Bill Nygren valora su inversión en National Oilwell Varco (en inglés)

Os dejo los comentarios de Bill Nygren sobre unas de las inversiones que tengo en cartera, National Oilwell Varco.

National Oilwell Varco (NOV) is a leading oil service company with dominant share in deep water drilling. I wouldn’t waste much ink trying to argue this is a fantastic business, but because of strong market share, over a cycle NOV has earned a decent return on capital. Right now the oil industry has pulled back on drilling, especially deep water drilling. But NOV has a very strong balance sheet and the stock sells for less than book value. We expect the price of oil to be higher five years from now and with a higher commodity price, also expect higher drilling activity. When that activity returns, NOV is highly likely to capture its share, and again earn a high return on invested capital. Importantly, the strong balance sheet gives it the ability to not only survive the current environment, but to opportunistically take advantage of companies that don’t enjoy an equally strong financial position. As we wait for a drilling recovery, NOV should remain decently profitable from its aftermarket business, so even in a tough environment we expect book value per-share to continue growing.

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