Mammoth Energy Services Inc. Common Stock (TUSK) : juste valeur

Thèse ACCE

Mammoth Energy Services provides oilfield services to the US shale sector, including well completion services, hydraulic fracturing, and infrastructure work such as power generation and utility-style projects, and the company has been pushing into power for data centers. Its 110.9% revenue growth is the number that stands out, but it comes off a depressed base, and the business is still loss-making at the operating line, with a -7.7% operating margin and a 16.5% gross margin that leaves little room for error in a cyclical services business. The thesis therefore rests on whether the shift toward power and infrastructure work can lift margins and turn that revenue growth into positive returns on equity, which the current -8.2% ROE says it has not yet done. At a market cap of about $130M and a forward P/E of 17.5 against a trailing P/E that is not meaningful, the stock is priced on expected earnings recovery rather than current profit. The score of 57/100 and the lack of index membership suggest it is a small, unloved name, and it merits a deeper look mainly to test the margin trajectory in the power business.