Schoeller Bleckmann : Record EBITDA margin of 31.4% in 2012 should be exceeded as of 2020
>Buy recommendation unchanged, target price of € 125 - We went on a road show with the group's IR at the start of week, a few days after the release of a trading statement for 2018 which was slightly higher than forecast. Our slight downward adjustment to our 2019/2020 EPS estimates factors in a rise in WCR due to the restocking phenomenon. This adjustment has not affected our EBITDA forecasts. We are maintaining our target price of € 125 (based on a 2019e EBITDA mult...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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