SBO confirmed at HOLD, TP EUR 67.0 - Model update: Positive earnings outlook reflected in the price
Recent share price rally was fueled by Q1 earnings expectations, supportive OFS sector environment and a bright outlook for the oil&gas sectorStrong earnings momentum and expectations of a higher global E&P spending have triggered an upward revision of our projections
SBO is trading in line or at premium to global peers (HAL, SLB) vs a modest discount in the recent years
Based on its long-term ambition, SBO might need to spend between EUR 0.5-1.0 bn on acquisitions, which would probably require fresh capital in addition to debt financing
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.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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