Horos Value Internacional on Expro Group Holdings N.V.
Thesis
Horos increased Expro after its share price came under pressure despite results that contained no major surprises. The acquisition of Enhanced Drilling adds pressure-management technology for well drilling to Expro's portfolio. Management expects margins above 30% for the acquired product set, which Horos believes can be scaled through Expro's global platform. The fund used part of the proceeds from trimming TGS to add to this position.
“it adds a new high-margin product to its portfolio—Expro Group projects margins above 30%—that it can scale through its global platform.”
Key risks
- Execution and integration risk around the Enhanced Drilling acquisition