Liberty Energy Inc. (LBRT)

Industry: Oil & Gas Equipment & Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
SUBC.OL	9	Subsea 7 S.A.	8,212	21.18	21.18	5.42	5.42	7.11	10.61
600968.SS	10	CNOOC Energy Techn	7,492	10.22	8.39	6.01	5.23	7.32	5.63
3899.HK	11	CIMC Enric Holding	7,131	5.55	5.35	2.25	2.14	2.54	2.33
601808.SS	12	China Oilfield Ser	7,025	16.46	15.10	8.35	8.28	10.82	12.40
AKSO.OL	13	Aker Solutions ASA	6,004	5.75	5.75	4.10	3.68	4.52	1.70
0LNT.L	14	Fugro N.V.	5,107	3.25	3.25	2.40	2.45	33.72	3.64
WFRD	15	Weatherford Intern	4,970	12.15	18.76	5.65	7.68	7.61	7.17
LBRT	16	Liberty Energy Inc	3,911	10.74	10.74	3.32	1.82	-	34.87
600583.SS	17	Offshore Oil Engin	3,859	11.59	9.49	5.29	4.56	15.80	6.70
CHX	18	ChampionX Corporat	3,576	19.43	19.43	8.22	8.22	12.72	8.50
OII	19	Oceaneering Intern	2,829	10.67	10.67	5.76	5.76	7.11	7.75
MRC	20	MRC Global Inc.	2,764	-	-	18.49	18.49	-	35.09
DNOW	21	Dnow Inc.	2,432	16.86	16.86	8.19	8.19	10.30	10.38
VAL	22	Valaris Limited	2,416	8.64	8.64	4.82	4.82	7.67	7.01
VAL-WT	23	Valaris Limited Wa	2,416	8.64	8.64	4.82	4.82	7.67	7.01
002353.SZ	24	Yantai Jereh Oilfi	2,232	20.10	17.86	15.71	14.46	22.18	14.58

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.45	9.06	5.42	5.23	7.64	7.01
Full Range Median Multiple	11.13	10.08	5.65	5.42	7.67	7.17
Industry Multiple	12.18	12.10	7.03	6.95	11.22	9.37
Market Implied Multiple	17.57	17.57	4.93	2.70	-	51.85
Company (LBRT) Multiple	10.74	10.74	3.32	1.82	-	34.87
(*) Net Income / EBITDA / Revenue	186	186	787	1,435	-15	75
Winsorized Enterprise Value	N/A	N/A	4,268	7,510	-111	525
Full Range Median Enterprise Value	N/A	N/A	4,451	7,781	-111	537
(-) Net Debt	613	613	613	613	613	613
Winsorized Equity Value	1,944	1,687	3,656	6,898	-723	-88
Full Range Median Equity Value	2,071	1,876	3,838	7,168	-724	-75
(/) Shares Outstanding	162	162	162	162	162	162
Winsorized Fair Value	$12.00	$10.41	$22.57	$42.59	$-4.47	$-0.54
Full Range Median Fair Value	$12.79	$11.58	$23.70	$44.26	$-4.47	$-0.47
Current Price	$20.19	$20.19	$20.19	$20.19	$20.19	$20.19
Upside / Downside	-40.56%	-48.42%	11.79%	110.95%	-122.12%	-102.69%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.40	$7.29	$15.80	$29.81	$-3.13	$-0.38
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy