National Energy Services Reunited Corp.

Earnings Score
Moat Score
Safety Score

Market Cap $849.22M
PE 11
Debt $429.28M
Cash $118.17M
EV $1.16B
FCF $52.51M

Earnings

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Sales & Net Margins

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Earnings	$77.62M
EBIT	$136.54M
ROE	9%
ROA	8%
FCF	$52.51M
Equity	$873.55M
Growth Stability	-373%
PE	10.94
PEG	-0.4
PB	0.97
P/FCF	16.17
P/S	0.86
Price/Cash	0.14
Debt/Equity	0.49
Debt/FCF	8.18
Net Margins	5%
Gross Margins	21%
Op. Margins	14%
Earnings CAGR	-20%
Sales Growth YoY	-189%
Sales Growth QoQ	-161%
Sales CAGR	0%
Equity CAGR	83%
Earnings Stability	-0.43
Earnings Growth YoY	-158%

Earnings Growth QoQ	-580%
Earnings CAGR 5Y	-27%
Sales CAGR 5Y	1%
Equity CAGR 5Y	18%
Earnings CAGR 3Y	14%
Sales CAGR 3Y	14%
Equity CAGR 3Y	-5%
Market Cap	$849.22M
Revenue	$990.81M
Assets	$1.80B
Total Debt	$429.28M
Cash	$118.17M
Shares Outstanding	95.31M
EV	1.16B
Earnings Score	6%
Moat Score	84%
Safety Score	48%
Final Score	46%
Working Capital	53.93M
Current Ratio	1.1
Gross Profit	$212.19M
Shares Growth 3y	2%
Equity Growth QoQ	6%
Equity Growth YoY	6%

Assets & ROA

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Stockholders Equity & ROE

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National Energy Services Reunited Corp is a British Virgin Islands-based company engaged in providing products and services to the oil and gas industry in the Middle East and North Africa and the Asia Pacific regions. The company has two reportable segments: Production Services including coil tubing, stimulation, and pumping, nitrogen services, completions, pipelines, cementing, laboratory services and filtration services; and Drilling and Evaluation Services including drilling and workover rigs, rig services, services, and well-testing services among others. Revenues are primarily derived from production services of an oil or natural gas well.

SEC Filings

Direct access to National Energy Services Reunited Corp. (NESR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2018
- 10-Q Mar 31
2017
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

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Peter Lynch's Chart

This chart shows the current pricing of National Energy Services Reunited Corp. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -20%

Stability -43%

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National Energy Services Reunited Corp. Discounted Cash Flow

Fully customizable DCF calculator online for National Energy Services Reunited Corp..

Years

Calculation mode

= $525M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$53M	$53M	$53M	$53M	$53M	$53M	$53M	$53M	$53M	$53M	$53M	$525M
DCF		$48M	$43M	$39M	$36M	$33M	$30M	$27M	$24M	$22M	$20M	$202M
Value	$525M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2016	12/2017	06/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-	-	-	-	2%	-7%	-4%	0%	5%
ROA	-	-	-	-	-	-2%	-0%	4%	8%
ROE	-	-1%	-1%	4%	2%	-8%	-5%	0%	9%

Bad Net Margins (5.16%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2016	12/2017	06/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-	-	8.18
Debt over Equity	-	-	0.24	0.43	0.43	0.72	0.68	0.58	0.49
Growth Stability	-	-	-	100%	100%	-373%	-	-	-373%

Bad Debt/FCF ratio (8.18)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.49)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-373%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2016	12/2017	06/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-	-	-	-	5%	4%	26%	1%
Earnings YoY growth	-	-146%	3%	-1K%	-58%	-490%	-44%	-100%	-27%
Equity YoY growth	-	2%	103%	12%	7%	-13%	-2%	2%	18%
FCF YoY growth	-	-	-	-	-	-	-244%	-465%	-