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Gold/Mining/Energy : Weatherford International (WFT)
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To: Dennis Roth who wrote (119)2/6/2006 5:53:20 PM
From: Dennis Roth  Read Replies (1) of 142
 
Weatherford (IL/A): Top quartile 4Q performance - Goldman Sachs - February 03, 2006

Weatherford's efforts to step up its technology content, growth profile + strategic position in the industry are bearing fruit as its 4Q performance was above many in the peer group, with EBIT +10% vs our estimate excluding 1x items. This compares to +6-7% for the peer group. We are raising our 2006-07 EPS estimates to $2.35/ $3.05 from $2.03/ $2.33 based mainly on higher E&P spending growth assumptions, though WFT's buy-back program + opportunities for share gains are unique. We are also raising our fair value to $56 (18.5x 2007 PE) from $42 as we roll our valuation framework out to 2007. This implies 31% upside potential. Based on current fair value estimates for other companies in our coverage we see 5-10% relative upside to the group average making the stock one of our favorite IL rated names.

Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Terry Darling; Jerry Revich.
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