2025-06-14-Jefferies-贝克休斯（BKR）_起亚瓦评论-_IET增长保持不变；OFSE和投资组合优化更新_8页_123kb

Baker Hughes (BKR) Equity Research Summary

Rating and Price Target: BUY, targeting $52 (up 33% from current price). Previous guidance reaffirms 60-80% FCF for shareholder returns.

Key Business Highlights:

• IET Growth: Strong positioning in data centers, with recent orders for 16 gas turbines supporting Frontier's projects (totaling ~270 MW). Company aims for $1.5bn+ in data center orders over three years.
• OFSE Update: Expected global spending decline in high-single digits mid-to-high, with NAM low-double-digit y/y reduction. Portfolio optimization focuses on reducing cyclicality and enhancing earnings durability.
• Recent Actions:
  • Sold Precision Sensors & Instrumentation (PSI) unit to Crane Company for ~$1.15bn after identifying it as non-core (limited recurring revenue potential).
  • Entered JV with Cactus to acquire majority ownership of Surface Pressure Control (SPC) product line for ~$344.5mn; SPC generates ~$598mn revenue and $87mn EBITDA.

Global Outlook: Downside pressure from spending declines; strategy emphasizes OPEX-driven and high-growth businesses to improve earnings resilience.

Valuation and Risks: Sum-of-parts valuation supports $52 price target. Key risks include slower activity growth, economic slowdowns, and oil-based business terminal value challenges. Analyst certifications confirm independent views per Jefferies guidelines.