SLB Ltd Dossier
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SectorEnergy IndustryOil & Gas Equipment & Services Beta (adjusted)0.84 Intrinsic Value $43.26median of 6 methods · middle span $39-$54based on filings through 30 Jun 2026 Market Price $48.66Price as of 1 Oct 2026 Near fair valueIntrinsic value is 11% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $72.2B Shares Outstanding 1.6B diluted Moat Rating Narrow Next Earnings Date16 Oct 2026 Last ex-dividend2 Sep 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary SLB offers differentiated exposure to offshore development, production optimization, digital energy workflows and rapidly growing data-center infrastructure. Second-quarter revenue increased 3% sequentially to $8.972 billion, Digital ARR reached $1.04 billion, and Data Center Solutions revenue rose 80% year on year. These positives are offset by conflict-related Middle East disruption, a 5% year-on-year decline in pro forma revenue, and adjusted EBITDA margin compression to 21.2% from 24.0%. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$43.00 Mean target$61.93 High · most bullish analyst$71.00 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $43.0020% Middle East disruption persists, organic revenue remains under pressure, and the expected recovery in offshore and production activity is delayed. Data Center Solutions misses its year-end objective, ChampionX integration delivers less operating leverage than expected, and adjusted EBITDA margin falls below 20%. Base CaseCentral scenario $61.9355% Matches the consensus meanBroad-based activity outside the Middle East and growth in Production Systems, Digital and Data Center Solutions broadly offset continued regional volatility and weaker legacy activity. Bull CaseUpside scenario $71.0025% A durable Middle East recovery combines with accelerating deepwater investment, continued Digital ARR growth and successful ChampionX integration. Data Center Solutions exceeds its stated $1 billion annualized run rate by year-end 2026 and remains on course to surpass $2 billion exiting 2027, while consolidated margins recover as regional disruption eases. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
Key Investment Risks
All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |