Our 12-month target of $56, up $3, reflects an 8.6x multiple of EV to projected 2025 EBITDA, slightly below SLB’s historical average. We think a discount is merited due to SLB having around $2.1B in debt maturing by 2025. We cut our 2024 EPS view by $0.01 to $3.53, but lift 2025’s by $0.54 to $4.23. While we think that SLB could face crude oil headwinds with Middle East customers (most notably Saudi Arabia) in the near term, we think that there are long-term tailwinds that SLB could benefit from within Saudi Arabia as the Kingdom looks to grow its natural gas output by 60% from 2021 levels by 2030, which could lead to an uptick in demand for SLB’s services, in our view, given its historic success in the region. In addition, we see near-term opportunities for SLB with respect to carbon capture and sequestration (CCS), as the company is actively participating in more than $400M of CCS tenders globally, which could lead to future long-term contracts for carbon capture and aid in margin expansion, in our view.