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Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Forum Energy Technologies  / Equity Bottom-Up

<ul><li>We are updating our estimates to reflect higher expected interest expense in 2Q24.</li><li>On the May 3, 2024, earnings call to discuss 1Q24 results, management indicated that 2Q24 interest expense would be ~$8 million.</li><li>Our previously published 2Q24 interest expense estimate was $7.1 million. </li></ul>

We are updating our estimates to reflect higher expected interest expense in 2Q24.On the May 3, 2024, earnings call to discuss 1Q24 results, management indicated that 2Q24 interest expense would be ~$8 million.Our previously published 2Q24 interest expense estimate was $7.1 million. 

Forum Energy Technologies, Inc. - Estimate Update

<ul><li>Variperm’s margin accretive impact on FET’s financial performance was clearly evident in the company’s 1Q24 results.</li><li>The acquisition, which closed in early January 2024, helped drive a 458-bp expansion in FET’s adjusted EBITDA margin in 1Q24, compared with 4Q23, and a 353-bp expansion Y/Y.</li><li>The acquisition significantly enhanced FET’s Downhole and Artificial Lift segment product portfolio, exposing FET to new markets.</li></ul>

Variperm’s margin accretive impact on FET’s financial performance was clearly evident in the company’s 1Q24 results.The acquisition, which closed in early January 2024, helped drive a 458-bp expansion in FET’s adjusted EBITDA margin in 1Q24, compared with 4Q23, and a 353-bp expansion Y/Y.The acquisition significantly enhanced FET’s Downhole and Artificial Lift segment product portfolio, exposing FET to new markets.

Forum Energy Technologies, Inc. - Technological Solutions That Improve Performance

United States

Matrix Service Company provides specialized on-site maintenance and construction services for petroleum refining and storage facilities, as well as water storage facilities for the private industry sector.  The Company's services include the maintenance, inspection, design, repair, and construction of aboveground storage tanks.

Natural Gas Services Group Inc manufactures, sells, and rents gas compression and low emissions flare systems.

Oil States International, Inc. provides specialty products and services to oil and gas drilling and production companies.  The Company supplies connection technology for offshore oil and gas development and production, distributes tubular goods, and furnishes hydraulic workover and well control services.  Oil States also provides remote site accommodations, catering, and logistics.

Ranger Energy Services, Inc. provides well site services and associated equipment. The Company offers well rigs, water transfer, plug and abandonment, wireline, fluid management and handling, snubbing, transportation, and equipment renting services. Ranger Energy Services operates in the States of Texas, Colorado, Wyoming, and North Dakota.

Mammoth Energy Services, Inc. operates as an oilfield service company. The Company offers services, including natural sand proppant, contract land and directional drilling, pressure pumping, flowback, equipment rental, and remote accommodation services. Mammoth Energy serves companies engaged in the exploration and development of onshore unconventional oil and gas reserves.

Geospace Technologies Corp designs and manufactures instruments and equipment used in the acquisition and processing of seismic data.  The Company markets its seismic instruments primarily to the oil and gas industry worldwide.  Geospace also designs and manufactures thermal imaging equipment and distributes dry thermal film products to the commercial graphics industry.

Gulf Island Fabrication, Inc. makes offshore drilling and production platforms and other specialized structures used in the development and production of offshore oil and gas reserves.  Products include jackets and deck sections of fixed production platforms, hull and deck sections of floating production platforms, piles, wellhead protectors, subsea templates, and various modules.

Smart Sand, Inc. provides industrial sand. The Company offers proppants sand products and renders logistics services. Smart Sand serves customers in North America.

SEACOR Marine Holdings Inc. operates a fleet of offshore marine support vessels. The Company offers crew transportation, platform supply, offshore accommodation, maintenance support, standby safety, and anchor handling and mooring services. SEACOR Marine Holdings serves the offshore oil and gas exploration and production industry.

TETRA Technologies, Inc. is an energy services company with an integrated chemicals operation that supplies feedstocks to energy, and other, markets. The Company markets chemical products and systems to the oil and gas industry for use in well completion and workover operations.  TETRA Technologies also provides on-site fluid engineering, fluid management, and filtration services.

Perdana Petroleum BHD provides offshore Marine and Integrated Brown Field Services for the upstream oil & gas industry.

Jindal Drilling & Industries Ltd. explores for and produces oil and gas properties in the offshore areas of India.

Wah Seong Corporation Berhad is an investment holding company. Through its subsidiaries, the Company provides pipe-coating services, manufactures spiral welded steel pipes, distributes building materials, installs metal roofing, produces plastic extrusion structural materials, assembles plastic doors and window frames, and provides industrial engineering services.

TOYO KANETSU K.K. manufactures conveyors and automated warehousing equipment used in distribution systems.  The Company also designs, manufactures, sells, and installs crude oil and liquefied natural gas (LNG) low-temperature tanks.

Anton Oilfield Services Group provides onshore oilfield services and products. The Company provides oilfield services and products in the areas of well, drilling, production, and field services.

PT Elnusa Tbk is an integrated oil services company. The Company, through its subsidiaries, offers services that include geophysical data, drilling, and oilfield services. Elnusa also offers information technology services to the oil industry as well as other industries.

Lanpec Technologies Limited develops, designs, produces and installs petroleum and petrochemical equipments. The company's main products are oil drilling machinery, oil refining and chemical equipment, offshore oil equipment and light industrial food machinery.

Shanghai SK Petroleum & Chemical Equipment Corporation Ltd. researches , develops, and manufactures petroleum exploration instrument and petroleum machinery.

Shandong Molong Petroleum Machinery Company Limited manufactures and sells petroleum extraction machinery and related accessories.  The Company's products include five main categories, namely, oil well pipes, oil well sucker rods, oil well pumps, oil well pumping machines, and other petroleum extraction machinery accessories.

Sevan Marine ASA manufactures equipment for the offshore oil and natural gas industry.  The Company designs and produces floating production and storage platforms.

Forum Energy Technologies, Inc. offers manufactured technologies and applied products to the energy industry. The Company designs, manufactures, and provides products and related services to the drilling and intervention sectors, as well as to the subsea services and construction sectors.

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Forum Energy Technologies (FET US)

Forum Energy Technologies, Inc. - Estimate Update

Our previously published 2Q24 interest expense estimate was $7.1 million. Our updated 2Q24 adjusted EPS estimate is $0.04 versus our prior $0.12...

Water Tower Research

Forum Energy Technologies, Inc. - Technological Solutions That Improve Performance

The acquisition, which closed in early January 2024, helped drive a 458-bp expansion in FET’s adjusted EBITDA margin in 1Q24, compared with 4Q23,...

Water Tower Research

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