National Energy Services Reunited Corp. (NESRW)
ValueMarkers Composite Index
98% below intrinsic value ($32)
National Energy Services Reunited Corp. (NESRW) — VMCI valuation read
Headline read on NESRW: VMCI of 56/100 versus a Energy sector median of 50. The 6-point above-median position is what makes National Energy Services Reunited Corp. a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on NESRW: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on NESRW: value (NESRW trades at 21.0x earnings, 17% above the Energy median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Energy median (10.0%)), and risk (net debt to EBITDA of 0.5x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Energy 12.0x baseline.
NESRW fell 0.5% over the trailing 7 days, with a -3.8% read on a 30-day basis.
National Energy Services Reunited Corp. provides oilfield services to oil and gas companies in the Middle East, North Africa, and the Asia Pacific regions. It operates through two segments, Production Services; and Drilling and Evaluation Services. The Production Services segment offers hydraulic fracturing services; coiled tubing services, including nitrogen lifting, fishing, milling, clean-out, scale removal, and other well applications; stimulation and pumping services; primary and remedial cementing services; nitrogen services; filtration services, as well as frac tanks and pumping units; and pipeline services, such as water filling and hydro testing, nitrogen purging, and de-gassing and pressure testing, as well as cutting/welding and cooling down piping/vessels systems. It also provides production assurance chemicals; laboratory services; artificial lift services; and surface and subsurface safety systems, high-pressure packer systems, flow controls, service tools, expandable liner technology, vacuum insulated tubing technology, and engineering capabilities with manufacturing capacity and testing facilities, as well as sources, treats, and disposes water for oil and gas, municipal, and industrial use. The Drilling and Evaluation Services segment offers drilling and workover rigs; rig services; fishing and remedial solutions; directional and turbines drilling services; drilling fluid systems and related technologies; wireline logging services; slickline services for removal of scale, wax and sand build-up, setting plugs, changing out gas lift valves, and fishing and other well applications; and well testing services to measure solids, gas, and oil and water produced from a well, as well as rents drilling tools. It also provides oilfield solutions for thru-tubing intervention; tubular running services; and a range of wellhead products, flow control equipment, and frac equipment. The company was incorporated in 2017 and is headquartered in Houston, Texas.
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