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.
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