-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們12個月的目標價為58美元，上調7美元，該目標價綜合考慮了相對估值和現金流折現模型。相對估值方面，我們對2027年預計EBITDA採用9倍企業價值倍數，與SLB的歷史平均大致一致。這種方法得出的每股價值為52美元。我們的現金流量折現模型採用中期自由現金流年增率6%，之後為2.5%，並以7.3%的加權平均資本成本（WACC）進行折現，得出的每股價值為64美元。中東持續的戰爭是SLB近期面臨的不利因素，預計第二季每股收益將受到0.06美元的影響（我們的預測：管理階層給出的區間為每股0.06美元至0.08美元）。從長遠來看，我們預計中東地區對油田服務的需求將會反彈，而SLB仍是該地區首屈一指的油田服務公司。我們將SLB 2026年的每股盈餘預期下調0.58美元至2.21美元，但將2027年的預期上調至0.05美元至3.05美元。 SLB也指出，市場對深水作業的興趣日益濃厚，我們認為這對2027年及以後的發展來說是一個好兆頭。
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Equities
Petro Rabigh Emerges From Loss in Q1; Revenue Grows
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $8 to $155, valuing HIG shares at 11.3x our 2026 operating EPS estimate of $13.75 (cut by $0.45) and at 10.6x our 2027 EPS estimate of $14.65 (cut by $0.30), vs. the shares' one-year average forward multiple of 10.3x and peer average of 13x. Q1 EPS of $3.09 vs. $2.20 a year ago missed our $3.60 estimate and $3.39 consensus view. Operating revenue growth of 6.2% was in line with our 6%-10% forecast, amid 5.3% earned premium growth, 13% higher net investment income, and 7.9% fee revenue growth. Q1 written premium growth of 4% and full-year 2025 growth of 7% bode well for 2026 revenue trends as premiums are earned. Underwriting results improved significantly, with Personal Lines combined ratio improving to 87.7% from 106.1% and underlying combined ratio to 85.0% from 89.7%. Business Insurance combined ratio was stable at 94.8%. Weighing the Q1 EPS miss with HIG's decent top-line growth and discounted valuation to peers, we view the shares as undervalued.
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