Nine Energy Service's Solid Financial Performance Prompts 16% Price Target Boost By This Analyst
Nine Energy Service's Solid Financial Performance Prompts 16% Price Target Boost By This Analyst
Nine Energy Service的稳健财务表现促使这位分析师将目标价格提高了16％
- EF Hutton analyst Ignacio Bernaldez reiterated a Buy rating on Nine Energy Service Inc (NYSE:NINE) and raised the price target from $15.5 to $18.
- The analyst has raised the price target based on a 8x EV/EBITDA multiple of the 2023 EBITDA estimate. The previous price target was based on 7x of EBITDA estimate.
- The analyst has increased the valuation multiple to 8x based on three main factors.
- First, the analyst sees the entire oilfield services industry re-rate to a modestly higher multiple. Six months ago, the PHLX Oil Service Sector Index (OSX) had an EV/EBITDA multiple of 9.99x on July 12, 2022, which increased to an 11.59x multiple on January 12, 2023.
- Secondly, based on NINE's especially strong financial performance over the past two quarters, including surpassing the EPS and cash flow estimates, the analyst now also sees NINE as re-rating to a higher valuation level relative to its peer group.
- Third, based on strong financial performance, a strong macro-backed increase in activity levels in OFS across the U.S. and especially in the Permian Basin, the analyst has become even more confident that NINE will reach or surpass 2023 EPS and cash flow estimates.
- The company's capital-light product and geographic diversity offer an opportunity to further secure market share in a landscape experiencing increased momentum across activity and spending, added the analyst.
- NINE has material debt maturities over the next 12 months and repayment or re-financing successfully is key in maximizing equity value, said the analyst.
- Price Action: NINE shares are trading higher by 0.06% at $16.20 on the last check Friday.
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- EF Hutton 分析师伊格纳西奥·伯纳尔德斯重申了买入评级 九能服务公司 （纽约证券交易所代码：NINE）并将目标价从15.5美元上调至18美元。
- 分析师根据2023年息税折旧摊销前利润估计值的8倍EV/EBITDA倍数提高了目标价格。之前的目标价格基于息税折旧摊销前利润估计值的7倍。
- 分析师根据三个主要因素将估值倍数提高到8倍。
- 首先，分析师认为，整个油田服务行业的倍数将略高一些。六个月前，PHLX石油服务行业指数（OSX）在2022年7月12日的电动汽车/息税折旧摊销前利润倍数为9.99倍，在2023年1月12日升至11.59倍数。
- 其次，基于NINE在过去两个季度中特别强劲的财务表现，包括超过每股收益和现金流预期，分析师现在还认为NINE的评级与同行群体相比更高。
- 第三，基于强劲的财务表现，以及美国各地，尤其是二叠纪盆地OFS活动水平的强劲增长，分析师对NINE将达到或超过2023年的每股收益和现金流预期更加有信心。
- 分析师补充说，在活动和支出势头增强的格局中，该公司的轻资本产品和地域多样性为进一步获得市场份额提供了机会。
- 分析师表示，NINE的债务将在未来12个月内到期，成功还款或再融资是实现股票价值最大化的关键。
- 价格走势： 在周五的最后一张支票中，有九只股票上涨了0.06％，至16.20美元。
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