{"id":363310,"date":"2026-08-02T09:10:33","date_gmt":"2026-08-02T09:10:33","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/investing\/oms-energy-omse-should-trade-at-0-5-times-enterprise-value-in-a-years-time-investment-moats\/"},"modified":"2026-08-02T09:10:33","modified_gmt":"2026-08-02T09:10:33","slug":"oms-energy-omse-should-trade-at-0-5-times-enterprise-value-in-a-years-time-investment-moats","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=363310","title":{"rendered":"OMS Energy ($OMSE) Should Trade at 0.5 Times Enterprise Value in a Year\u2019s Time \u2013 Investment Moats"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<aside class=\"mashsb-container mashsb-main mashsb-stretched\">\n                <\/aside>\n<p>            <!-- Share buttons by mashshare.net - Version: 4.0.47--><\/p>\n<p>I wrote about a Singapore headquartered oil and gas service company OMS Energy not too long ago:<\/p>\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-investment-moats wp-block-embed-investment-moats\"\/>\n<p>It was pretty cheap (not always value) at that time of writing and I was trying to on and off see it\u2019s earnings result and did not catch it. Until I realized they announced their result on 30th June. <\/p>\n<p>OMSE was trading at $4.70 in my article. Today, It is trading at $4.20.<\/p>\n<p>With 41.5 million outstanding shares, the current market capitalization is US$174.3 million. <\/p>\n<p>I mentioned that OMSE does not have debt but in 1st Dec 2025 has $126 million in cash, including the $20-29 million raised during the IPO.<\/p>\n<p>The cash just went up to $152 million. It has $5-6 million in lease liabilities.<\/p>\n<p>This means that net of cash the <strong><span style=\"text-decoration: underline;\">Enterprise Value is only $22 to $27 million only<\/span><\/strong>. Even if you use 3% interest earn on that $152 mil, that is $4.5 million. That yields 20% based on Enterprise Value.<\/p>\n<p>If OMSE drops another 12.5%, then OMSE is valued at the value of its cash.<\/p>\n<p>Now as I read more, I realize that the management would sometimes need the cash to help build up inventory (aside from using accounts payables) so as to service certain region. This means that we should look at the cash\u2026 more as capacity to deliver revenue as well. But I doubt they will need the whole $152M. There is probably $135M that is built up.<\/p>\n<p>Here\u2019s OMSE Profit Statement<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2.png\" data-slb-active=\"1\" data-slb-asset=\"1951142541\" data-slb-internal=\"0\" data-slb-group=\"24557\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1018\" height=\"1024\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-1018x1024.png\" alt=\"\" class=\"wp-image-24563\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-1018x1024.png 1018w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-298x300.png 298w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-150x150.png 150w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-768x773.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-954x960.png 954w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-1073x1080.png 1073w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-1193x1200.png 1193w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2.png 1803w\" sizes=\"(max-width: 760px) calc(100vw - 24px), 720px\"\/><img fetchpriority=\"high\" decoding=\"async\" width=\"1018\" height=\"1024\" alt=\"\" class=\"wp-image-24563 eager-load\" sizes=\"(max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2.png\" id=\"mv-trellis-img-1\" loading=\"eager\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-1018x1024.png\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-1018x1024.png 1018w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-298x300.png 298w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-150x150.png 150w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-768x773.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-954x960.png 954w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-1073x1080.png 1073w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2-1193x1200.png 1193w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.07.30-OMSE-2.png 1803w\" data-svg=\"1\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<ol class=\"wp-block-list\">\n<li>Full Year Earnings 2026: $33.8 mil<\/li>\n<li>Full Year Earnings 2025: $47.0 mil<\/li>\n<\/ol>\n<p>And here is their cash flow statement:<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1.png\" data-slb-active=\"1\" data-slb-asset=\"1410912641\" data-slb-internal=\"0\" data-slb-group=\"24557\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"950\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-1024x950.png\" alt=\"\" class=\"wp-image-24558\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-1024x950.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-300x278.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-768x712.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-960x890.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-1080x1002.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-1200x1113.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1.png 1821w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\"\/><img decoding=\"async\" width=\"1024\" height=\"950\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-1024x950.png\" alt=\"\" class=\"wp-image-24558 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-1024x950.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-300x278.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-768x712.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-960x890.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-1080x1002.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1-1200x1113.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1.png 1821w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/07\/2026.07.30-OMSE-1.png\" id=\"mv-trellis-img-2\" loading=\"lazy\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p>The income statement shows that there are some profit drop off, but relative speaking, if they do similar this year, <span style=\"text-decoration: underline;\">OMSE would have more cash than its Enterprise Value next year<\/span>.<\/p>\n<p>Well its not so simple and if we read OMSE\u2019s Transcript for the results, we will see the CEO adjusting our expectations.<\/p>\n<p>Some color below. <\/p>\n<h2 class=\"wp-block-heading\">Why the Revenue Dropped Off<\/h2>\n<p>Revenue in FY2026 is less than FY2025 because FY2025 caught an overlap of two things happening at once:<\/p>\n<ol class=\"wp-block-list\">\n<li>The tail end of OMS\u2019s previous Aramco contract winding down plus<\/li>\n<li>Ramp up of the new 10 year agreement starting. <\/li>\n<\/ol>\n<p>Both inflated the revenue and FY 2026 does not have the overlap. <\/p>\n<p>If we wish to be exact, specialty connectors and pipes, which is the segment closely tied to Saudi Arabia, fell from $143M to $96M<\/p>\n<p>CEO guided revenue that \u201cAssuming no further material geopolitical disruption, we would expect to perform <strong>modestly better than this year<\/strong> on the top line\u201d \u2014 driven by Aramco call-off activity picking back up plus diversification markets. So: recovery expected, but modest, not a snapback to FY25 levels.<\/p>\n<h2 class=\"wp-block-heading\">CEO Adjusts Our Expectations of Margins<\/h2>\n<p>There were practically no analysts covering the earnings but in a way, the CEO tried to moderate how we should model their future revenue and profits.<\/p>\n<ol class=\"wp-block-list\">\n<li><strong>Margins<\/strong>: The normalized operating margin will be below FY2026\u2019s 22.4%. This is because this years margin was flattered by a favorable mix, including high margin Saudi connector revenue. And they will be diversifying into lower margin markets. <\/li>\n<li><strong>SG&amp;A<\/strong>: Expected to normalized to $11M down from$12.4M as the one-time IPO costs rolled off.<\/li>\n<li><strong>Free cash flow<\/strong>: Do not model FY206 FCF as a run rate because this year benefit from a one-off $15.4M inventory drawdown that will be reversed in FY2027. They would wish to build the inventory back to the $20-25M range so the FCF will look poor.<\/li>\n<li>Their priority is to reinvest the huge cash into the business through certifications, in-region capacity, potential Pakistan\/UAE local presence.<\/li>\n<\/ol>\n<h2 class=\"wp-block-heading\">Epilogue \u2013 What I Think<\/h2>\n<p>We have a short 1 year of OMSE\u2019s listing history to work with and at this point, I felt that OMS just want a more public profile, which may help with the operating side of the business. <\/p>\n<p>They probably have a significant client concentration with that 10-year Saudi Aramco contract. The rest of the contracts are likely less lucrative. It is also that the revenue from that contract is not consistent and relies on lumpy \u201cCall-off Orders\u201d, which are purchase orders issued under the master agreement. <\/p>\n<p>A longer term sustainable goal may be to build a better public profile and grow more customers. <\/p>\n<p>OMS is like the steel stockist in the past. If you rely on just a couple of customers that are significant to your revenue, you feel safe now but what if the base rate is that the clients could go away?<\/p>\n<p>It is the same concept that if you rely on 2 stocks in your portfolio for 80% of your retirement income, what if the base rate is that companies usually fail or mean revert?<\/p>\n<p>If we use a lower operating margin of 18% instead of 22%, OMSE\u2019s FY2027 profit may be <span style=\"text-decoration: underline;\">$25M<\/span>.<\/p>\n<p>If the operating margin is 15% instead, then OMSE\u2019s FY2027 profit may be <span style=\"text-decoration: underline;\">$12M<\/span>.<\/p>\n<p>Both are decreases and the stock market will not look favorably. However even adjusting for potential of building back inventory, I suspect there will still be $15M to $20M in FCF. It\u2019s a FCF drop off but will still be that. <\/p>\n<p>Which means if we hold or buy OMSE today, most likely the company will be almost at FY2027\u2019s Enterprise Value.<\/p>\n<p>That is cheap. <\/p>\n<p>What we get for free is this oil and gas services operating business.<\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a href=\"https:\/\/t.me\/investmentmoats\"><img loading=\"lazy\" decoding=\"async\" width=\"366\" height=\"88\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button.png\" alt=\"\" class=\"wp-image-14188\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button.png 366w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button-300x72.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button-360x88.png 360w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button-335x81.png 335w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button-347x83.png 347w\" sizes=\"auto, (max-width: 366px) 100vw, 366px\"\/><img loading=\"lazy\" decoding=\"async\" width=\"366\" height=\"88\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button.png\" alt=\"\" class=\"wp-image-14188 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button.png 366w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button-300x72.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button-360x88.png 360w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button-335x81.png 335w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button-347x83.png 347w\" sizes=\"auto, (max-width: 366px) 100vw, 366px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2021\/08\/telegram-button.png\" id=\"mv-trellis-img-3\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<\/div>\n<p>Do\u00a0<a href=\"https:\/\/www.facebook.com\/InvestmentMoats\/\"><strong>Like Me<\/strong><\/a>\u00a0on\u00a0<strong>Facebook<\/strong>. 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No charge for the first meeting to understand how it works<\/li>\n<\/ol>\n<div class=\"abh_box abh_box_down abh_box_business\">\n<div class=\"abh_tab_content\">\n<section class=\"vcard author abh_about_tab abh_tab\" itemscope=\"\" itemprop=\"author\" itemtype=\"https:\/\/schema.org\/Person\" style=\"display:block\">\n<div class=\"abh_image\" itemscope=\"\" itemtype=\"https:\/\/schema.org\/ImageObject\"><a href=\"https:\/\/investmentmoats.com\" class=\"url\" target=\"_blank\" title=\"Kyith\" rel=\"nofollow\"> <img loading=\"lazy\" decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo\" height=\"250\" width=\"250\"\/><img decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo lazyload\" height=\"250\" width=\"250\" loading=\"lazy\" data-trellis-processed=\"1\"\/><\/a> <\/div>\n<div class=\"abh_text\">\n<div class=\"description note abh_description\" itemprop=\"description\">\n<p>Kyith is the Owner and Sole Writer behind Investment Moats. Readers tune in to Investment Moats to learn and build stronger, firmer wealth foundations, how to have a Passive investment strategy, know more about investing in REITs and the nuts and bolts of Active Investing.<\/p>\n<p>Readers also follow Kyith to learn how to plan well for Financial Security and Financial Independence.<\/p>\n<p>Kyith worked as an IT operations engineer from 2004 to 2019. Currently, he works as a Senior Solutions Specialist in Fee-only Wealth Advisory Firm Providend. All opinions on Investment Moats are his own and does not represent the views of Providend.<\/p>\n<p>You can view <a href=\"https:\/\/investmentmoats.com\/StockPortfolioTracker\/stockportfolioinvestmenttracker.php\"><b>Kyith&#8217;s current portfolio here<\/b><\/a>, which uses his <a href=\"https:\/\/investmentmoats.com\/stock-market-commentary\/portfolio-management\/introducing-our-free-stock-portfolio-tracker-spreadsheet\/\"><b>Free Google Stock Portfolio Tracker<\/b><\/a>. <\/p>\n<p>His investment broker of choice is <a href=\"https:\/\/www.interactivebrokers.com.sg\/mkt\/?src=imoats3\"><b>Interactive Brokers<\/b><\/a>, which allows him to invest in securities from different exchanges all over the world, at very low commission rates, without custodian fees, near spot currency rates.<\/p>\n<p>You can read more <a href=\"https:\/\/investmentmoats.com\/about\/\">about Kyith here<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"abh_posts_tab abh_tab\">\n<div class=\"abh_image\"><a href=\"https:\/\/investmentmoats.com\" class=\"url\" target=\"_blank\" title=\"Kyith\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo\" height=\"250\" width=\"250\"\/><img decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo lazyload\" height=\"250\" width=\"250\" loading=\"lazy\" data-trellis-processed=\"1\"\/><\/a><\/div>\n<\/section>\n<\/div><\/div>\n<aside class=\"mashsb-container mashsb-main mashsb-stretched\">\n                <\/aside>\n<p>            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\t\t\t<\/div>\n<p><script>(function(d, s, id) {\n  var js, fjs = d.getElementsByTagName(s)[0];\n  if (d.getElementById(id)) return;\n  js = d.createElement(s); js.id = id;\n  js.src = \\\"\/\/connect.facebook.net\/en_US\/all.js#xfbml=1&amp;appId=138893592824587\\\";\n  fjs.parentNode.insertBefore(js, fjs);\n}(document, \\'script\\', \\'facebook-jssdk\\'));<\/script><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I wrote about a Singapore headquartered oil and gas service company OMS Energy not too long ago: It was pretty cheap (not always value) at that time of writing and I was trying to on and off see it\u2019s earnings result and did not catch it. Until I realized they announced their result on 30th [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":363311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[974,13413,10910,37679,184560,184561,1231,4319,9792,1003],"dealstore":[],"offerexpiration":[],"class_list":["post-363310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-energy","tag-enterprise","tag-investment","tag-moats","tag-oms","tag-omse","tag-time","tag-times","tag-trade","tag-years"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OMS Energy ($OMSE) Should Trade at 0.5 Times Enterprise Value in a Year\u2019s Time \u2013 Investment Moats - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=363310\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OMS Energy ($OMSE) Should Trade at 0.5 Times Enterprise Value in a Year\u2019s Time \u2013 Investment Moats - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"I wrote about a Singapore headquartered oil and gas service company OMS Energy not too long ago: It was pretty cheap (not always value) at that time of writing and I was trying to on and off see it\u2019s earnings result and did not catch it. 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