External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

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External broker reports(aggregated public sources)

Moelis Australia Ltd

Equity Bottom-Up

<div><div><div><div><ul><li><p>Vessel supply shortfall expected to be sustained against a backdrop of building demand: New OSV deliveries have been at historical lows since 2017 as returns have not justified new investment.</p></li><li><p>Improved oil &amp; gas prices and offshore wind activity underpinned by growing energy demand have contributed to climbing vessel utilisation (MRM: 80% in FY24 vs 53% in FY21) that is expected to be sustained through the short term as new supply lags.</p></li><li><p>Improved day rates and utilisation expected to unlock operating leverage: The cost base associated with a large asset base contributes to significant operating leverage within the model. </p></li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Vessel supply shortfall expected to be sustained against a backdrop of building demand: New OSV deliveries have been at historical lows since 2017 as returns have not justified new investment.Improved oil &amp; gas prices and offshore wind activity underpinned by growing energy demand have contributed to climbing vessel utilisation (MRM: 80% in FY24 vs 53% in FY21) that is expected to be sustained through the short term as new supply lags.Improved day rates and utilisation expected to unlock operating leverage: The cost base associated with a large asset base contributes to significant operating leverage within the model. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MMA Offshore Limited (MRM-AU) – Buy – Price: $1.29; PT: $1.65

Mma Offshore

MMA Offshore Limited (MRM-AU) – Buy – Price: $1.29; PT: $1.65