National Energy Services Reunited Corp Ordinary Shares (NESR) : juste valeur

Thèse ACCE

National Energy Services Reunited provides drilling services, including directional drilling, rental tools and well construction support, mostly to Middle East and North African oil operators, with a meaningful share of revenue from Iraq, Algeria and Kuwait. Its edge is a regional footprint and long-term contracts with national oil companies, which lock in activity in markets where Western service firms have less scale. Revenue growth of 59.1% over the period is the headline, though it reflects a rapidly expanding top line from a smaller base rather than margin expansion. Operating margin of 12.4% against a gross margin of 13.3% shows the business is converting that growth into only modest profit, so the thesis rests on whether new contract wins keep lifting volumes while costs stay in check. At a trailing P/E of 20.8 and a 9.4% return on equity, the valuation is not stretched on earnings, but the forward P/E figure in the data is unavailable, so the earnings trajectory needs to be checked directly before going further.