GIFI - Gulf Island Fabrication: Turnaround Complete Market Still Late To The Party

2024-06-03 09:27:07 ET

Summary

• Gulf Island Fabrication has completed its turnaround by divesting its shipyard division and returning to profitability.
• The company is on track to deliver $14mm of EBITDA and $18mm of free cash flow in 2024.
• I think the stock remains undervalued despite recent price appreciation. My conservative target is $11/share, even if nothing improves from Q1.

I have covered the turnaround at Gulf Island Fabrication ( GIFI ) for the last four years (you can find my first article on the subject from May 2020 here ) and I am finally ready to say that the turnaround is complete....

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