Bhagwan Marine (ASX:BWN) screened "very cheaply" compared to its growth track record and forecasts with "numerous" further avenues to growth, said Euroz Hartleys in a Monday note.

The company recently secured a six-year extension of its contract with the Port of Melbourne, valued at AU$6 million per annum.

The continuation of this established presence in the region provides a platform for further expansion into emerging markets, including oil and gas decommissioning and offshore wind, the note said.

The research firm maintained Bhagwan Marine's buy rating with a price target of AU$0.93.