NATIONAL - OILWELL INC. (NOI) - undervalued/takeover ? Message Board

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Gold/Mining/Energy : NATIONAL - OILWELL INC. (NOI) - undervalued/takeover ?

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From: Dennis Roth	8/8/2005 5:32:05 PM
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NOV (IL/A): 2Q in line, but orders suggest brighter outlook Goldman Sachs August 08, 2005 NOV reported 2Q2005 headline EPS of $0.49 vs our estimate/ consensus of $0.42 excluding a $0.06 merger charge + $0.08 for cost over-runs on a Kazakhstan EPC project that we consider recurring. Bottom line, 2Q was essentially an in-line qtr. More importantly, however, capital equipment orders and backlog of +40%/+97% sequentially were far stronger than expected + merger savings are now estimated at $60 mln vs $40-$50 mln earlier. As a result, we are raising our 2005-07 EPS estimates to $2.14/$2.88/$3.72 from $1.91/2.55/$3.10 and our fair value estimate to $63 (22x 2006E EPS) from $56. We maintain our IL/A rating with a positive bias. I, Terry Darling, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

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