Investor Day Takeaways; "Copiloting" the Digitalization of Energy

研报英文原文证据摘录

Investor Day Takeaways; "Copiloting" the Digitalization of Energy

7E

incrementals). This would drive $1.8-2.0Bn EBITDA (15% CAGR; $1.8Bn consensus), ~23%

Revenue (mm) $36,289 $35,708 $36,481 $38,538

of 2026E total company, or a higher percentage of EBIT. Platforms & Applications plus

Digital Operations (>11% market CAGR; largest part of Digital over time) drive growth EBITDA (mm) $9,070 $8,463 $8,240 $9,458

and margin expansion, doubling annual recurring revenue to $2.0Bn. EPS $3.41 $2.93 $2.64 $3.31

Management emphasized how Digital is increasingly embedded across workflows Consensus Estimates

rather than a standalone productivity tool. Digital is central to delivering improved 2024A 2025A 2026E 2027E

operational outcomes, including higher uptime, better reservoir performance, and EBITDA (mm) $8,103 $9,466

faster cycle times from discovery to production. This ultimately drives stronger returns

Valuation

and capital efficiency, aligning with industry trends toward maximizing recovery from

2024A 2025A 2026E 2027Eexisting assets and prioritizing free cash flow. SLB outlined a clear moat driven by

domain expertise, integrated platforms, and proprietary data. As technology evolves EV/EBITDA 10.1x 10.8x 11.1x 9.7x

rapidly, customers are increasingly relying on scaled third-party solutions, supporting a P/E 14.8x 17.2x 19.0x 15.2x

concentrated competitive landscape and reinforcing SLB’s positioning. FCF Yield (%) 5.3% 5.5% 5.4% 6.3%

In Platforms & Applications (~40% Digital revenues), SLB is shifting from on-premise QTR. EPS Q1 Q2 Q3 Q4

perpetual licenses to cloud-based subscription and outcome models. This opportunity 2024A $0.75 $0.85 $0.89 $0.92

to scale AI across the portfolio unlocks additional value. Digital Operations (~17%)

2025A $0.72 $0.74 $0.69 $0.78