Weatherford International (WFT) Message Board

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Gold/Mining/Energy : Weatherford International (WFT)

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To: Dennis Roth who wrote (121)	4/24/2006 6:54:32 PM
From: Dennis Roth	of 142

WFT (OP/A): First Take- Strong 1Q driven by North America - Goldman Sachs - April 24, 2006 Weatherford (WFT, OP/A) posted better than expected 1Q06 results with strong performance in North America (NAM) and solid incremental margins. EPS of $0.57 was $0.06 above our estimate and consensus of $0.51. Evaluation, Drilling and Intervention (EDI) segment revenues/EBIT were 2%/11% above our forecasts, while Completion & Production Systems (C&P) segment revenues were in line and EBIT 4% above our estimates. Strong NAM sequential revenue growth of 12% (vs. HAL = +12%, SLB = +18%), was partly offset by a 5.7% decline in Eastern Hemisphere (vs. HAL = -4.3%, SLB = -0.5%). WFT is one of our favorite stocks due to its strong growth, ample room for EPS revisions and attractive valuation. WFT is trading at an 8% discount to its mid-cap peers (based on 07 EV/DACF) and we expect this valuation discount to close as management delivers on execution. Our fair value of $57 yields 17% upside.

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