Morningstar - Core Laboratories NV (CLB) Slightly Lowering Core Lab FVE to Incorporate Weak Recent Results

Report

Morningstar

Preston Caldwell

EUR 100.00 For Business Accounts Only

Slightly Lowering Core Lab FVE to Incorporate Weak Recent Results

We are slightly lowering our fair value estimate for Core Laboratories to $75 (EUR 66) per share from $77 (EUR 68), owing to the company's weak results in recent quarters. Our wide moat rating remains in place.
As we noted after the fourth-quarter results, the company's 5% sequential drop in revenue was not concerning in itself, given the temporary industry headwinds that weighed on the production enhancement segment. However, the 65% operating income decrementals were more worrying, and we susp...

16/04/2019 14 EN

Underlying

Core Laboratories NV

Core Laboratories is a holding company. Co. is a provider of reservoir description, production enhancement and reservoir management services to the oil and gas industry. Co. has three segments: reservoir description, which encompasses the characterization of petroleum reservoir rock, fluid and gas samples; production enhancement, which includes products and services relating to reservoir well completions, perforations, stimulations and production; and reservoir management, which combines and integrates information from reservoir description and production enhancement services to increase production and improve recovery of oil and gas from its clients' reservoirs.

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NL0000200384 New York Stock Exchange Netherlands

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Preston Caldwell

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Slightly Lowering Core Lab FVE to Incorporate Weak Recent Results

Vermilion Compass: Weekly Equity Strategy

Increased risk weighs on CORE LABORATORIES, penalising its rating down to Slightly Negative

Monthly LMI Update Independent Investment Research

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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