Maintaining Weir FVE After Reviewing 2H Results
We are maintaining our fair value estimate of GBX 1,700 for Weir after reviewing the company's second-half 2018 results. The company's results in the minerals segment and newly acquired Esco have continued to improve, even as oil and gas results remain affected by the slowdown in U.S. shale completions. Our no-moat rating remains in place.ÂSecond-half 2018 revenue increased 5% sequentially on an organic basis (excluding results from Esco following its midyear acquisition), with 15% growth in mi...
The Weir Group is an engineering business. Co. is organized into three operating divisions: Minerals, which provides mill circuit technology and services as well as slurry handling equipment and associated aftermarket support for abrasive high wear applications; Oil & Gas, which provides pressure pumping and pressure control equipment and aftermarket spares and services, as well as equipment repairs, upgrades, certification and asset management, and field services; and Flow Control, which designs and manufactures valves and pumps, and also provides specialist support services to the global power generation, industrial, oil and gas and other aftermarket-orientated process industries.
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