SLB: Oddo BHF still a buyer

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on SLB shares, with an unchanged target price of $70.


SLB reported Q1 sales of $8.7bn (+13% YoY and -3% QoQ), a figure that was bang in line with expectations, the broker points out.

EBITDA came to $2,057m, up 15% YoY (in line with the group's annual guidance of "mid-teens" growth), while restated NI reached $1,082m, giving EPS of $0.75 (in line with consensus expectations).

For Q2 24, SLB expects to continue improving its EBITDA margin (for the 14th consecutive quarter) by around 75/100 bp QoQ, reports Oddo BHF, adding that international business will remain the growth driver.

Finally, SLB says it intends to position itself in the CCS (Carbon Capture Storage) market, one of the fastest-growing technologies.


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