FreeSLB6 min read
Why SLB screens cheap on FCF
SLB
Delayed
The thesis
Capital discipline is finally structural, and FCF yields reflect disbelief.
Inventories are drawing faster than the curve implies — backwardation tells the story.
What I'm watching
- crude inventory draws
- crack spreads
- A clean move through the level I flag below
Positioning
Long on SLB, 2-10 weeks horizon. Conviction: Low. A demand scare hits the whole complex — defined risk.
Opinion, not investment advice. The author may or may not hold positions discussed.
Opinion. The author may or may not hold positions discussed. Not advice. Not a financial promotion approved under FSMA s.21. Quote data is delayed. Past performance is not a reliable indicator of future results.
Comments
1 commentReading this again with hindsight. The risk section aged nicely.