24.01.2018

Zugemailt von / gefunden bei: RCB (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

Die Analysten der RCB stufen die SBO -Aktie von Buy auf Hold zurück, passen aber das Kurszielvon 85 auf 97 Euro an. Das starke US-Geschäft sollte im Kurs schon eingepreist sein, so die Analysten. Den nächsten Trigger sehen die Analysten in einer Erholung des Marktes für Hochpräzisions-Werkzeug.

Hier die Analyse im Original:

- Strong performance of US well-completion business should be reflected in the share price
- No clear sign of demand recovery for AMS segment, which we see as the next share price trigger
- We increase our DCF-derived 12m TP to EUR 97.0, but downgrade SBO to HOLD

We downgrade the stock to HOLD from BUY with a new 12m target price of EUR 97.0 (EUR 85.0 previously). The strong and, to a certain extent, unexpected rally of the oil price is gradually changing the markets perception vis-à-vis the future of the oil market, which has also helped the SBO share price to appreciate by >25% since our last upgrade to BUY on November 24, 2017. We agree that the oilfield services and equipment market could further rebound on the back of strong demand in the USA and a gradual expansion of offshore drilling supported by favourable oil prices. However, we believe that SBOs share price is already reflecting the improved performance of the well-completion segment, which was mainly driven by its US subsidiary Downhole Technology. At the same time, the Advanced Manufacturing & Services (AMS) segment (i.e. high-precision machining and complex drilling components), which accounts for roughly one-third of consolidated revenues, should stay in the red (in terms of EBIT) in 2018e, according to our projections. With no clear sign of demand recovery for the AMS segment, we see limited upside potential for the SBO share in the short term.

Sector view: The development of the US rig count, crude oil production and the WTI price since last September might suggest that oil producers have shifted their focus to returns from output, which, in our opinion, could limit the growth potential of US oil output despite a favourable price environment. On the international arena, the rig count expanded only by 2% over the same period, which can be explained by OPECs production cut agreement as well as the lack of new developments, especially offshore. With the oil price remaining above USD 60/bbl, we would expect 2018e to be a turning year for offshore drilling, leading to higher demand for complex drilling tools.

Valuation: We downgrade SBO to HOLD from BUY despite a higher DCF-derived 12m target price of EUR 97.0. While the overall market environment remains positive for providers of oilfield equipment and services, we reckon that the current share price of SBO is already reflecting the strong performance achieved in the well-completion segment on the back of a strong recovery of drilling activity in the USA. We believe that the next important trigger for SBO could be a recovery of the demand for high-precision tools, which are widely used especially in offshore drilling.

Companies im Artikel

AMS

SBO

9529

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195335

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