· Elnusa has managed to secure as much as US$310.0mn in new contracts or around Rp2.79tn. 73.3% of the contracts will be worked this year, while the remaining balance will be carried to next year.
· This year the company targets Rp4.46tn in revenues, where 62.3% will come from upstream oil&gas operations and 32.3% will come from geoscience segment.
· However many projects have been postponed, making capex utilization currently only at 50.0%.The company has delayed several plans to purchase geoscience equipment. However it still plans to increase capex next year to US$100.0mn from US$70.0mn budgeted this year. The company plans to increase revenue coming from the seismic sector.
· ELSA is trading at 2011F PER consensus of 8.6x.
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