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Gold/Mining/Energy : Baker Hughes
BHI 0.0580+1.8%Jun 7 5:00 PM EST

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To: Dennis Roth who wrote (8)2/16/2006 6:23:45 PM
From: Dennis Roth  Read Replies (1) of 18
 
Baker Hughes (OP/A): First Take: Solid 4Q, but peers' relative performance vs expectations was stronger - Goldman Sachs - February 16, 2006

BHI's 4Q05 EPS of $0.75 beat our $0.74 estimate and consensus of $0.73 w/ revenue 4% stronger than expected, but incremental margins weaker than expected, and overall EBIT in line. SLB + HAL had stronger results vs expectations. BHI division revenue performance on a sequential basis compared favorably with peers except in Production Chemicals, which was flat + may be timing + the answer to weaker incrementals. 2006 EPS guidance of $3.40-$3.60 appears beatable to us, though Baker Hughes mgt is typically conservative at the beginning of the year. We'd expect relative underperformance today, pending conference call commentary, but remain positive intermediate to long-term. Maintain OP/A rating.

Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Terry Darling, Jerry Revich.

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Baker Hughes (OP/A): Raising estimates + fair value to $89 - Goldman Sachs - February 16, 2006

Following a review of our model, we are raising our 2006-07 EPS estimates to $3.60/ $4.45 from $3.50/ $4.15 as well as our fair value to $89 (20x 2007 PE) from $83. Key drivers of our upward revisions include higher E&P spending growth of +25%/ +15% from +20%/ +10% and lower net interest expense. BHI remains among our favorite oil service stocks - rated OP/A.

Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Terry Darling, Jerry Revich.
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