TechnipFMC Part 2: Estimates And Relative Valuation Analysis
Our linear model suggests a revenue decline in NTM 2023 but the rate of fall can stall in NTM 2024....
TechnipFMC Part 1: A Quiet Start To 2023 To Be Followed By Rapid Growth
FTI started 2023 with several projects amounting to $1.0 billion. In FY2023, its backlog could be ~20% higher than the...
Solaris Oilfield Part 1: Qualitative Transformation To Tackle Growth Impediments
Solaris Oilfields walks a tightrope between increased demand for its top fill systems and completion demand shortfall. The return potential...
Solaris Oilfield Part 2: Estimates And Relative Valuation
Our regression estimate suggests accelerating revenue growth between NTM 2023 and NTM 2024 According to the model, the EBITDA can...
ProPetro Holding Part 2: Estimates And Relative Valuation
Our regression equation suggests steady revenue growth for PUMP in the next couple of years. EBITDA, too, can increase sharply...
ProPetro Holding Part 1: Electric Fracs And Repricing Confront Short-Term Difficulties
PUMP has announced its first two electric fleet orders and will deploy the fifth Tier IV Dynamic Gas Blending fleet...
NexTier Oilfield Solutions Part 2: Estimates And Relative Valuation
Our regression estimate suggests NEX's revenues will go moderately higher in NTM 2023 and NTM 2024. EBITDA can remain steady...
NexTier Oilfield Part 1: Free Cash Flow Generation Shines Through The Challenges
Expect a delivery delay of NEX's electric frac fleets and decommission of ~150,000 horsepower. Natural gas price's continued weakness means...
Precision Drilling Corporation Part 2: Estimates And Relative Valuations
Our regression estimates suggest a revenue growth acceleration over the next two years. The EBITDA growth rate, however, can decelerate...
Precision Drilling: Sluggish Growth Ahead
In the US, PDS's management expects to keep the US rig count nearly unchanged in Q1. It expects to reprice...
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