Northbridge has indicated in today’s H1 trading statement that market conditions for most of its oil and gas (O&G) customers have “worsened slightly” during the second quarter and that it has now assumed there will be no improvement in the second half. Although the O&G tool hire and electrical testing systems manufacturing group has seen some more promising early indicators, we have downgraded our estimates. Although we see this as disappointing, a 2017 EV/EBITDA of
01 Aug 2016
Continuing weak O&G demand hits outlook
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Continuing weak O&G demand hits outlook
- Published:
01 Aug 2016 -
Author:
Alastair Stewart -
Pages:
5
Northbridge has indicated in today’s H1 trading statement that market conditions for most of its oil and gas (O&G) customers have “worsened slightly” during the second quarter and that it has now assumed there will be no improvement in the second half. Although the O&G tool hire and electrical testing systems manufacturing group has seen some more promising early indicators, we have downgraded our estimates. Although we see this as disappointing, a 2017 EV/EBITDA of