Expro Earnings: We Raise Our Fair Value Estimate by $2 Due to an Improved 2024 Outlook

No-moat Expro International Group posted decent second-quarter financial results, with revenue increasing 22% quarter over quarter to $470 million from $383 million. Adjusted EBITDA jumped 40% sequentially to $95 million from $68 million. The company’s North and Latin America and Europe and Sub-Saharan Africa segments drove overall revenue increases, while higher revenue and better activity mix across all segments propelled higher companywide EBITDA. We’re encouraged by these trends. We also increase our fair value estimate to $24 per share from $22 after updating our forecast for the firm's higher full-year revenue guidance and refining its full-year EBITDA guidance.