The valuation argument for an acquisition is extremely clear. Awilco Drilling sells at a discount, because it only has two rigs. A sale of the company allows the shares to realize their full value as part of a more diversified whole. And if the company does not sell itself immediately to a larger competitor, its strong dividend provides an excellent economic return and realization of its intrinsic value in the meantime.
And this estimate is extremely conservative, because rig rates are contractually scheduled to rise substantially over the course of and In reality, the company is probably selling for far less than 3. And a shrewd acquirer can see that. More importantly, even without upping estimates of EBITDA for higher rates, the company sells at a massive discount to competitors such as Noble Corp at 6.
And the company is so cheap that its larger competitors could immediately boost their EPS by a share purchase acquisition. To my way of thinking, the question is not if the company will get acquired, but by who. It will be interesting to see if Noble Corp's NE announced spin-off Paragon Offshore becomes a potential acquirer, or if a bid comes from the private equity world. Some private equity firms seem to be pursuing a strategy of roll-ups, such as Shelf Drilling's purchase of jack-up rigs from Transocean.
Perhaps such roll-ups will become more common in the world of semi-submersible rigs. But in a larger sense, Awilco Drilling is attractive to any financial acquirer looking for a non-correlated source of yield which is not tied to the interest rate cycle. Not only does the company have an idiosyncratic source of yield which is not tied to the bond market, but its yield source is literally cash fees paid for contract drilling services. This is incredible valuable in a world of increasing correlation.
I could see not only private equity firms, but also foundations, endowments, and pension funds being strongly attracted to less correlated sources of yield. Bottom line, Awilco Drilling sells at an estimated 3. If this does not represent the world's finest acquisition target, what else is better? In every way, the company is a throwback to a better era where shareholders directly enjoyed the spoils of a company's success. Awilco Drilling Presentation. I wrote this article myself, and it expresses my own opinions.
I am not receiving compensation for it other than from Seeking Alpha. I have no business relationship with any company whose stock is mentioned in this article. Fort Ashford Holdings, its management, and family members of its management own shares in Awilco Drilling. Harry Long 4. Source: Harry Long They were incredibly refreshing to deal with.
This article was written by. Harry Long. This account is inactive. Inactive account. Is this happening to you frequently? Please report it on our feedback forum. If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. Watchlist Manager. Full Relative Valuation Report. Profitability Analysis Detailed analysis of the company's profitability. Solvency Analysis Analysis of the financial position and solvency of the company.
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|Sound mind investing dynamic allocation dfp||Fiscal Year:. I may not be able to prove that the shares of companies which have zero dividends are merely speculative, but I can prove that dividend payers are the only truly conservative shares to own. New to us? From everything I can surmise, the company, correctly so, is being run for free cash flow to support the world's best dividend yield. Total Liabilities:. Annual Sales:.|
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|Awilco drilling value investing formula||Perhaps such roll-ups will become more common in the world of semi-submersible rigs. Solvency Analysis Analysis of the financial position and solvency of the company. In no event shall Alpha Spread Limited be liable to any member, guest or third party awilco drilling value investing formula any damages of any kind arising out of the use of any content or other material published or available on www. EPS - 12 Years Ago:. EPS - 7 Years Ago:.|
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|Fundamental analysis in forex||Solvency Analysis Analysis of the financial position and solvency of the company. Fort Ashford Holdings, its management, and family members of its management own shares in Awilco Drilling. The bottom line is that you have a first class controlling shareholder combined with a first class management team. Dashboard Pricing About Contact Awilco drilling value investing formula. In every way, the company is a throwback to a better era where shareholders directly enjoyed the spoils of a company's success.|
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|Awilco drilling value investing formula||But in a larger sense, Awilco Drilling is attractive to any financial acquirer looking for a non-correlated source of yield which is not tied to the interest rate cycle. The only other example I can think of would be E. I could see not only private equity firms, but also foundations, endowments, and pension funds being strongly attracted to less correlated sources of yield. Sign Up. Already have an account? And it is being done in a very sustainable, conservative manner.|
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