Schoeller Bleckmann : Momentum in North America taking a toll
>Outperform rating and target price adjusted to € 65 - Following a company contact and based on a scenario of business recovery in the US that is taking longer to materialise than expected, we have lowered our earnings forecast by 25% for 2024-2026e on average. We maintain our Outperform rating with an adjusted target price of € 65 (vs € 70). Our target price is still based on an EV/EBITDA NTM multiple of 8.5x (average seen over the last 20 years, we are at the h...Schoeller-Bleckmann Oilfield Equipment is engaged as a producer of high precision components and a supplier of oilfield equipment for the oilfield service industry. Co. focuses on non-magnetic drillstring components (non-magnetic drill collars) and downhole tools for drilling and completing directional and horizontal wells. The High Precision Components segment consists of the manufacturing of MWD (Measuring While Drilling) and LWD (Logging While Drilling) precision drillstring components. The Oilfield Equipment segment comprises production and distribution of non-magnetic drill collars, drilling motors and tools for downhole circulation applications, repair and maintenance services.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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