Atlantic Equities - Schlumberger Ltd. CEDEAR (SLB.) International uptick, strong free cash flow

Report

Atlantic Equities

Barry MacCarthy

International uptick, strong free cash flow

Very early signs of an International recovery (revenues +2% QoQ) and healthier-than-feared sales of high margin seismic/software licences (441bps jump in margins within Reservoir Characterisation) were key features in 4Q. Underlying free cash flow was strong at $1.6bn (ex-SPM). FY18 tax rate guided to ~19% versus AE at 22%.

19/01/2018 5 EN

Underlying

Schlumberger Ltd. CEDEAR

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ARDEUT111515 Buenos Aires Stock Exchange

Provider

Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

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Analysts

Barry MacCarthy

Other Reports on these Companies

Moody's Investors Service

Schlumberger Ltd - June 2022 (LTM): Peer Snapshot

Compares key performance metrics against industry peers

EUR 702.45

August 24, 2022 August 24, 2022 1 EN

Model update

This report contains forecasts updated for reported Q218 results. Neither our financial nor PSU estimates are materially changed and we remain Overweight with a 12m PT of $365.

October 1, 2018 October 1, 2018 5 EN

Kunaal Malde ... (+2)

Kunaal Malde
CFA

V/MA: strong core, adjacencies more competitive

V/MA remain core long term holdings with secular cash to card tailwinds driving strong growth long term, supported by developments such as contactless. Valuation remains reasonable, although newer growth areas such as B2B face greater competition. We remain Overweight V/MA, raise our price targets to $173 and $250 respectively and currently favour V which trades on a PE of 28x, three turns lower than MA.

October 1, 2018 October 1, 2018 17 EN

John Heagerty ... (+3)

John Heagerty
Nadja Heini
CFA

Banks: Trading update and 3Q18 preview

Market volatility has moderated significantly since the beginning of the year, ceasing to be a tailwind for the banks' trading revenues in 3Q18. Despite the strong IB pipelines (announced M&A is up 40% YTD), fee pools have been affected by timing issues and are down 15-20% across the industry for the current quarter. Medium term, the outlook remains positive thanks to improving GDP growth, benign credit conditions, rising interest rates and a deregulatory focus. We have lowered our 3Q18 EPS estimates by 3% on average. Our longer term forecasts decline only modestly by 1%. C remains our t...

September 27, 2018 September 27, 2018 14 EN

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International uptick, strong free cash flow

Schlumberger Ltd - June 2022 (LTM): Peer Snapshot

Model update

V/MA: strong core, adjacencies more competitive

Banks: Trading update and 3Q18 preview

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