Вы находитесь на странице: 1из 31

24

2009 .

Vahrameev_SS@mmbank.ru

,
, Eurasia Drilling Company (EDC)
C.A.T. oil, .

, 2009 .
40 % 2008 .

,
.


2009 . 2008 .
10 . ,

.

(30-90 %).
:
?

,


.

,
, EDC,
.

2010 .
EDC
,
.

C.A.T. oil

.

,
WACC ( 19.3 %)
.
.
.

, $

, $

, %

Eurasia Drilling Company

10.45

6.40

63

C.A.T. oil

5.32

3.40

57

0.79

1.62

-51

. 1 31

24 2009 .

4 :
, ,
, .

-.
,
, ,
80 % ,
.


3%
4% 3%
Schlumberger 11%

49%

8%


23%
: Douglas-Westwood


Douglas-Westwood 2006 . 2008 .
.
,
50 %.

. ,

.

. ,

,
. , 2002 .
80 % , 2006 . 49 %. ,

,
.
( ),
( ).
Schlumberger Halliburton.

: , ,

. .

.
.
,
, ,
.
,
,
.
.
, , , C.A.T. oil.
, ,

.

. 2 31

24 2009 .

, ,
, .

(IPM). IPM
,
.

2007 . (. )

3191

Eurasia Drilling Company

3150

1040

1011

894

791

-BP

730

591

440
0

500

1000

1500

2000

2500

3000

3500

: ,

, 90-
75 .

( 2004 . 19.6 . ).
90- ,
1998 .
2004 .,
.
.
2009 ., ,
11 %.
, 2014 .
31.5 .
, 2000 . (33.4 /. )
.


40 000

85

35 000

75

30 000

65

25 000

55

20 000
45

15 000

35

10 000

25

5 000

15

1990

1992

1994

1996

1998

2000

, .

2002

2004

2006

2008

2010

2012

2014

, /

: , ,

. 3 31

24 2009 .

:
, 5 30 %
( 10 % 2006 ).
20 % 5 2004-2008 .
,
,
.
2014 . 536 .,
2014 17 .
, , $ 362
2009 ., 2014 . $ 459.
, 2007 . $ 6.5 ,
2014 . $ 7.5 .


2007
491
2.3

2008
488
-0.7

2009
483
-1.1

2010
485
0.4

2011
490
1.1

2012
500
2.0

2013
510
2.0

2014
520
2.0

14 627

15 851

14 113

13 383

14 011

14 779

15 572

16 384

, %

18.9

8.4

-11.0

-5.2

4.7

5.5

5.4

5.2


(.)

29.8

32.5

29.2

27.6

28.6

29.6

30.5

31.5

443

603

362

398

418

429

444

459

400

464

280

398

418

429

444

459

530

770

462

508

534

548

566

585

6 478

9 562

5 108

5 328

5 857

6 343

6 908

7 512

25.3

47.6

-46.6

4.3

9.9

8.3

8.9

8.7

,
, %

, .


, $

EDC, $

, $

,
$
, %

: , ,


, 2007 .
35 . .
2007 . 1 393 . .
($ 54.5 .) , 2007 .
$ 1.9 . , 2007 . 110 .
.
, ,
500 . . ($ 19.6 .) , 2007 .
$ 2.15 .
2007 . $ 4 ,
2014 . $ 4.3 .

2014 .
.

. 4 31

24 2009 .

2007

2008

2009

2010

2011

2012

2013

2014


,
.

34.9

34.3

33.7

33.1

32.4

31.8

31.2

30.6

, $ .

54.5

67.2

54.9

56.6

58.6

60.8

63.0

65.3


, .

110.0

108.8

107.5

106.3

105.0

103.8

102.5

101.3

, $ .

19.6

24.0

19.5

19.9

20.5

21.1

21.7

22.3


, $

4 055

4 789

3 831

4 023

4 123

4 178

4 249

4 320

, %

18.1
-20.0
5.0
2.5
1.3
1.7
1.7
:


,
, .
,


. , (2-D)
(3-D) . ,
,
.

,
.


.
Douglas & Westwood
2006 . ($ 1 300 ). ,
2008-2014 .
.


2007
2008
2009
2010
2011
2012
2013
2014

1 629
2 405
1 285
1 340
1 473
1 595
1 737
1 889
, $
, %
25.3
47.6
-46.6
4.3
9.9
8.3
8.9
8.7
: Douglas & Westwood,


,
- , ,
, .
-
. -
, ,
,
, .
()
( ).

, ( ),
. , , .
,
.

. 5 31

24 2009 .

,

.
,
, ,
, .

,
.


2007

2008

2009

2010

2011

2012

2013

2014


, $

6 000

8 116

5 316

5 485

5 889

6 251

6 663

7 095

, %

25.0

35.3
-34.5
3.2
7.4
6.1
6.6
6.5
:

, ,
, , ,
.


2008 .,
,
.
2008 .

2009 .
2009 . 38 %
$ 15.5
. 2010 ., ,
, 2014 ., ,
$ 20.8 .

, $
30 000
25 000
20 000
15 000
10 000
5 000
0
2006

2007

2008

2009

2010

2011

2012

2013

2014

. 6 31

24 2009 .


,
.
. 3 :
,
, (
).
Douglas-Westwood, 2007 .
$ 608 . , 2009-2014 .
4.7 % 2014 . $ 1 .

, 70 %
10 , 40 %
15 ( ).
,
.


.


2006

, $
, %

373

2007

2008

2009

2010

2011

2012

2013

2014

608

919

515

555

642

742

859

1 006

63.0

51.2

-44.0

7.8

15.7

15.7

15.6

17.2

: Douglas & Westwood,

. 7 31

24 2009 .



2008 . 10 .
.
,
.
/EBITDA
2008
1.5

2009
2.1

2010
1.5

2011
0.9

, EDC C.A.T. oil


. ,
, , :
(. . 20).
,
.




,
.
Urals
Urals,$/

2009
45.0

2010
55.0

2011
63.5

2012
65.2

2013
67.4

2014
69.6

Urals

-20 %
-10 %

+10 %
+20 %

2009

2010

2011

2012

2013

2014

14 167
14 915
15 680
16 460
17 907

14 961
16 238
18 189
19 515
20 866

17 462
19 001
20 570
22 172
24 454

17 399
18 938
20 504
22 747
24 369

17 261
18 818
20 400
22 657
24 289

17 170
18 699
20 254
22 485
24 094

,
. Urals c
$ 45 2009 . $ 69.6 2014 .
Urals 20 %
. ,
$ 45
, .

Urals
-20 %
-10 %

+10 %
+20 %

EDC
7.54
8.87
10.45
12.36
13.99

neg
0
0.86
1.95
3.04

C.A.T. Oil
4.31
4.78
5.32
6.00
6.57

,
.

. 8 31

24 2009 .

Eurasia Drilling Company


Eurasia Drilling Company (EDC),
,
$ 10.45
63 %.

EDC
. , ,
, .
, EDC

.
EDC ,
, , 2014 . 85 %
.

, EBITDA
13.6 % 2009 . -
,
18.6 %.

,
,

.
4.29 .

, 2010 . (
) EDC
,
.

EDC 8 % ,

.

EDC ,

.

2007 . EDC IPO, 21 % ,


$ 3.5 .
EDC
, 30.06.2008
$ 317 ,
.

2008 . 7
.


EV/EBITDA EV/s 2009-2010 . ,
, ,
.


30
25
20
15
10
5
0
.08

.08

.08

.08

.08

.09

.09


Reuters
$
. $
EV . $
$
%

EDCL
6.40
869
815
10.45
63%


. $

EBITDA

EV/EBITDA
EV/S
P/E

EBITDA

2007
1 492
295
169
1.5
0.3
2.9
19.8%
11.3%

2008
2 140
398
233
1.1
0.2
2.1

2009
1 389
189
69
2.3
0.3
7.1

18.6%
10.9%

13.6%
5.0%

42.5%
0.6%
0.4%
0.3%
56.3%

. 9 31

24 2009 .

()
. -,
, , .
,
. 195 , 88
, 220 .
Douglas-Westwood,
8 %,
20 %.
-,
2004 . $ 130 , $ 60 , Eurasia Drilling
Company Ltd. . ,
80 % ,
.
Eurasia
Drilling Company (EDC),
() -. 2007 .
(LSE). EDC
$ 23.5 $ 20.827.2 GDR. IPO $ 3.5 .
, IPO 21 % EDC
.
EDC ( 42.5 %).

EDC
.
:
.
2.4 %.

, ,
, .
88 % EDC. 11 %
, 2014 .
13 %.

EDC , $
2 500

2 000

1 500

1 000

500

0
2006

2007

2008

2009

2010

2011

2012

2013

2014

EDC (

. 10 31

24 2009 .

) 20.3 % 2006 . 22.4 % 2007 .


3.3 . 2007 . (2.5 2006 .). EDC 2007 .
195 . (178 . 2006 .)
2008 . . , ,
, EDC 8 %.
3- Total, , 2009 . .
(
, 52 % 2014 .), , EDC
.

EDC ( ) 2007 .

1%

8%

15%

76%
: ,

,
.
- (
86 %),
- - .
,
.

, ,
. 1 2008 .
.
,
, ,
,
.
2007 . ,
Schlumberger Logelco Inc.
: ,
, .
2008 .


.
2007 .,
,
.
2007 .
. EDC
, EDC Shelf Limited.
, EDC,
,
6.5 ( 5.84 0.66
) 5 1 2005 . 31 2009 .
$ 2.6 ,

. 11 31

24 2009 .

2005 .
. ,
.
, 2010 ., ,
EDC ,
.


, 10-12
3-5 . ,
, .
-
. .
, EDC 4
2010 . ,
,
. ,
EDC 2008-2014 . $ 145 .
2008 . $ 202 ,
$ 135 .

EDC, $
300
275
250
225
200
175
150
125
100
75
50
25
0
2006

2007

2008

2009

2010

2011

2012

2013

2014

: ,

.
82 % 2006 . 76 % 2007 .
EDC , ,
. ,
, -
,
.
, ,
. EDC
, ,
, ,
, , .

. 12 31

24 2009 .

SWOT-


.

.


(
).
,
,

,

.



.

,
,
.


,

.
:

. 13 31

24 2009 .

DCF

. $

2005
677

2006
1 088

2007
1 492

2008
2 140

2009
1 389

2010
1 935

2011
2 045

2012
2 117

2013
2 206

2014
2 300

(% )
EBITDA
(% )

80
11.8%

61%
172
15.8%

37%
295
19.8%

43%
398
18.6%

-35%
189
13.6%

39%
345
17.8%

6%
371
18.1%

4%
388
18.3%

4%
410
18.6%

4%
432
18.8%

EBIT
(% )
-

65
10%
17

148
14%
33

255
17%
61

334
16%
73

116
8%
17

274
14%
49

300
15%
55

320
15%
59

345
16%
65

371
16%
71

NOPAT
+
-

48
15
-38

115
24
-96

194
40
-273

260
65
-202

99
72
-135

225
71
-160

245
72
-129

261
68
-130

280
65
-128

300
61
-126

()/ .

-61
-36

-91
-48

-77
-116

-64
59

62
99

-94
42

-6
181

1
200

-1
215

-1
234


WACC

DCF
16.7%
2.0%
20%

WACC
:
UST10 5
30 12 . , ..

8.4%

4.9%


D/(E+D)

0.5%
14.4%

1.50
1.70
8.4%

17.5%
15.0%
20.0%


WACC

12.0%
16.7%

4.4%
400

617
1 621
748


( )

1 365
-54
1 419

(.)
2009 ., $

136
10.45


(%)

(WACC)
3.5%
3.0%

15.2%
12.59
12.25

15.7%
12.07
11.77

16.2%
11.60
11.32

16.7%
11.2
10.9

17.2%
10.76
10.52

17.7%
10.38
10.17

18.2%
10.03
9.83

2.5%
2.0%
1.5%

11.93
11.6
11.38

11.48
11.2
10.97

11.06
10.8
10.59

10.7
10.4
10.2

10.30
10.1
9.91

9.97
9.8
9.60

9.65
9.5
9.31

1.0%
0.5%

11.13
10.89

10.74
10.53

10.38
10.19

10.0
9.9

9.73
9.56

9.44
9.28

9.16
9.02


0.5%

, $ '000
50 000

1.00

0.5%
0.0%
0.0%

10 000
1000
200

1.25
1.50
1.75

0.0%
0.0%

100
0 /

2.00
3.00

. 14 31

24 2009 .

EDC US GAAP


EBITDA

()



2005
677
597
15
65
80
15
1
51
17
34

2006
1 088
916
24
148
172
18
6
124
33
91

2007
1 492
1 197
40
255
295
25
0
229
61
169

2008
2 140
1 742
65
334
398
28
306
73
233

2009
1 389
1 201
72
116
189
30
87
17
69

2010
1 935
1 590
71
274
345
28
245
49
196

2011
2 045
1 674
72
300
371
27
273
55
218

2012
2 117
1 729
68
320
388
23
297
59
238

2013
2 206
1 797
65
345
410
20
325
65
260

2014
2 300
1 868
61
371
432
18
353
71
283

2005
232
90
91
29
103
30
365
120
53

64
365

2006
29
151
141
41
238
29
629
141
78
37
200
12
162
629

2007
343
231
208
63
497
17
1 360
210
119
36
165
7
822
1 360

2008
371
303
288
70
598
19
1 649
298
132
2
185
0
1 031
1 649

2009
456
217
206
77
636
21
1 611
191
131
10
184
2
1 094
1 611

2010
474
297
282
84
696
23
1 855
253
129
18
181
4
1 270
1 855

2011
599
309
293
93
730
26
2 049
270
121
30
166
6
1 456
2 049

2012
732
314
298
102
768
28
2 244
282
115
39
153
8
1 646
2 244

2013
867
322
306
112
808
31
2 447
297
110
48
142
10
1 841
2 447

2014
1 003
331
314
124
851
34
2 656
313
106
55
132
11
2 038
2 656

2005
65
17
15
44
19
38
18
20
1
18
17

2006
148
33
24
89
50
96
36
132
82
94
4
8

2007
255
61
40
106
128
273
14
260
131
455
10
314

2008
334
73
65
64
260
- 202
- 202
59
33
23
28

2009
116
17
72
62
233
- 135
- 135
99
3
7
85

2010
274
49
71
94
202
160
160
42
4
20
18

2011
300
55
72
6
311
129
129
181
23
33
125

2012
320
59
68
1
330
- 130
- 130
200
19
48
133

2013
345
65
65
1
344
128
128
215
16
65
134

2014
371
71
61
1
361
126
126
234
14
85
136

92

()


. 15 31

24 2009 .


,
$ 0.79
51 %.

2008 .
.
$ 250 ,

. ,
, WACC ( 19.2 %),

.
, EBITDA 2009 .
11.9 % -
,
13.7 %.
,

.

/

.
,

. , ,
, , , 2009-2010 .
, 2011 . .

(
),
.
2008 . 17

.


14
12
10
8
6
4
2
0
.08

.08

.08

.08

.08

.09

.09


Reuters
$
. $
EV . $
$
%

INTE
1.62
232
609
0.79
-51%


. $

EBITDA

EV/EBITDA
EV/S
P/E

EBITDA

2007
1 177
176
46
3.5
0.5
neg
15.0%
-3.9%

2008
1 478
138
277
4.4
0.4
neg

2009
866
103
111
5.9
0.7
neg

9.3%
-18.7%

11.9%
-12.8%

74.0%
26.0%


EV/EBITDA EV/S 2009-2010 .
, P/E.

. 16 31

24 2009 .


. 3 :
, , ,
. 2004 .,
2005 ., 2
17 ,
.
40
. 2007 . $ 1 177 ,
2008 . $ 1 478 .

,
. ,
3.5 %, 15 %,
32 %.
,
, - .
- (19 %), (14 %) (11 %),
(21 %) - (19 %).
, -.

, .
,
. Douglas-Westwood, 5
, , 50
30 %.

2-D 3-D .
,


, -.
,
.
70 % 15 ,
. ,

.
, 2011 . ( 15 %).
,
. ,
30 %, ,
.

. 17 31

24 2009 .

40
. 2008 .
$ 1 478 , 2009 .
$ 600 . ,
2009 . : $ 866 .

, 30
. ,
( )
7 %, 20 %, 53 %.


( 51 % )
, .
,
8 . .
- .
70 %
.

(IPM). IPM
,
.
, 2008 .
100 % $ 54.3 .
.
, ,
,
,
, , ,
.

22 %
. 2005 .
,
2005 . .

DouglasWestwood, 2006 . 15.9 %. ,
.



- (
, ) (
). ,
.
(, ) 2008 .
76 % .

. 18 31

24 2009 .

100%
80%
60%
40%
20%
0%
2007

2008

2009

2010

2011

2012

2013

2014


,
. , 2009-2014 .
$ 67 ( $ 48
). ,
2007 . $ 181 .

, $
200
175
150
125
100
75
50
25
0
2006

2007

2008

2009

2010

2011

2012

2013

2014



: ,

- 2008-2010 .
$ 150 ,
- ,
.
129 63 .
490 . .

. 19 31

24 2009 .


,
( 30.09.2008 $ 530.5 ,
$ 400 )
.
$ 250
.

$ 86.7 (
).
,
,
.

SWOT-


2009 .

.
.


(
,
).

. 20 31

24 2009 .

DCF

. $

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

(% )

98

547
458%

1 177
115%

1 478
26%

866
-41%

992
15%

1 148
16%

1 314
14%

1 509
15%

1 735
15%

23
23.9%

79
14.5%

176
15.0%

138
9.3%

103
11.9%

125
12.6%

154
13.4%

187
14.3%

207
13.7%

229
13.2%

EBITDA
(% )
EBIT

13

12

22

-69

-61

14

74

124

154

183

(% )
-

13%
-3

2%
22

2%
28

-5%
15

-7%
0

1%
0

6%
0

9%
0

10%
26

11%
32

NOPAT
+

16
10

-10
67

-6
154

-84
207

-61
164

14
110

74
81

124
64

129
53

151
46

-16

-162

-181

-170

-50

-57

-64

-72

-82

-69

()/ .

-21
-11

-19
-124

-216
-250

-46
-93

64
117

-44
24

-45
45

-41
73

-40
60

-42
86


WACC

19.2%

DCF

278

2.0%

510

20%

212
489

( )

377
113

WACC
:

8.4%

(.)

143

UST10 5
30 12 . , ..

4.4%
400

2009 ., $

0.79

4.9%
1.0%

D/(E+D)

34.8%
1.75

2.50
8.4%

23.1%

15.0%
20.0%


WACC

12.0%
19.2%


(%)

(WACC)
18.7%
19.2%
19.7%
20.2%

17.7%

18.2%

3.5%
3.0%

1.29
1.22

1.17
1.10

1.06
0.99

1.0
0.9

0.85
0.80

0.76
0.71

20.7%
0.67
0.63

2.5%

1.15

1.04

0.93

0.8

0.75

0.66

0.58

2.0%
1.5%

1.1
1.02

1.0
0.92

0.9
0.83

0.8
0.7

0.7
0.65

0.6
0.58

0.5
0.50

1.0%
0.5%

0.96
0.91

0.87
0.82

0.78
0.73

0.7
0.6

0.61
0.57

0.54
0.50

0.46
0.43


1.0%

, $ '000

0.5%

50 000
10 000

1.00
1.25

0.0%
0.0%

1000
200

1.50
1.75

0.0%
0.5%

100
0 /

2.00
3.00

. 21 31

24 2009 .


EBITDA

()



2005
98
85
10
13
23
8
1
6
3
0.5
4

2006
547
534
67
12
79
47
14
20
22
1.7
40

2007
1 177
1 155
154
22
176
49
4
23
28
5.1
46

2008
1 478
1 340
207
69
138
49
143
- 262
15
-

277

2009
866
763
164
61
103
58
119
8
111

2010
992
868
110
14
125
42
28
2
26

2011
1 148
994
81
74
154
40
34
7
27

2012
1 314
1 127
64
124
187
31
93
19
74

2013
1 509
1 302
53
154
207
26
128
26
26
76

2014
1 735
1 506
46
183
229
22
161
32
33
96

2015
1 953
1 694
38
221
260
18
203
41
42
121

2009
78
336
143
367
394
1 318
240
6
333
220
519
1 318

2010
77
379
161
302
355
1 274
257
6
308
210
493
1 274

2011
80
431
184
272
319
1 287
287
6
268
208
517
1 287

2012
112
486
207
267
287
1 358
323
6
237
212
580
1 358

2013
130
549
234
279
259
1 450
374
6
211
219
641
1 450

2014
171
622
265
287
233
1 577
435
6
190
234
713
1 577

2015
236
689
293
299
209
1 726
493
6
171
258
797
1 726

2009
61
164
64
167
50
50
117
68
49

2010
14
110
44
81
57
57
24
25
1

2011
74
81
45
109
64
64
45
40
3
3

2012
124
64
41
146
72
72
73
31
11
31

2013
154
26
53
40
142
82
82
60
26
15
19

2014
183
32
46
42
155
69
69
86
22
24
41

2015
221
41
38
38
181
62
62
119
18
36
65

2005
21
58
27
139
51
297
64
12

2006
88
236
100
0
425
392
1 240
296
340

2007
102
405
177
8
562
461
1 715
325
203

115
58
297

246
81
198
1 240

210
84
822
1 715

2005
13
3
10
21
7
16
100
116
109
144
35

2006
12
22
67
19
5
162
211
373
378
475
97

2007
22
28
154
148
1
181
153
334
335
347
12

2008
29
521
222
491
438
1 702
441
276
130
224
630
1 702

()


2008
69
15
207
46
77
170
170
93
7
28
73

. 22 31

24 2009 .

C.A.T. oil
C.A.T. oil
,
$ 5.32
57 %.

C.A.T. oil ,
. ,
C.A.T. oil

.
, EDC ,
C.A.T. oil.
,

, , 2014 . 24 %
. ,
2009 .,

2011 . .
,

.


18
16
14
12
10
8
6
4
2
0
.08

.08

.08

.08

.09

.09


Reuters
$
. $
EV . $
$
%

O2C
3.40
166
165
5.32
57%

, EBITDA
16 % 2009 . -
,
22.2 %. , C.A.T. oil
EBITDA
.


2009 . .

, C.A.T. oil 2009 .


( 2 ) 2008 .

.

CAT Holding (Cyprus) Ltd.


Templeton

2008 . 8
.

EV/EBITDA EV/S
2009-2010 . , ,
,
.

.08

. $

EBITDA

EV/EBITDA
EV/S
P/E

EBITDA

2007
307
69
31
1.9
0.4
4.1
22.3%
10.2%

2008
409
79
35
1.7
0.3
3.6

2009
286
46
8
2.9
0.5
16.4

19.3%
8.7%

16.0%
2.8%

%
60.0%
7.8%
32.2%

. 23 31

24 2009 .

C.A.T. oil Group


.
C.A.T. oil AG,
,
.
C.A.T. oil ,
, ,
.
-,
, 75 % .
Kazmunaygaz .
, 2006 .,
C.A.T. oil ,
80 % . IPO
. 2007 . C.A.T. oil
(2D/3D )
C.A.T. oil Geodata.

C.A.T. oil .
, ,
.
C.A.T. oil ,
.

.

CAToil-Drilling.
-
100% -
-BP.
,
, , ,
-BP, , .
,
.

CAToil 2007

1%

6%

5%

-BP
34%

12%

14%

28%

CAToil 2007 . $ 307 .


( 90 % ).

, , .

. 24 31

24 2009 .

,
.


Calfrac
3%
BJ
12%

Schlumberger
27%

Haliburton
12%

Trican
19%
C.A.T. oil
27%

15 .


Eurasia
8%

Integra
8%

Megion Service
3%

Schlumberger
37%

KGNP
5%
Pioneer
7%

OTO
16%

C.A.T. oil
16%
:

C.A.T. oil 13
30.09.2008 7 .
9 2008 . C.A.T. oil 2 211 , 21 % ,
.
C.A.T. oil ( 3- 2008 .
3 ).

. 25 31

24 2009 .
C.A.T. oil

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

2006

2007

2008

2009

2010
2011
2012

2013

2014


,
.
,
, ,
2014 .

61 % 24 %. ,
,
, (
90 %) .
, C.A.T. oil 2008-2014 .
$ 38 , .

C.A.T. oil, $
70
60
50
40
30
20
10
0
2008

2009

2010

2011

2012

2013

2014

: ,

. 26 31

24 2009 .

SWOT-


,
.

.

.


.

,
.





.

.

(
,
).

. 27 31

24 2009 .

DCF

. $

(%)
EBITDA
(%)
EBIT
(%)
-
NOPAT
+
-
()/ .

WACC
:
UST10 5
30 12 . , ..


D/(E+D)







WACC

46
23.4%
35
18%
12
23
11
-7
-70
-43

8.4%
4.4%
400
4.9%
1.0%
7.0%
1.75
1.86
8.4%
19.3%
15.0%
20.0%
12.0%
18.8%

2008
409
33%
72
17.7%
42
10%
1
40
31
-65
-15
-9

2009
286
-30%
46
16.0%
12
4%
2
10
34
-33
19
30

2010
316
10%
56
17.6%
23
7%
4
19
33
-36
-7
8

2011
363
15%
77
21.2%
45
12%
8
36
32
-35
-13
21

2012
409
13%
95
23.2%
63
15%
12
51
32
-34
-11
37

2013
462
13%
104
22.6%
73
16%
14
59
31
-34
-12
45

2014
516
12%
115
22.2%
84
16%
16
68
31
-33
-11
54

119
330
139
259
-1
260
49
5.32

3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%

17.3%
6.31
6.16
6.02
5.9
5.77
5.65
5.55

17.8%
6.07
5.94
5.81
5.7
5.58
5.47
5.37

(WACC)
18.3%
18.8%
19.3%
19.8%
5.85
5.6
5.46
5.28
5.73
5.5
5.35
5.18
5.61
5.4
5.25
5.09
5.5
5.3
5.2
5.0
5.40
5.2
5.07
4.92
5.30
5.1
4.98
4.84
5.20
5.0
4.90
4.76

20.3%
5.11
5.02
4.93
4.9
4.77
4.70
4.63


1.0%

2007
307
25%
69
22.3%
51
17%
15
37
17
-123
-12
-82

DCF




()

(.)
2009 ., $

18.8%
2.0%
20%

2006
245
25%
58
23.6%
47
19%
16
31
11
-84
-6
-48

(%)


WACC

2005
196

0.5%
0.5%
0.0%
0.0%
0.0%

, $ '000
50 000
10 000
1000
200
100
0 /

1.00
1.25
1.50
1.75
2.00
3.00

. 28 31

24 2009 .

C.A.T. oil


EBITDA

()



2005
196
150
11
35
46
2
4
37
12
2
23

2006
245
187
11
47
58
1
0
46
16
1
32

2007
307
238
17
51
69
1
7
46
15
31

2008
409
336
31
42
72
2
34
6
1
5

2009
286
241
34
12
46
2
10
2
8

2010
316
261
33
23
56
2
21
4
17

2011
363
286
32
45
77
2
42
8
34

2012
409
314
32
63
95
2
61
12
49

2013
462
357
31
73
104
2
71
14
57

2014
516
402
31
84
115
2
82
16
65

2005
14
40
37
4
40
10
130
7
12
7
6
94
130

2006
98
44
40
6
114
8
310
7
9
5
285
310

2007
22
67
59
24
233
12
416
37
12
10
13
343
416

2008
18
93
65
27
255
12
470
55
16
23
28
347
470

2009
48
72
50
29
249
13
461
37
17
23
28
355
461

2010
53
78
54
32
246
13
476
40
18
23
28
367
476

2011
63
88
61
35
242
14
503
45
19
23
28
389
503

2012
81
98
68
39
238
15
539
49
20
23
28
418
539

2013
102
109
75
43
235
16
579
56
21
24
29
449
579

2014
124
120
83
47
231
16
621
63
22
24
29
482
621

2005
35
12
11
18
16
7
11
4
19
14
5

2006
47
16
11
12
30
84
2
86
55
146
10
80

2007
51
15
17
25
29
123
123
94
12
82

2008
42
1
31
15
56
65
65
9
5
4

2009
12
2
34
19
62
33
33
30
1
31

2010
23
4
33
7
44
36
36
8
1
5
5

2011
45
8
32
13
56
35
35
21
1
12
10

2012
63
12
32
11
71
34
34
37
1
19
19

2013
73
14
31
12
79
34
34
45
1
26
21

2014
84
16
31
11
87
33
33
54
1
33
23

()


. 29 31

24 2009 .



Mcap

EV

EV/S
2009

SCHLUMBERGER LTD
TRANSOCEAN INC
HALLIBURTON CO
DIAMOND OFFSHORE DRILLING
BAKER HUGHES INC
SAIPEM
WEATHERFORD INTL LTD
NOBLE CORP
SMITH INTERNATIONAL INC

EDC

55 769
20 577
17 908
9 873
10 106
8 690
10 949
6 956
5 681

54 594
33 243
17 467
9 448
10 777
13 789
13 997
7 382
8 172

869

815

232

612

166

165

/, %
INTEGRA
/, %
C.A.T. oil
/, %

EV/EBITDA
2010

2.5
2.7
1.3
2.5
1.2
1.1
1.6
2.0
0.9
2.0
0.6
-71%
0.7
-65%
0.6
-72%

2009

2.5
2.6
1.3
2.5
1.2
1.1
1.5
2.0
0.9
2.0
0.4
-79%
0.6
-70%
0.5
-75%

8.4
4.9
5.9
4.1
5.6
7.3
6.8
3.0
6.7
6.5
4.3
-33%
6.0
-8%
3.6
-45%

P/E
2010

8.3
5.0
5.9
4.2
5.5
6.8
6.4
3.2
6.6
6.4
2.4
-63%
4.9
-23%
3.0
-54%

2009

2010

17.1
4.9
15.3
6.9
13.3
10.6
17.9
4.3
15.0
13.2
12.5
-5%
n/m
n/m
21.1
60%

17.5
5.1
15.1
7.0
13.6
10.7
15.9
4.7
14.5
13.3
4.4
-67%
n/m
n/m
10.1
-24%

: Bloomberg,


Mcap

EV

EV/S
2009

ABAN OFFSHORE LIMITED


WSP HOLDINGS LTD-ADR
HONGHUA GROUP
WILLBROS GROUP INC
LAMPRELL PLC
SAPURACREST PETROLEUM BHD
GREAT OFFSHORE LTD
SHANDONG MOLONG PETROLEUM-H

354
427
382
377
236
246
178
213

3 388
150
493
408
77
404
330
313

869

815

232

612

166

165


EDC
/, %
INTEGRA
/, %
C.A.T. oil
/, %

5.1
0.2
0.8
0.3
0.1
0.4
1.7
0.8
3.4
0.6
-83%
0.7
-79%
0.6
-83%

EV/EBITDA
2010

2009

3.8
0.2
0.6
0.3
0.2
0.4
1.2
0.6
2.5
0.4
-83%
0.6
-76%
0.5
-79%

8.5
1.2
4.8
3.2
1.0
3.2
4.1
4.6
6.6
4.3
-34%
6.0
-10%
3.6
-45%

P/E
2010

6.5
3.9
3.2
1.2
3.1
3.0
3.6
5.1
2.4
-54%
4.9
-4%
3.0
-42%

2009

2.4
6.0
5.3
7.0
4.0
6.5
4.8
4.1
5.1
12.5
145%
n/m
n/m
21.1
312%

2010

1.6
4.8
4.3
6.6
4.5
5.7
3.5
3.3
4.4
4.4
2%
n/m
n/m
10.1
131%

: Bloomberg,

, .
, EDC, C.A.T. oil
, EV/EBITDA EV/S, P/E.
, EDC, C.A.T. oil - c ,
, 2009-2010 .
, , , EDC, C.A.T. oil
-.

. 30 31

24 2009 .



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, . ,
, . , ,
. , , .
, , .
, , , . ,
/ , - . ,
, . , , . ,
, , . ,
.
, , - .
, .

. 31 31

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