WFRD - Weatherford International: Supportive Economics With Price/Value Gap

2024-05-28 07:15:39 ET

Summary

• In 2024, we are seeking diversified exposure to commodity sub industries via differentiated operators with attractive economics.
• Weatherford International is well positioned to unlock risk capital for its equity holders on our base case valuation of $141/share.
• WFRD differentiates itself by providing services to the oil and gas industry, enjoying higher operating profits and margins compared to competitors.

Investment Thesis

Here at Bernard Investments, we are building diversified exposure to various commodity sub industries at all points along the value chain. We are looking for 1) differentiated operators, that 2) present with mouthwatering economics, and 3) aren't necessarily correlated 1:1 with commodity pricing, but have exposure nonetheless....

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