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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Swede who wrote (10122)1/29/1998 3:16:00 PM
From: SJS  Read Replies (1) of 95453
 
ESV analysis...
from briefing.com
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ENSCO INTERNATIONAL INC (ESV) 28 15/16 +2 5/16. As everyone knows, there are some extremely cheap stocks in the oilfield drilling/services sector: Friede Goldman (FGII), Transcoastal Marine (TCMS), Unifab Intl (UFAB), Rowan Companies (RDC), to name a few. One of the most attractively valued names in this entire group is contract driller/marine transportation services provider, Ensco. Although the company has consistently exceeded analysts quarterly estimates and has in each of the past two years recorded triple-digit year-over-year earnings growth, the stock has fallen 38% from its 52-week high, to currently trade at a 43% discount to its expected long-term growth rate and a 38% discount to its peers. In fact, Salomon Smith Barney analyst Mark Urness would argue that ESV shares are even cheaper than that. Following the company's report of 4th qtr results yesterday, he raised his '98 estimate by 11% to $2.95 and his '99 forecast by 10.6% to $3.65 a share, citing higher North Sea dayrates and a lower tax rate. Using his estimate for 1998 earnings, ESV shares carry a multiple of only 9.8. Based on Mr. Urness price target of $50, the stock has some 72% in unexplored upside.
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