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Gold/Mining/Energy : NATIONAL - OILWELL INC. (NOI) - undervalued/takeover ?
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To: Dennis Roth who wrote (31)8/10/2005 6:31:52 PM
From: Dennis Roth  Read Replies (1) of 44
 
NOV (IL/A): Revision of treatment of charge for 2Q05 EPS Goldman Sachs August 10, 2005

In order to align our 2Q 2005 EPS with First Call consensus reporting for National Oilwell Varco, we are adjusting the treatment of a nonrecurring charge related to the Kazakhstan EPC project. Our restated actual 2Q 2005 EPS now stands at $0.41 ($0.49 previously), and our full-year 2005 EPS estimate now stands at $$2.04 ($2.14 previously). Our 3Q05/4Q05/2006/2007 EPS estimates stay unchanged at $0.55/$0.64/$2.88/$3.72 and there is no change to our view. We maintain our In-Line rating on NOV relative to an Attractive coverage view.

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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Earlier Reports:

NOV (IL/A): Reinstating with an In-Line Rating Goldman Sachs March 31, 2005
Message 21185022

NATIONAL OILWELL (NR): Raising fair value to $51 Goldman-Sachs February 27, 2005
Message 21088915
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