Ezion

Ezion: DMG maintain Buy, TP $2.16. Based on existing projects, estimate Ezion to be worth $1.66/share while blue-sky scenario of 10 new liftboats valued at US$1.1b over the nx 5yrs, will lift DCF valuation to $2.52/share. The above suggests that the current share price is pricing in extension of existing charters but not more liftboats and service rigs. see upside catalysts from new charter contracts and EPS upgrades.