Saurabh Sud of T. Rowe Price presented his in-depth investment thesis on Liberty Oilfield Services (US: LBRT) at Best Ideas 2020.
Thesis summary:
Liberty Oilfield Services is an oilfield service company that specializes in hydraulic fracturing, stimulation, and engineering services. The company has grown from one active hydraulic fracturing fleet in December 2011 to 23 fleets at the end of September 2019. This is a commoditized business with high cyclicality and significant capital intensity. However, LBRT is the best player in the space, with leading operational execution (EBITDA to Hydraulic Horse Power), strong emphasis on technology, good customer relationships, and an impressive management team. Saurabh sees low downside for the shares, as they recently traded close to replacement cost.
The full session is available exclusively to members of MOI Global.
Members, log in below to access the full session.
Not a member?
Thank you for your interest. Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:
About the instructor:
Saurabh Sud is a senior portfolio manager in the Fixed Income division of T. Rowe Price, with specific expertise in credit markets. Previously, Saurabh spent about six years with PIMCO, including as senior vice president of portfolio management. He holds a B.Tech in electrical engineering from Indian Institute of Technology in Delhi and an MBA in finance from Columbia Business School.
About The Author: MOI Global Editorial Team
The MOI Global Editorial Team, led by John Mihaljevic, CFA, includes community builders, event organizers, writers, editors, research associates, security analysts, and fanatical member support advocates. Our sole purpose is to serve the members of MOI Global as well as we possibly can in order to help them learn, invest intelligently, and build lifelong friendships with like-minded people.
Who is MOI Global? In recent years, The Manual of Ideas has expanded to become more than simply “the very best investing newsletter on the planet” (Mohnish Pabrai). We are now a thriving global community of intelligent investors, connected through great ideas, thought-provoking interviews, online conferences, live member events, and much more.
Members of MOI Global enjoy complimentary access to a growing array of resources and content related to the art of intelligent investing. Members also enjoy preferential access to selected offline events as well as exclusive access to other events hosted by MOI Global, including the Zurich Project Summit, the Latticework Conference, and Ideaweek.
More posts by MOI Global Editorial Team