Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Halliburton (HAL): International Stumbles & Tech-Led Promise—Will Drilling Innovations Anchor Long-Term Growth?
Halliburton delivered a resilient performance in 2024, achieving $22.9 billion in revenue, driven by 6% international growth, particularly in the Middle East/Asia, which expanded by 8%, offsetting Latin America softness and an 8% YoY decline in North America. The company’s Q4 adjusted EPS of $0.70 met expectations, with GAAP EPS beating by $0.01, despite a slight revenue miss at $5.61 billion. Strong execution, underpinned by differentiated technologies, enabled Halliburton to outperform broader market rig count declines. The company generated $3.9 billion in operating cash flow and $2.6 billion in free cash flow, returning $1 billion to shareholders via buybacks and $600 million in dividends, demonstrating disciplined capital allocation. The Completion & Production segment posted $3.2 billion in Q4 revenue, down 4% sequentially, with 20% margins facing North American pricing headwinds, while the Drilling & Evaluation segment remained flat at $2.4 billion. Management’s strategic focus on fleet optimization and automation, including Zeus e-fleets and Octiv AutoFrac, positions Halliburton for long-term growth. However, pricing pressure in North America and flat international revenue guidance for 2025 highlight near-term challenges. Can Halliburton’s technology-driven approach and capital efficiency sustain growth despite market headwinds and pricing pressures?
