Annuncio • Jul 26
Schlumberger Announces to Proceed with a Voluntary Delisting of its Shares from Euronext Paris Schlumberger Limited announced that it will proceed with a voluntary delisting of its shares from Euronext Paris. Consistent with its prior decisions to delist from other exchanges, SLB reviewed the low trading volumes on the Euronext Paris and, given the increasing costs, administrative requirements and managerial time required to maintain a dual listing, has requested a voluntary delisting from the Euronext Paris. SLB became a public company in 1962 with its orignal listing on the New York Stock Exchange (NYSE), which has been its primary exchange. SLB will maintain its single listing on NYSE under the symbol ‘SLB’. The delisting has been approved by the Board of Directors of Euronext Paris and the company's shares will remain listed on the NYSE under the symbol ‘SLB’. The holders of SLB shares traded on Euronext and held through the facilities of Euroclear France (the ‘SLB Euronext Shares’) will have the following options: keep their SLB Euronext Shares, which they will be able to trade on Euronext Paris until the day before the delisting date and on the NYSE thereafter through the facilities of The Depositary Trust Company (‘DTC’), subject to the terms applied by their financial intermediary and their custody arrangements; or participate in a voluntary sales facility to sell all or part of their SLB Euronext Shares, in accordance with the rules and regulations of Euronext Paris. For the avoidance of doubt, holders of SLB Euronext Shares will be able to trade on Euronext Paris until August 16, 2024 (the last trading date prior to the delisting). Procedure of the Voluntary Sales Facility: Shareholders who wish to sell their SLB Euronext Shares utilizing the voluntary sales facility should request that their financial intermediaries deliver their SLB Euronext Shares to Uptevia, acting as centralizing agent, at any time from July 29, 2024, to August 12, 2024 (inclusive). SLB Euronext Shares delivered to Uptevia will be sold on the NYSE as from August 15, 2024, at the market price prevailing at the time of sale. Uptevia will calculate the average sales price of SLB Euronext Shares sold during the sales period and transfer the sale proceeds (which will be converted into euros from U.S. dollars by Uptevia) to the participating shareholders once it receives the funds. The company will pay the fees for the centralization and the brokerage fee related to the sale of SLB Euronext Shares delivered to Uptevia as part of the voluntary sales facility. This voluntary sales facility procedure is also described in a Euronext notice to be published on July 25, 2024. Last day of trading of the company's shares on Euronext Paris is August 16, 2024 and delisting of SLB Euronext Shares on Euronext Paris is August 19, 2024. Annuncio • Jun 26
Schlumberger Limited to Report Q2, 2024 Results on Jul 19, 2024 Schlumberger Limited announced that they will report Q2, 2024 results at 7:00 AM, US Eastern Standard Time on Jul 19, 2024 Recent Insider Transactions • May 16
Insider recently sold €2.8m worth of stock On the 14th of May, Demos Pafitis sold around 63k shares on-market at roughly €44.61 per share. This transaction amounted to 65% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €18m more than they bought in the last 12 months. New Risk • Apr 25
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 40% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks High level of debt (40% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (€3.5m sold). Declared Dividend • Apr 24
First quarter dividend of US$0.28 announced Shareholders will receive a dividend of US$0.28. Ex-date: 5th June 2024 Payment date: 11th July 2024 Dividend yield will be 2.0%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 20
First quarter 2024 earnings released: EPS: US$0.75 (vs US$0.66 in 1Q 2023) First quarter 2024 results: EPS: US$0.75 (up from US$0.66 in 1Q 2023). Revenue: US$8.71b (up 13% from 1Q 2023). Net income: US$1.07b (up 14% from 1Q 2023). Profit margin: 12% (in line with 1Q 2023). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 20
Schlumberger Limited Approves Quarterly Cash Dividend, Payable on July 11, 2024 Schlumberger Limited approved quarterly cash dividend of $0.275 per share of outstanding common stock, payable on July 11, 2024, to stockholders of record on June 5, 2024. Annuncio • Mar 28
Schlumberger Limited to Report Q1, 2024 Results on Apr 19, 2024 Schlumberger Limited announced that they will report Q1, 2024 results at 7:00 AM, US Eastern Standard Time on Apr 19, 2024 Recent Insider Transactions • Feb 28
Insider recently sold €2.2m worth of stock On the 26th of February, Abdellah Merad sold around 50k shares on-market at roughly €44.73 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €17m more than they bought in the last 12 months. Annuncio • Feb 23
Schlumberger Limited, Annual General Meeting, Apr 03, 2024 Schlumberger Limited, Annual General Meeting, Apr 03, 2024, at 13:00 Coordinated Universal Time. Location: Curaçao Marriott Beach Resort, John F Kennedy Boulevard, 3, Piscadera Bay Willemstad Curaçao Agenda: To elect directors; to approve advisory say-on-pay of executive compensation; to approve certain annual financial statements for the year ended December 31, 2023; to ratify the appointment of independent auditor, PricewaterhouseCoppers LLP; and to consider other matters. Upcoming Dividend • Jan 30
Upcoming dividend of US$0.28 per share at 2.1% yield Eligible shareholders must have bought the stock before 06 February 2024. Payment date: 04 April 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of British dividend payers (6.0%). Lower than average of industry peers (4.3%). Recent Insider Transactions • Jan 27
Executive Vice President of Geographies recently sold €1.4m worth of stock On the 23rd of January, Khaled Al Mogharbel sold around 30k shares on-market at roughly €46.77 per share. This transaction amounted to 7.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €14m more than they bought in the last 12 months. New Risk • Jan 25
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €1.1m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Significant insider selling over the past 3 months (€1.1m sold). Annuncio • Jan 21
Schlumberger Limited Provides Earnings Guidance for the First Quarter of 2024 Schlumberger Limited provided earnings guidance for the first quarter of 2024. The company anticipates the typical pattern of activity, beginning with the combined effects of seasonality and the absence of year-end digital sales. As a result, on a year-on-year basis, the company expects first quarter revenue growth in the low-teens and EBITDA growth in the mid-teens. This will be followed by an activity rebound in the second quarter and further acceleration of growth in the second half of the year, particularly in the international markets. This will support the ambitions the company have set for the full year revenue and earnings growth. Reported Earnings • Jan 19
Full year 2023 earnings released: EPS: US$2.95 (vs US$2.43 in FY 2022) Full year 2023 results: EPS: US$2.95 (up from US$2.43 in FY 2022). Revenue: US$33.5b (up 19% from FY 2022). Net income: US$4.20b (up 22% from FY 2022). Profit margin: 13% (in line with FY 2022). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Annuncio • Jan 19
Schlumberger Limited Approves Quarterly Cash Dividend, Payable on April 4, 2024 On January 18, 2024, SLB’s Board of Directors approved a 10% increase in SLB’s quarterly cash dividend from $0.250 per share of outstanding common stock to $0.275 per share, beginning with the dividend payable on April 4, 2024, to stockholders of record on February 7, 2024. Board Change • Jan 08
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Chair Jim Hackett was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annuncio • Dec 27
Schlumberger Limited to Report Q4, 2023 Results on Jan 19, 2024 Schlumberger Limited announced that they will report Q4, 2023 results at 7:00 AM, US Eastern Standard Time on Jan 19, 2024 Upcoming Dividend • Nov 28
Upcoming dividend of US$0.25 per share at 1.9% yield Eligible shareholders must have bought the stock before 05 December 2023. Payment date: 11 January 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (4.2%). Buying Opportunity • Nov 09
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €62.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Annuncio • Oct 21
Schlumberger Limited Approves Quarterly Cash Dividend, Payable on January 11, 2024 On October 19, 2023, SLB’s Board of Directors approved a quarterly cash dividend of $0.25 per share of outstanding common stock, payable on January 11, 2024, to stockholders of record on December 6, 2023. Reported Earnings • Oct 21
Third quarter 2023 earnings released: EPS: US$0.79 (vs US$0.64 in 3Q 2022) Third quarter 2023 results: EPS: US$0.79 (up from US$0.64 in 3Q 2022). Revenue: US$8.38b (up 12% from 3Q 2022). Net income: US$1.12b (up 24% from 3Q 2022). Profit margin: 13% (up from 12% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Annuncio • Oct 05
Schlumberger Limited Launches First-of-Its-Kind, Easy-To- Install Methane Measurement Instrument Schlumberger Limited's End-to-end Emissions Solutions (SEES) business introduced its next generation methane point instrument, a self-installed continuous methane monitoring system that uses IoT-enabled sensors to quickly and cost effectively detect, locate and quantify emissions across oil and gas operations. Effective monitoring is essential to reduce emissions of methane, a greenhouse gas (GHG) which has a climate change impact up to 84 times greater than carbon dioxide over a 20-year timescale and represents about half of the oil and gas sector's operational emissions. The methane point instrument represents a step change in methane measurement technology, providing operators with leak detection sensitivity in a small, durable, first-of-its kind 'plug-and-play' solution. The technology automates continuous methane monitoring--eliminating the need for manual data collection during typical intermittent site visits, which only offers producers a small sample of their emissions. Light and portable, the compact device contains an integrated solar panel, wind measurement and methane sensor. The instrument can be self-installed in minutes, mounted on existing infrastructure and deployed at virtually zero cost-- much like a self-installed home security camera. It enables operators to more economically scale up and quickly roll out continuous methane monitoring across their facilities. The methane point instrument supports the reporting requirements of the Oil & Gas Methane Partnership 2.0, or OMP--the reporting and mitigation program of the United Nations Environment Programme. It also supports related reporting requirements in the EU and is aligned to satisfy the proposed US EPA rules for methane monitoring at active onshore US production facilities. Today's announcement was made as part of ADIPEC, an international platform uniting industry to accelerate urgent, collective and responsible action to decarbonize quicker and future-proof energy system, taking place in Dhabi through October 5. SEES was launched in March 2022 and offers a comprehensive set of services and cutting-edge technologies designed to give operators a robust and scalable solution for measuring, monitoring, reporting and, ultimately, eliminating methane and routine flare emissions. Since its launch, SEES has undertaken customer projects worldwide, deploying its portfolio of capabilities, including consulting, optimized surveillance planning, measurements, and interpretation via a secure digital platform. Annuncio • Sep 23
Schlumberger Limited to Report Q3, 2023 Results on Oct 20, 2023 Schlumberger Limited announced that they will report Q3, 2023 results at 7:00 AM, US Eastern Standard Time on Oct 20, 2023 Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €56.54, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 296% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €62.31 per share. Board Change • Sep 11
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Chair Jim Hackett was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annuncio • Jul 25
Mark Papa Notifies the Board of Directors of Schlumberger Limited of His Retirement from the Board On July 21, 2023, Mark Papa notified the Board of Directors of Schlumberger Limited (SLB) of his retirement from the Board. Mr. Papa’s retirement is not a result of any disagreement with SLB. As previously reported, Mr. Papa’s retirement comes at the conclusion of a multi-year succession planning exercise wherein Mr. Papa directed the onboarding of a new Chief Executive Officer, significant Board refreshment and selection of the newly appointed Chairman of the Board. Annuncio • Jul 23
Schlumberger Limited Approves Quarterly Cash Dividend, Payable on October 12, 2023 On July 20, 2023, SLB’s Board of Directors approved a quarterly cash dividend of $0.25 per share of outstanding common stock, payable on October 12, 2023, to stockholders of record on September 6, 2023. Reported Earnings • Jul 21
Second quarter 2023 earnings released: EPS: US$0.73 (vs US$0.68 in 2Q 2022) Second quarter 2023 results: EPS: US$0.73 (up from US$0.68 in 2Q 2022). Revenue: US$8.18b (up 21% from 2Q 2022). Net income: US$1.03b (up 7.7% from 2Q 2022). Profit margin: 13% (down from 14% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Board Change • Jul 10
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Chair Jim Hackett was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annuncio • Jun 27
Schlumberger Limited to Report Q2, 2023 Results on Jul 21, 2023 Schlumberger Limited announced that they will report Q2, 2023 results at 7:00 AM, US Eastern Standard Time on Jul 21, 2023 Reported Earnings • Apr 23
First quarter 2023 earnings released: EPS: US$0.66 (vs US$0.36 in 1Q 2022) First quarter 2023 results: EPS: US$0.66 (up from US$0.36 in 1Q 2022). Revenue: US$7.74b (up 30% from 1Q 2022). Net income: US$934.0m (up 83% from 1Q 2022). Profit margin: 12% (up from 8.6% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Board Change • Apr 19
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 15
Insider recently sold €1.0m worth of stock On the 8th of March, Gavin Rennick sold around 20k shares on-market at roughly €51.21 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €3.7m. Insiders have been net sellers, collectively disposing of €22m more than they bought in the last 12 months. Board Change • Mar 15
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 08
Insider recently sold €845k worth of stock On the 3rd of March, Vijay Kasibhatla sold around 16k shares on-market at roughly €52.83 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €3.7m. Insiders have been net sellers, collectively disposing of €21m more than they bought in the last 12 months. Board Change • Mar 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 11
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jan 25
Insider recently sold €3.7m worth of stock On the 23rd of January, Abdellah Merad sold around 70k shares on-market at roughly €52.62 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €19m more than they bought in the last 12 months. Reported Earnings • Jan 23
Full year 2022 earnings released: EPS: US$2.43 (vs US$1.34 in FY 2021) Full year 2022 results: EPS: US$2.43 (up from US$1.34 in FY 2021). Revenue: US$28.1b (up 23% from FY 2021). Net income: US$3.44b (up 83% from FY 2021). Profit margin: 12% (up from 8.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Annuncio • Jan 21
Schlumberger Limited Approves Quarterly Cash Dividend, Payable on April 6, 2023 On January 19, 2023, SLB’s Board of Directors approved a 43% increase in SLB’s quarterly cash dividend from $0.175 per share of outstanding common stock to $0.25 per share, beginning with the dividend payable on April 6, 2023, to stockholders of record on February 8, 2023. Board Change • Jan 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Dec 26
Chief Legal Officer & Secretary recently sold €519k worth of stock On the 23rd of December, Dianne Ralston sold around 10k shares on-market at roughly €49.45 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €3.0m. Insiders have been net sellers, collectively disposing of €12m more than they bought in the last 12 months. Annuncio • Dec 17
Schlumberger Limited to Report Q4, 2022 Results on Jan 20, 2023 Schlumberger Limited announced that they will report Q4, 2022 results at 7:00 AM, US Eastern Standard Time on Jan 20, 2023 Board Change • Dec 14
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 29
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 06 December 2022. Payment date: 12 January 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (3.7%). Recent Insider Transactions • Nov 17
Executive Vice President of Geographies recently sold €3.0m worth of stock On the 14th of November, Khaled Al Mogharbel sold around 57k shares on-market at roughly €53.07 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €11m more than they bought in the last 12 months. Board Change • Nov 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 22
Third quarter 2022 earnings released: EPS: US$0.64 (vs US$0.39 in 3Q 2021) Third quarter 2022 results: EPS: US$0.64 (up from US$0.39 in 3Q 2021). Revenue: US$7.48b (up 28% from 3Q 2021). Net income: US$907.0m (up 65% from 3Q 2021). Profit margin: 12% (up from 9.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Board Change • Oct 03
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 13
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 30
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 13 October 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (5.4%). Lower than average of industry peers (3.9%). Reported Earnings • Jul 23
Second quarter 2022 earnings released: EPS: US$0.68 (vs US$0.31 in 2Q 2021) Second quarter 2022 results: EPS: US$0.68 (up from US$0.31 in 2Q 2021). Revenue: US$7.08b (up 26% from 2Q 2021). Net income: US$959.0m (up 123% from 2Q 2021). Profit margin: 14% (up from 7.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 1.4% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Jul 14
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €35.85, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €58.06 per share. Buying Opportunity • Jun 15
Now 24% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be €55.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 15% share price gain to €45.85, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 11x in the Energy Services industry in Europe. Total returns to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €53.59 per share. Board Change • Jun 10
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • May 24
Insider recently sold €160k worth of stock On the 19th of May, Katharina Beumelburg sold around 4k shares on-market at roughly €38.05 per share. In the last 3 months, there was an even bigger sale from another insider worth €818k. Insiders have been net sellers, collectively disposing of €5.0m more than they bought in the last 12 months. Recent Insider Transactions • May 11
Insider recently sold €818k worth of stock On the 6th of May, Vijay Kasibhatla sold around 20k shares on-market at roughly €40.89 per share. In the last 3 months, there was an even bigger sale from another insider worth €1.0m. Insiders have been net sellers, collectively disposing of €4.9m more than they bought in the last 12 months. Board Change • May 06
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 02
Insider recently sold €448k worth of stock On the 30th of March, Claudia Jaramillo sold around 12k shares on-market at roughly €38.53 per share. In the last 3 months, there was an even bigger sale from another insider worth €1.0m. Insiders have been net sellers, collectively disposing of €5.9m more than they bought in the last 12 months. Buying Opportunity • Mar 30
Now 21% undervalued Over the last 90 days, the stock is up 46%. The fair value is estimated to be €48.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings is also forecast to grow by 27% per annum over the same time period. Recent Insider Transactions • Mar 05
Insider recently sold €719k worth of stock On the 2nd of March, Kevin Fyfe sold around 21k shares on-market at roughly €34.71 per share. In the last 3 months, there was an even bigger sale from another insider worth €1.0m. Insiders have been net sellers, collectively disposing of €6.5m more than they bought in the last 12 months. Recent Insider Transactions • Feb 18
Key Executive recently sold €1.0m worth of stock On the 15th of February, Khaled Al Mogharbel sold around 29k shares on-market at roughly €34.89 per share. This was the largest sale by an insider in the last 3 months. Khaled has been a seller over the last 12 months, reducing personal holdings by €2.2m. Recent Insider Transactions • Feb 06
Insider recently sold €287k worth of stock On the 2nd of February, Pierre Chereque sold around 8k shares on-market at roughly €34.80 per share. In the last 3 months, there was an even bigger sale from another insider worth €882k. Insiders have been net sellers, collectively disposing of €4.4m more than they bought in the last 12 months. Upcoming Dividend • Feb 01
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 08 February 2022. Payment date: 07 April 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (4.2%). Lower than average of industry peers (4.0%). Recent Insider Transactions • Jan 30
Chief Accounting Officer recently sold €882k worth of stock On the 26th of January, Howard Guild sold around 26k shares on-market at roughly €34.58 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €4.3m more than they bought in the last 12 months. Reported Earnings • Jan 22
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.34 (up from US$7.57 loss in FY 2020). Revenue: US$23.1b (down 2.2% from FY 2020). Net income: US$1.88b (up US$12.4b from FY 2020). Profit margin: 8.2% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 15%, compared to a 2.7% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 16% share price gain to €30.35, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 9x in the Energy Services industry in Europe. Total loss to shareholders of 6.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €42.55 per share. Recent Insider Transactions • Dec 10
Chief Legal Officer & Secretary recently sold €353k worth of stock On the 8th of December, Dianne Ralston sold around 13k shares on-market at roughly €27.39 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €3.4m more than they bought in the last 12 months. Board Change • Dec 06
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 23
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 30 November 2021. Payment date: 13 January 2022. Trailing yield: 1.6%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (4.4%). Board Change • Nov 16
High number of new directors There are 9 new directors who have joined the board in the last 3 years. Independent Director Uli Spiesshofer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS US$0.39 (vs US$0.059 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$5.90b (up 12% from 3Q 2020). Net income: US$550.0m (up US$632.0m from 3Q 2020). Profit margin: 9.3% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 17% per year. 