Baker Hughes Company (BKR)

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
SLB	1	SLB N.V.	35,248	13.87	13.87	8.35	8.35	11.46	8.55
GTSS.ME	2	Geotech Seismic Se	32,572	-	-	1.99	1.99	2.60	2.65
BKR	3	Baker Hughes Compa	27,711	16.62	16.62	11.40	11.40	13.56	15.81
0R23.L	4	Halliburton Compan	22,137	16.11	16.11	7.97	7.97	9.23	9.73
FTI	5	TechnipFMC plc	13,111	16.85	16.85	9.52	7.93	10.29	8.99
600339.SS	6	China Petroleum En	13,096	35.94	41.02	0.53	0.60	0.57	0.58
SBMO.AS	7	SBM Offshore N.V.	11,902	5.95	5.95	4.96	4.65	4.40	5.18
0K58.L	8	NOV Inc.	8,313	12.22	12.22	7.46	6.99	9.97	5.10
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.44	11.48	4.96	4.65	7.21	5.18
Full Range Median Multiple	12.18	13.04	5.42	5.23	7.46	5.63
Industry Multiple	13.30	13.89	5.22	5.01	8.73	7.94
Market Implied Multiple	17.65	17.65	12.06	12.06	14.34	16.72
Company (BKR) Multiple	16.62	16.62	11.40	11.40	13.56	15.81
(*) Net Income / EBITDA / Revenue	2,891	2,891	4,509	4,509	3,792	3,252
Winsorized Enterprise Value	N/A	N/A	22,352	20,982	27,356	16,841
Full Range Median Enterprise Value	N/A	N/A	24,440	23,591	28,299	18,313
(-) Net Debt	3,363	3,363	3,363	3,363	3,363	3,363
Winsorized Equity Value	33,086	33,188	18,989	17,619	23,993	13,478
Full Range Median Equity Value	35,222	37,712	21,077	20,228	24,936	14,950
(/) Shares Outstanding	986	986	986	986	986	986
Winsorized Fair Value	$33.56	$33.66	$19.26	$17.87	$24.33	$13.67
Full Range Median Fair Value	$35.72	$38.25	$21.38	$20.52	$25.29	$15.16
Current Price	$51.75	$51.75	$51.75	$51.75	$51.75	$51.75
Upside / Downside	-35.16%	-34.96%	-62.79%	-65.47%	-52.98%	-73.59%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$23.49	$23.56	$13.48	$12.51	$17.03	$9.57
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy