SLB : Solid fundamentals give rise to robust cash generation
>Outperform recommendation, target price $ 70 - We reiterate our Outperform rating as well as our target price of $ 70 (based on an 12-mth fwd P/E multiple of 16x). Post-publication, we have marginally lifted our estimates for 2024. SLB will make shareholder returns via share buybacks and dividends of close to $ 7bn over 2024 and 2025, i.e. more than 10% of the market capitalisation (in H1 2024, it bought back 15.3 million shares for a total of $ 753m). We see th...Schlumberger provides technology for reservoir characterization, drilling, production and processing to the oil and gas industry. The company has four segments: Reservoir Characterization, which consists of the principal technologies involved in finding and defining hydrocarbon resources; Drilling, which consists of the principal technologies involved in the drilling and positioning of oil and gas wells; Production, which consists of the principal technologies involved in the lifetime production of oil and gas reservoirs; and Cameron, which consists of the principal technologies involved in pressure and flow control for drilling and intervention rigs, oil and gas wells and production facilities.
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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