Analyst Research Report Snapshot

Title:

ATON EQUITY RESEARCH. OILFIELD SERVICES: Industry Develops Unevenly

Price:

$115.00

Provider:

ATON LLC

Date:

07 Sep 2012

Pages:

12

Type:

AcrobatPDF

Companies referenced:

EDCLq.L INTEq.L O2C.DE

Available for Immediate Download
Summary:

1H12 results looked good. Russia’s public OFS companies − EDC, Integra and C.A.T. oil – reported their 1H12 financials at the end of August. EDC and C.A.T. oil demonstrated significant improvement in margins in line with the guidance provided by their management after the 1Q12 results, which supports our strong view on the stocks. The question is: will the stocks continue to outperform and what could drive their prices higher? At the same time, Integra wrote down $22mn in 1H12 after an incident at one of its fields, which along with unfavourable pricing and rising expenses led to a 1H12 net loss of $40.8mn. The question posed for Integra, in our view, is this: “Is it a good time to buy its stock cheap or will it decline further?” SLAVA BUNKOV +7495 213 0344 Slava.Bunkov@aton.ru ELENA SAVCHIK +7 495 213 0343 Elena.Savchik@aton.ru ANNA LAKEYCHUK +7 495 777 9090 ext. 2661 Anna.Lakeychuk@aton.ru

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