Maintaining Weir FVE as Positive Revision to Minerals Offsetting Negative Revision for Oil and Gas
We're maintaining our Weir fair value estimate of GBX 1,700 after reflecting on the company's recent results. Our no-moat rating also remains in place. The unchanged fair value estimate is a product of a positive revision to our forecasts for the company's minerals segment offset by a negative revision to our forecasts for oil and gas. Our 2022 operating income forecast for Weir still stands at about GBP 450 million, but we now expect about GBP 245 million to come from minerals and GBP 190 milli...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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