- 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.
For further details see:
Eneti - Bargain ESG Play Hampered By Limited Visibility And Management Concerns