1 Midlincoln
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Key Info

Nabors Industries Ltd Web - www.nabors.com

Tel - 1-281-874-0035

Next Reporting Date - 20.02.2020

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Oil & Gas Drilling Sector Link to Midlincoln Rural Investment Banking Ideas

From Biogas into Energy Sector

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Rural Investment Banking Craft News

  • Biogas - ADBA to reiterate the environmental and economic value of biogas to new ministers Renewable Energy Magazine (press release)
  • New biogas facility to be built in Québec Bioenergy Insight Magazine
  • ASEAN’s shift to biogas The Asean Post
  • WBA welcomes spotlight on biogas | News gasworld

    Nabors Industries Ltd

    Energy

    UNITED STATES


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    5.24%

    Cost of Debt

    5.24%

    Long Term Growth

    2.00%

    Beta Assumption

    1.89

    Current Market Cap mln$

    824.95

    Net Debt mln$

    3,512.66

    WACC Estimate

    6.78%

    Ordinary Current Price $

    2.27

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue3864.442227.842564.293057.622578.132436.292298.262164.262024.771903.681789.841682.801582.161487.541398.58
    EBITDA Costs2734.161602.852017.832297.301932.561839.271748.481660.351568.601487.551410.681337.791268.661203.101140.93
    EBITDA1130.28624.99546.46760.32645.57597.02549.78503.91456.17416.13379.16345.01313.50284.44257.65
    EBITDA Margin29.2528.0521.3124.8725.0424.5123.9223.2822.5321.8621.1820.5019.8119.1218.42
    Operating Costs3707.482477.152863.273165.812799.282696.402596.292499.102397.932305.982217.552132.522050.741972.101896.47
    Operating Profit156.96-249.31-298.98-108.19-221.14-260.11-298.03-334.84-373.16-402.30-427.72-449.72-468.58-484.56-497.89
    Operating Margin4.06-11.19-11.66-3.54-8.58-10.68-12.97-15.47-18.43-21.13-23.90-26.72-29.62-32.57-35.60
    Pretax Costs4291.973425.913144.373576.413394.163306.923222.033139.613053.822973.842895.952820.112746.242674.322604.27
    PTP-427.54-1198.08-580.08-518.79-816.02-870.63-923.77-975.35-1029.05-1070.16-1106.12-1137.31-1164.08-1186.77-1205.69
    Pretax Margin-11.06-53.78-22.62-16.97-31.65-35.74-40.19-45.07-50.82-56.22-61.80-67.58-73.58-79.78-86.21
    Net Income Costs3952.012299.813017.353655.682893.822757.242624.342495.312361.012242.022129.032021.741919.851823.101731.22
    Net Income-87.57-71.97-453.07-598.06-315.68-320.95-326.08-331.06-336.24-338.34-339.20-338.94-337.69-335.55-332.64
    Net Margin-2.27-3.23-17.67-19.56-12.24-13.17-14.19-15.30-16.61-17.77-18.95-20.14-21.34-22.56-23.78
    Revenue Less Capex4731.542623.293138.753516.563063.292885.482712.462544.482369.632219.082078.091946.061822.411706.631598.19
    Capex-867.11-395.46-574.47-458.94-485.15-449.19-414.20-380.23-344.86-315.40-288.25-263.26-240.25-219.08-199.61
    Capex to Revenues-22.44-17.75-22.40-15.01-18.82-18.44-18.02-17.57-17.03-16.57-16.10-15.64-15.18-14.73-14.27
    Revenue less FCF3874.992091.393076.003190.782722.602586.722454.492326.122192.502074.941963.681858.381758.741664.431575.18
    FCF-10.55136.45-511.71-133.17-144.47-150.43-156.23-161.86-167.73-171.25-173.84-175.58-176.57-176.89-176.60
    FCF to Revenue-0.276.12-19.96-4.36-5.60-6.17-6.80-7.48-8.28-9.00-9.71-10.43-11.16-11.89-12.63

    UNITED STATES Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    XOM USExxon Mobil CorpUNITED STATES 256616.582818.88-7.161.044.92----8.04
    CVX USChevron CorpUNITED STATES 208147.2119.7216.268.626.131.33.9520.651.581.96-1.14
    COP USConocoPhillipsUNITED STATES 64321.8918.117.575.325.3422.0545.172.0421.49-15.8
    KMI USKinder Morgan Inc/DEUNITED STATES 49831.422.3222.5611.0110.962.414.7256.171.426.465.32
    SLB USSchlumberger LtdUNITED STATES 47655.0227.1221.81-9.421.524.98-19.162.34-33.83-10.34
    EOG USEOG Resources IncUNITED STATES 43585.7715.4814.116.015.432.511.3645.32.0113.46-9.83
    PSX USPhillips 66UNITED STATES 39756.6714.039.34-6.470.363.233.48--5.78
    MPC USMarathon Petroleum CorpUNITED STATES 37874.9411.418.697.315.610.323.527.430.936.82-10.09
    OXY USOccidental Petroleum CorpUNITED STATES 37162.0124.263.6110.158.071.837.4946.011.324.54-28.29
    VLO USValero Energy CorpUNITED STATES 33936.3412.749.217.515.450.293.845.621.7711.140.63
    OKE USONEOK IncUNITED STATES 31799.2624.9519.9616.813.553.064.6324.985.1819.9513.46
    WMB USWilliams Cos Inc/TheUNITED STATES 26107.5323.721.3710.310.043.197.06611.948.54-9.25
    PXD USPioneer Natural Resources CoUNITED STATES 23062.9717.6115.357.016.064.610.5771.071.9410.21-3.72
    SE USSpectra Energy CorpUNITED STATES 22462.73---291.138.190-3.1940.65-363.5733.26
    HAL USHalliburton CoUNITED STATES 19463.6419.7516.7620.137.590.972.946.812.68-12.9-28.13
    HES USHess CorpUNITED STATES 18385.97--10.158.421.911.542.032.33-4.639.45
    CXO USConcho Resources IncUNITED STATES 15666.1727.6918.896.675.973.50.6467.250.853.17-29.89
    LNG USCheniere Energy IncUNITED STATES 14006.21714.0319.8515.3411.41.5031.28-33.73-6.95
    APA USApache CorpUNITED STATES 10288.35--5.455.281.623.6559.761.66-1.48-29.59
    CLR USContinental Resources Inc/OKUNITED STATES 9731.2211.7411.394.654.322.140.1973.81.4112.57-24
    NBL USNoble Energy IncUNITED STATES 9168.24-69.6720.045.931.881.8922.711.43-16.957.77
    NOV USNational Oilwell Varco IncUNITED STATES 8834.32-30.36-10.21.150.8-66.541.24-56.44-12.36
    DVN USDevon Energy CorpUNITED STATES 8765.1616.613.284.494.721.181.5335.821.427.47-16.55
    MRO USMarathon Oil CorpUNITED STATES 8511.241825.09-3.8721.4757.48---26.63
    HFC USHollyFrontier CorpUNITED STATES 6991.48.798.955.035.320.423.110.681.1814-1.43
    COG USCabot Oil & Gas CorpUNITED STATES 6037.298.8116.375.27.232.862.3665.422.8131.91-27.46
    HP USHelmerich & Payne IncUNITED STATES 4933.2520.1690.087.5883.017.0920.851.08-0.73-23.1
    XEC USCimarex Energy CoUNITED STATES 4006.239.57.284.173.641.721.8862.450.9712.09-36.24
    MUR USMurphy Oil CorpUNITED STATES 3468.4931.9333.534.213.41.593.7356.570.7321.62-29.8
    EQT USEQT CorpUNITED STATES 1352.355.43-3.173.870.322.2747.960.132.08-36.44

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    RDSA LNRoyal Dutch Shell PLCNETHERLANDS 198247.0815.0510.316.124.810.636.3414.981.258.23-7.8
    RDSB LNRoyal Dutch Shell PLCNETHERLANDS 198231.8815.0510.356.124.810.636.3414.981.258.23-8.91
    857 HKPetroChina Co LtdCHINA 134192.2311.610.614.774.610.394.7914.260.464.05-15.64
    RIL INReliance Industries LtdINDIA 131273.1220.419.8312.2212.361.330.4814.82.0911.63-10.54
    RIGD LIReliance Industries LtdINDIA 130429.79#N/A Field Not Applicable16.8112.220#N/A Field Not Applicable#N/A Field Not Applicable14.8#N/A Field Not Applicable11.63-11.51
    FP FPTOTAL SAFRANCE 127994.1213.159.915.444.590.755.4318.511.2310.15-9.63
    BP/ LNBP PLCBRITAIN 121549.4131.5311.77.034.860.426.559.371.294.07-11.2
    PETR3 BZPetroleo Brasileiro SABRAZIL 93101.8611.4311.035.174.981.272.9144.060.8911.67-10.33
    PETR4 BZPetroleo Brasileiro SABRAZIL 93101.8610.6410.265.174.981.273.8544.060.8311.67-8.8
    GAZP RMGazprom PJSCRUSSIA 87036.654.155.3144.180.716.5226.520.379.4862.55
    OGZD LIGazprom PJSCRUSSIA 86360.984.125.27000.716.5726.520.379.4864.06
    ENB CNEnbridge IncCANADA 85745.8519.6820.9915.1713.751.585.7123.81.798.87-1.86
    386 HKChina Petroleum & Chemical CorpCHINA 79459.628.158.244.584.490.198.136.730.637.88-20.2
    ROSN LIRosneft Oil Co PJSCRUSSIA 77218.326.655.87000.597.0323.961.0717.537.4
    ROSN RMRosneft Oil Co PJSCRUSSIA 77186.896.645.874.324.20.597.0423.961.0717.535.88
    LKOH RMLUKOIL PJSCRUSSIA 70651.786.877.253.773.990.586.8515.841.0715.47-1.03
    LKOD LILUKOIL PJSCRUSSIA 70603.026.867.25000.586.8515.841.0715.470.87
    883 HKCNOOC LtdCHINA 70477.538.568.353.353.192.145.6659.331.1113.35-10.56
    TRP CNTransCanada CorpCANADA 52919.7215.9218.0314.4313.183.214.3462.242.4215.2513.27
    ENI IMEni SpAITALY 51165.6214.6111.283.863.680.666.6223.640.916.22-10.33
    NVTK RMNovatek PJSCRUSSIA 50808.334.479.6912.8510.233.82.7829.942.4331.622.54
    NVTK LINovatek PJSCRUSSIA 50767.044.479.69003.792.7829.942.4331.616.44
    1088 HKChina Shenhua Energy Co LtdCHINA 46236.775.886.344.024.281.46.7138.380.7212.77-7.94
    SU CNSuncor Energy IncCANADA 45603.1216.2613.386.25.851.613.9534.151.556.74-7.09
    ECOPETL CBEcopetrol SACOLOMBIA 40310.4810.8110.445.175.261.97.0745.512.2120.94-13.8
    PTT TBPTT PCLTHAILAND 39576.7812.0411.176.35.850.564.1414.251.3411.3-1.79
    CNQ CNCanadian Natural Resources LtdCANADA 34816.8711.7213.316.076.0123.8249.81.3113.48-5.59
    SIBN RMGazprom Neft PJSCRUSSIA 34441.165.465.684.474.580.887.9225.551.0519.8835.79
    GAZ LIGazprom Neft PJSCRUSSIA 34327.015.445.66000.887.9425.551.0419.8837.85
    6505 TTFormosa Petrochemical CorpTAIWAN 28426.2325.2618.49-11.471.35-----12.98

    EV, Debt, Cash

    Fields2018
    EV4337.61
    Cash481.8
    Debt3586.45
    Debt/Equity85.28
    Pref Equity287.5
    Shares Out356.85
    minorities49.48

    Last Price

    Fields2018
    Last Price2.27
    Next DVD Ex Date10.03.2020
    DVD Announcement Date29.10.2019
    Last Ex Date12.12.2019

    CashflowSummary

    Fields201520162017201820192020
    Revenue3864.4372227.8392564.2853057.6193077.2633076.333
    Operating Profit156.961-249.311-298.98-108.194-68.6-50.4
    PTP-427.535-1198.075-580.084-518.794-333.5-256.812
    Net Income-87.57145-71.974-453.0656-598.063-477.25-325.353
    EPS-0.308229-0.260327-1.614327-1.95-1.373-0.937
    DPS0.240.240.240.240.0910.061
    EBITDA1130.279624.985546.459760.315801.4808.261
    BPS15.2309875411.436206749.252378386.7628876966.3124.893
    Capex-867.106-395.455-574.467-458.938-407.467-362.571
    FCF-10.55136.45-511.711-133.16586.103159.423
    EV TO T12M EBIT36.9-----
    EV/EBITDA5.1212.7210.695.475.375.32
    CUR RATIO1.471.411.571.921.921.92

    Ratios

    Fields201520162017201820192020
    Market Cap824.95824.95824.95824.95824.95824.95
    PE RATIO------
    EV/EBITDA5.1212.7210.695.475.375.32
    P/S0.622.040.220.750.270.27
    DIVIDEND YIELD2.821.463.51124.012.69
    EBITDA Margin29.2528.0521.3124.8726.04-0.02
    P/B0.561.430.740.30.360.46
    ROE-7.94-26.75-17.33-25.02-18.89-13.55
    6 month return-32.05-32.05-32.05-32.05-32.05-32.05