Baker Hughes Company
Thesis
Baker Hughes is transitioning from a cyclical oilfield services company to a higher-quality energy infrastructure and services platform. The market is undervaluing its durable infrastructure demand driven by LNG expansion and recurring high-margin services. With a 3-year target price of $108/share, this represents a 63% upside including dividends and a ~20% IRR.
Did it work?
The pitch set a 3-year target of $108/share (~63% upside), and only 5 months have elapsed — well under half the stated horizon. The +3.9% return is directionally consistent with the long thesis but is modest interim noise, far short of the target, and no specific catalyst (e.g., LNG expansion driving re-rating or a breakdown in infrastructure demand) has been decisively confirmed or invalidated yet.