National Oilwell Varco (NOV) has spent billions of dollars acquiring its way into the position of being the pre-eminent supplier of offshore oil drilling equipment in the world. Too bad that the price of oil has fallen so much that the oil majors are slowing down or stopping development of offshore oilfields!
Our first Guided Tear Sheet presentation focused on the very uncertain outcomes of this company and what assumptions we were making for its key valuation drivers: revenue growth, profitability, and investment level and efficacy.
The full presentation is below. We will also be posting a link to a video of the conference shortly.