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Gold/Mining/Energy : OIS, OIL States International
OIS 7.880-2.0%3:59 PM EST
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To: Dennis Roth who wrote (2)2/9/2006 8:12:44 AM
From: Dennis Roth  Read Replies (1) of 13
 
Oil States Int'l (IL/A): Raising estimates + fair value to $44 - Goldman Sachs - February 08, 2006

Oil States reported 4Q2005 EPS of $0.82 including tax benefits of $0.13. Recurring EPS of $0.69 beat our estimate of $0.65 w/ EBIT 6% above our estimate due to stronger performance for Offshore Products, which benefited from hurricane remediation in the US Gulf. Wellsite Svs was below our estimate on weaker Canadian Accommodations results, which were impacted by cost absorption issues + weather. Tubular Svs was in line. We are raising our 2006-07 EPS estimates to $3.15/ $3.65 from $2.70/ $3.00 due to our higher E&P spending forecast. We are also raising our fair value estimate to $44 (7x 2007 EV/ EBITDA) from $40. We maintain our IL/A rating.

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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