoming dividend of US$0.01 per share at 0.4% yield

Third quarter 2023 earnings: EPS and revenues exceed analyst expectations

Eneti Inc. Declares Quarterly Cash Dividend, Payable on or About December 15, 2023

Eneti Inc. to Report Q3, 2023 Results on Nov 14, 2023

Recent updates

Eneti Files Form 15

Eneti Inc. to Delist from NYSE

Upcoming dividend of US$0.01 per share at 0.4% yield

Third quarter 2023 earnings: EPS and revenues exceed analyst expectations

Eneti Inc. Declares Quarterly Cash Dividend, Payable on or About December 15, 2023

Eneti Inc. to Report Q3, 2023 Results on Nov 14, 2023

Eneti Inc. Declares Quarterly Cash Dividend for the Third Quarter of 2023

Eneti: The Merger Looks Good, But The Offshore Wind Market Does Not

Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind

Consensus EPS estimates upgraded to US$0.60 loss

Upcoming dividend of US$0.01 per share at 0.4% yield

Eneti Inc. Declares Quarterly Cash Dividend, Payable on or About September 15, 2023

Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind

Consensus estimates of losses per share improve by 36%

Investor sentiment improves as stock rises 18%

Strong Strategic Rationale Behind Eneti's Proposed Combination With Cadeler - Buy

Investor sentiment improves as stock rises 18%

Consensus EPS estimates upgraded to US$0.32 loss

Eneti Inc., Annual General Meeting, May 30, 2023

Upcoming dividend of US$0.01 per share at 0.5% yield

Full year 2022 earnings: EPS and revenues exceed analyst expectations

Returns Are Gaining Momentum At Eneti (NYSE:NETI)

Consensus EPS estimates upgraded to US$0.67 loss

Consensus EPS estimates fall by 11%

Upcoming dividend of US$0.01 per share at 0.4% yield

Consensus revenue estimates fall by 11%

Price target increased by 8.0% to US$14.50

Eneti Inc. (NYSE:NETI) Analysts Just Cut Their EPS Forecasts

Full year 2022 earnings: EPS and revenues exceed analyst expectations

Eneti Inc. Declares a Quarterly Cash Dividend, Payable on or About March 15, 2023

Eneti Q4 2022 Earnings Preview

Eneti Inc. to Report Q4, 2022 Results on Feb 09, 2023

Eneti announces contract awards for its Seajacks UK unit

Eneti Inc. Appoints Auste Vizbaraite as Secretary

Eneti: Still Cheap, Although The Low-Hanging Fruit Is Gone

Eneti: Set For Solid Growth Over The Next Few Years

Price target increased to US$13.43

Insufficient new directors

Eneti (NYSE:NETI) Shareholders Will Want The ROCE Trajectory To Continue

Upcoming dividend of US$0.01 per share

Third quarter 2022 earnings: EPS and revenues exceed analyst expectations

Eneti Inc. Declares Quarterly Cash Dividend, Payable on or About November 30, 2022

Eneti Q3 2022 Earnings Preview

Eneti Inc. to Report Q3, 2022 Results on Nov 08, 2022

Eneti Inc. Announces Resignation of Hiroshi Tachigami as Board of Directors

Eneti: Scorpio Tankers Stake Sale Supports Further Share Buybacks

Second quarter 2022 earnings: Revenues exceed analyst expectations

Eneti Inc. (NYSE:NETI) announces an Equity Buyback for $50 million worth of its shares.

Eneti repurchases stock from INCJ for $17M

Consensus forecasts updated

Upcoming dividend of US$0.01 per share

Investor sentiment improved over the past week

Need To Know: Analysts Are Much More Bullish On Eneti Inc. (NYSE:NETI)

Second quarter 2022 earnings: EPS and revenues exceed analyst expectations

Eneti Inc. Declares Quarterly Cash Dividend, Payable on or About September 15, 2022

Eneti declares $0.01 dividend

Eneti Inc. to Report Q2, 2022 Results on Aug 03, 2022

Eneti's related party purchases 153.8K shares in open market

We Think Eneti (NYSE:NETI) Has A Fair Chunk Of Debt

Eneti announces share purchases by Scorpio

Eneti: Buy On Discounted Valuation, Improved Outlook, And Near-Term Catalysts

Insufficient new directors