"We initiate
coverage of Ezion with an UNDERPERFORM rating and a target price of
S$1.80. Our target price of S$1.80 is derived from
a SOTP valuing Ezion’s service rigs using a DCF with a useful life
of five years. While Ezion’s P/E is at a discount to peers, we
believe this is justified as close to 40 per cent of its 2015
earnings are from service rigs that will not be recurring beyond
2018. On 2015 EV/EBITDA of 7.1x, Ezion is trading at a premium to
the sector average of 6.5x despite its fleet of older
assets"
http://iinvestiearnipost.blogspot.com/2014/07/credit-suisse-rated-underperform-on.html