SBO raised to BUY, TP EUR 70.0 - Strong Q2 results to put fundamentals back in the spotlight
- Global E&P capex growth is seen accelerating on the back of the structural deficit in the oil and gas market which should keep the price of oil and gas at elevated levels- Both US and Middle East oil producers plan increasing their drilling capex in 2023e
- Robust demand for oilfield services and equipment should drive the top line and improve operations margins of SBO over the next quarters
- We expect another quarter with a strong growth of the top line and improving operating margins (Q2 results due on August 18)
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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