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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.2x - 1.3x | 1.3x |
| Selected Fwd Ps Multiple | 1.0x - 1.1x | 1.1x |
| Fair Value | €19.93 - €22.03 | €20.98 |
| Upside | 18.0% - 30.4% | 24.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| ChampionX Corporation | - | NasdaqGS:CHX |
| RPC, Inc. | - | NYSE:RES |
| Archrock, Inc. | - | NYSE:AROC |
| Liberty Energy Inc. | - | NYSE:LBRT |
| Oil States International, Inc. | - | NYSE:OIS |
| Noble Corporation plc | - | DB:85V1 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| CHX | RES | AROC | LBRT | OIS | 85V1 | |||
| NasdaqGS:CHX | NYSE:RES | NYSE:AROC | NYSE:LBRT | NYSE:OIS | DB:85V1 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 26.3% | 3.0% | 3.7% | 16.7% | -7.4% | 18.6% | ||
| 3Y CAGR | 5.7% | 17.8% | 14.0% | 20.4% | 6.5% | 55.1% | ||
| Latest Twelve Months | -3.3% | -12.5% | 16.9% | -9.1% | -11.5% | 18.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -6.5% | -0.8% | 5.2% | 0.8% | -18.4% | -79.4% | ||
| Prior Fiscal Year | 8.4% | 11.9% | 10.4% | 11.7% | 1.6% | 19.6% | ||
| Latest Fiscal Year | 8.8% | 6.4% | 14.7% | 7.3% | -1.6% | 15.4% | ||
| Latest Twelve Months | 8.8% | 6.4% | 14.7% | 7.3% | -1.6% | 15.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 6.4x | 3.4x | 11.3x | 2.6x | 4.8x | 4.7x | ||
| Price / LTM Sales | 1.3x | 0.7x | 3.6x | 0.4x | 0.3x | 1.1x | ||
| LTM P/E Ratio | 14.6x | 11.6x | 24.3x | 5.9x | -18.7x | 7.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 0.7x | 3.6x | |||||
| Historical LTM P/S Ratio | 0.0x | 1.9x | 5.4x | |||||
| Selected Price / Sales Multiple | 1.2x | 1.3x | 1.3x | |||||
| (x) LTM Sales | 2,919 | 2,919 | 2,919 | |||||
| (=) Equity Value | 3,527 | 3,712 | 3,898 | |||||
| (/) Shares Outstanding | 158.8 | 158.8 | 158.8 | |||||
| Implied Value Range | 22.21 | 23.38 | 24.55 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 19.55 | 20.58 | 21.61 | 16.90 | ||||
| Upside / (Downside) | 15.7% | 21.8% | 27.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CHX | RES | AROC | LBRT | OIS | 85V1 | |
| Value of Common Equity | 4,656 | 1,039 | 4,132 | 1,849 | 211 | 3,049 | |
| (/) Shares Outstanding | 190.8 | 216.9 | 175.5 | 162.3 | 62.0 | 158.8 | |
| Implied Stock Price | 24.40 | 4.79 | 23.54 | 11.39 | 3.40 | 19.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 24.40 | 4.79 | 23.54 | 11.39 | 3.40 | 16.90 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |