– SLB’s traditional EPS is materially distorted by the treatment of R&D and operating leases under GAAP and IFRS

– UAFRS-based EPS shows that while earnings growth will be slightly more muted than as-reported metrics, this is because EPS’ is already much stronger, and less volatile

– SLB’s UAFRS-based P/E of 32.6x is much lower than P/E of 44.4x on an as-reported basis, and considering expected EPS’ growth rates, this suggests the firm may still be cheap


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