SLB N.V.

“SLB is a structurally sound, moat-protected business generating ~$4.5B in annual free cash flow with a credible digital upsell story, but 2025 earnings deterioration (EPS -24% to $2.35), ChampionX-related dilution, and a price near the top of its 52-week range leave virtually no margin of safety at $55.46. Probability-weighted 5-year returns of 8-10% annually are adequate but not compelling enough to displace higher-conviction opportunities; a pullback to the $40-45 range would represent a genuine entry point.”