SBO cut to HOLD, TP EUR 38.0 - Long-term expectations fairly priced in
We reckon that the recent rebound of SBO share is fairly pricing in the expectation of a mid/long-term rebound of drilling activities, hence we see only a limited upside to our new 12m TPWe do not expect an immediate revision of oil companies capex to oil/gas price rebound, which combined with prolonged lockdowns could tarnish the current optimism with respect to an oil demand recovery
Early indicators (i.e. rig and frac counts) point to an acceleration of drilling activities in the USA, which come to confirm our current mid/long-term assumptions, rather than triggering an upward revision of our projections
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.
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