Relative Value Global: Oil Services
LONG
BHI US: US$65.83; OIH US: US$44.75
November 21, 2014
FULL REPORT ATTACHED
“Thanks” to a collapse in oil prices (-30% from the June highs), the energy sector, and particularly oil services, has reached (near) record low valuations at a time when profitability may be cyclically rebounding as the following charts are highlighting.