Yet Another Value Podcast

Judd Arnold from Lake Cornelia Research Management on Offshore and Tidewater $TDW

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Judd Arnold discusses how the offshore place is at an inflection point and why he thinks Tidewater (TDW) is the best way to lay it.  

Judd's initial piece on TDW: https://drive.google.com/file/d/1cKYzHg62bamDQa620NZcmn_af0A0xTfT/view 

Judd's TDW space: https://twitter.com/CorneliaLake/status/1600172923355922434?s=20&t=_Q2xMKdTTh1Lhlp-HeRD3w  

Chapters 

  • 0:00 Intro 
  • 2:30 What's interesting about offshore right now? 
  • 5:50 Comparing today's cycle to 2012-2014 
  • 10:00 TDW's replacement cost and why new build isn't starting any time soon 
  • 18:30 Why increasing utilization can quickly spike day rates 
  • 21:00 Discussing capital returns if we do see a day rate spike 
  • 25:20 Why focus on TDW versus the other offshore players? 
  • 30:30 What breaks the offshore cycle? 
  • 36:10 Offshore as a snowball running down the hill 
  • 39:30 How regulatory uncertainty impacts terminal value and potential new build dynamics 
  • 42:40 Discussing TDW's acquisition strategy 
  • 46:40 Given the cyclicality here, how do you value offshore? 
  • 54:40 Haven't the stocks already run? 
  • 59:30 What could accelerate the cycle?
    • ...more
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    Yet Another Value PodcastBy Andrew Walker
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