Slightly Lowering Weir FVE Due to Lower Assessment of Competitive Strength in Oil & Gas Segment
We are lowering our fair value for Weir to GBX 1,700 from GBX 1,800 previously, due to weaker expectations for the company's oil & gas segment, which chiefly focuses on pressure pumping equipment manufacturing. Lower oil & gas expectations are somewhat offset by more positive expectations for the minerals segment. Our no-moat rating remains in place. After the revision, Weir looks about 18% overvalued, which falls just short of our average covered oilfield service company, overvalued by ...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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