Bob Robotti of Robotti & Company presented his in-depth investment thesis on SEACOR Marine (NYSE: SMHI) at Best Ideas 2018.
SEACOR Marine was formed in June 2017 when SEACOR Holdings (CKH) spun off its offshore marine segment. SEACOR’s fleet is highly specialized. Management has an exceptional track record of financial and operational management while being excellent stewards of capital. With the stock recently trading at less than 50% of tangible book value and a significant discount to insured vessel value, Bob and his colleague, David Kessler, believe the stock is well-positioned to benefit a recovery in the offshore energy market while also providing a margin of safety. SEACOR Marine is a provider of global marine and support transportation services to the global offshore oil and gas industry, with a distinctive and non-commoditized fleet support and specialty vessels.
David Kessler of Robotti & Company also participated in this session.
About the instructor:
Bob Robotti is the Founder, President and CIO of Robotti & Company Advisors, a registered investment advisor based in New York City. Guided by the classic tenets of value investing, Robotti & Company Advisors uses a proprietary research approach to identify companies with solid balance sheets and the ability to generate significant amounts of free cash flow, yet are misunderstood, neglected, or just out-of-favor. Once identified, Robotti’s investment team focuses on deep primary industry and company research to select investment holdings through the lens of a long-term business owner. In this capacity, Bob currently sits on the boards of Panhandle Oil & Gas Inc. (NYSE:PHX), AMREP Corporation (NYSE:AXR) and Pulse Seismic Data Inc. (TSX: PSD) for which he also serves as Chairman. Prior to founding Robotti & Company in 1983, he was the CFO of Gabelli & Company. Bob holds a BS from Bucknell University and an MBA from Pace University.
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