OXE Marine managed to reach EBITDA break-even in Q3, which was quite unexpected. Sales recovered from the meagre volumes in H1 and gross margins went through the roof, thanks to a very favorable sales mix. However, the company’s overall market outlook remains rather cautious. Redeye has made only minor changes to our forecasts and valuation. Following the recent share price decline we now label OXE Marine "Attractively Priced".
