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  "documentTitle": "Core Laboratories (CLB)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2017-05-08 00:00:00",
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      "text": "Our EPS/EBITDA estimates for 2017/2018 are ~3%/-10% below Street consensus. We expect strong top-line growth from North American onshore activity (~30%-35% of current revenues), but this will be partially offset by headwinds from offshore activity (~40% of revenues). However, we still expect CLB's ROIC to recover to the 30%-35% range by 2018 (still ahead of peers) vs ~20% today.",
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      "text": "Our EPS/EBITDA estimates for 2017/2018 are ~3%/-10% below Street consensus. We expect strong top-line growth from North American onshore activity levels (~30%-35% of current revenues), but this will be partially offset by headwinds from offshore activity (~40% of revenues).",
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      "text": "UBS Initiation of Coverage report pages",
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      "text": "Of course, the sell side is confused. UBS mistakenly thinks U.S. shale is 30-35% of revenues.",
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      "text": "Of course, the sell side is confused. UBS mistakenly thinks U.S. shale is 30-35% of revenues. — Greenlight Capital",
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      "text": "Source: UBS Initiation of Coverage, Core Laboratories NV, December 13, 2016.",
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