Digital Investor Day 2026 | Transforming the Future of Energy Development

研报英文原文证据摘录

Digital Investor Day 2026 | Transforming the Future of Energy Development

tal targets against its expectations for Digital TAM to grow from 52-Week High / Low US$58.82 / US$31.64

$25bn in 2025 to $35bn in 2030 or potentially $50bn in 2030, accelerated by AI adoption. Shares Out (mil) 1,503.0

SLB's expected 10-15% CAGR outpaces the 8% $35bn TAM CAGR, while the high Market Cap. (mil) US$71,828.4

end of the range matches the accelerated AI adoption $50bn TAM CAGR. While not Avg Daily Vol (000) 15,138

necessarily a "game-changer" relative to expectations, importantly estimates did land Enterprise Value (mil) $76,911.0

Div (ann) US$1.18 above consensus. We think there is no question that Digital represents an impressive

Div Yield 2.47%

growth avenue for SLB through 2030 and beyond, but the investor pushback we receive Fiscal Year End Dec

is it still represents just 10% of the total company, making the valuation re-rating potential

more limited. Price Performance - 1 Year

USD

• Underinvestment in O&G supports TAM growth. Interestingly, mgmt highlighted 60

current O&G 2025-26 IT spend sits at 4-5% of total expenditures, trailing 10-12% 55

Manufacturing, Natural Resources, 6-7% Power & Utilities, 6-7% Healthcare, and 5-6% 50

Transportation, signaling meaningful underinvestment compared to other industries,

particularly given the data intensive nature of O&G. This backdrop supports mgmt's 45

views for Digital TAM to grow from $25bn in 2025 to $35bn in 2030, representing an 40

8% CAGR. SLB expects to outperform the market, targeting 10-15% CAGR through 35

2030 led by 11% CAGR from Digital Operations. Additionally, assuming AI adoption

accelerates, mgmt believes 2030 TAM could reach $50bn, representing a 15% CAGR, Jun-2530 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26