MedservRegis

MSE: MDS

Market Cap€36m

Last Close €0.67

MedservRegis is a Malta-based provider of integrated offshore logistics and services in support of drilling operations in the Mediterranean, MENA and South America. Following the reverse takeover by Regus the footprint extends to sub-Saharan Africa.

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Investment summary

MedservRegis’s strategy to expand its geographic reach and range of services remains as recovery from the pandemic with higher energy prices support existing and new projects. The development of the new oil and gas assets in the eastern Mediterranean offer the prospect of growth in the medium and longer term complementing the positions in sub-Saharan Africa. The reverse takeover by Regis Holdings, completed on 25 June 2021, underpins the balance sheet. We have restored our estimates with FY22 a better representation of progress for the enlarged group due to reverse takeover accounting affecting FY21. Our estimates for FY21 are on the FAS21 accounting basis.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 68.7 11.5 1.1 1.2 55.8 6.7
2020A 32.4 3.6 (4.5) (7.1) N/A 6.8
2021E 44.5 9.6 (1.2) (1.9) N/A 6.1
2022E 64.1 16.6 4.4 3.9 17.2 4.2
Industry outlook

MedservRegis operates in the upstream oil and gas segment, providing onshore bases in the Mediterranean, the Middle East, sub-Saharan Africa and the Americas for onshore and offshore exploration and production customers. The METS business added onshore OCTG services to the historical integrated offshore services offered on an increasingly global basis. As new territories are brought on stream the potential for future revenue growth remains, which the Regis deal should augment further.

Last updated on 02/12/2021
Content on MedservRegis
MedservRegis – Reverse takeover transforms prospects
Industrials | Outlook | 21 October 2021
17dec14_MEDSERV_MEL_0682
Medserv – Proposed share exchange for Regis Holdings
Industrials | Flash note | 12 April 2021
17dec14_MEDSERV_MEL_0682
Medserv – Moving to the next phase
Industrials | Update | 10 December 2019
17dec14_MEDSERV_MEL_0682
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Share price graph
Balance sheet
Forecast net debt (€m) 44.9
Forecast gearing ratio (%) 56
Price performance
%
1m
3m
12m
Actual (2.9) (7.6) 22.9
Relative* (1.4) (3.4) 30.9
52-week high/low €0.8/€0.6
*% relative to local index
Key management
Anthony S. Diacono Chairman
Silvio Camilleri CFO
Dave O'Connor Group CEO