Crude Quarterly Q2'25: In the absence of war, the oil market is well s...

The Capital Goods Data Miner – June 2025

One-offs - they rarely stop at one ('25 update)

The Capital Goods Data Miner - May 2025

Running quarterly yield at >10%

2025e EBITDA guidance reiterated

Q1 trends, estimates, valuation and top picks

Trelleborg AB: 1 director

A director at Trelleborg AB bought 5,000 shares at 335.920SEK and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...

Energy Morning - 5 May 2025

Energy Morning - 2 May 2025

Energy Morning - 28 April 2025

Muted 2025 growth expectations

Following Q1 earnings calls by some of the oil service companies, 2025 outlooks appear more challenging than previously. Baker Hughes expects international upstream spending to decline by mid- to high-single digits, while Halliburton sees its international revenues flat to slightly down. Furthermore, Weatherford expects 2025 international revenue to decline by low double- to mid-double digits. Precision Drilling flagged additional rig suspensions by Saudi Aramco, and SLB highlighted a slow start...

Trelleborg (Hold, TP: SEK360.00) - Limited signs of demand weakness

Q1 adj. EBITA was bang in line with consensus and our estimates. Management guided for unchanged demand QOQ in Q2 after factoring in macro uncertainty, although recent order intake suggests to us a stronger quarter. We have lowered our 2025–2027e adj. EBITA by c2% on average (partly due to weakening FX) and cut our target price to SEK360 (390); however, with a balanced risk/reward, in our view, we reiterate our HOLD.

Steady as she goes

ENI capex cut but maintains shareholder returns

Driven by macro headwinds and uncertainty around trade tariffs, ENI was the first large oil company to introduce capex cuts for 2025, contributing to a more challenging business environment for oil services. Over the past five years, we estimate ENI to have been the oil major with strongest offshore spending growth, and it has been considered active and opportunistic while others have been more conservative. Hence, we see its reduction as a soft datapoint for oil services. ENI has optimised its ...

In-line report, stable demand into Q2

The Capital Goods Data Miner - April 2025

Q1 was OK but that's ancient history now

A relative outperformer among short-cyclicals

E&P spending sensitivity explored

With an oil price at the mid-USD60s/bbl level, focus on the oil major overspending situation, and resulting impact on the outlook for offshore-focused oil services, is set to increase further. While oil companies would likely cut, or even eliminate, buyback programmes first, we expect increased focus on spending reductions and efficiencies, creating a more challenging business environment for oil services. Hence, we see a risk of oil companies taking a more cautious approach, resulting in projec...