Lowering Frank’s FVE on Sustained Pricing Pressures, Reduced U.S. Onshore Market Share Expectations
We are lowering our fair value estimate for narrow moat Frank’s International from $8 per share to $7.50 after reviewing the company’s third-quarter results.The lower fair value estimate comes first from lower expectations for margins in Frank’s Gulf of Mexico tubular services business. Management has cited ongoing pricing pressures in the region, with the company needing to upsell new technology just to maintain flat margins and pricing on new contracts. This is coming despite the fact that Fr...
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