>>did you know that June, July and August were all record months from a completions fluids point of view? that represents a LOT of
sales...growth in that business is hovering near 6-8% in a down market..<<
You have not read the TTI report (or news release), haven't you? Even they claimed slow on sales for CaCl2 last qtr. It will not get better this qtr since the oil price is heading lower. Please provide the source of your claimed 6~8% growth :)
The only hope IS: either we have a war on any of the oil producing country in near term, or OPEC cut the production and boast the price up. Otherwise, the offshore drilling is not profit and no one in Golf will need the CaCl2...
Someone mentioned asset palying here. Let me point out that, unlike oil producing company, TTI does not own a piece of oild well or land (hence the right) to drill. SO there is no actuall assets that is depreciated or discounted in the market.
I am firm on PE of 10. It could head even lower depends on market. On the other hand, pay attention on TTI's day sales outstanding and inventory turn over. It appears to me they are head into south... Not a good sign, espcially for a company in seasonal business.