Initiating Coverage of Weir Group With GBX 1,800 Fair Value Estimate and No Economic Moat
We initiate coverage of Weir Group with a no-moat rating, a stable moat trend rating, and a fair value estimate of GBX 1,800 per share. Currently, Weir offers one of the better ways to play the ongoing recovery in U.S. shale pressure pumping. The company supplies a variety of equipment for U.S. shale oilfield services, but Weir is distinguished by its premium equipment that is allowing pressure pumpers to operate with longer pump operating lives, thus greatly improving overall pressure pumping e...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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