This is my first foray into evaluating a company outside of Singapore. This company was brought to my attention in a forum and because the format it reports its financials are similar to how Singapore companies report here; likely because its institutional shareholders are Singaporean linked companies, I was able to analyse the company easily.

Background of FTS International (FTSI)

FTSI is in the USA Fracking Industry. Its main business is the leasing of fracking units to oil exploration and production companies in the US Shale Oil industry (also known as Fracking). Their model is similar to rig companies who own the rigs and leases these rigs to oil exploration companies who are extracting oil in the sea.

FTSI financials can be found in this link, under “Current report filing” dated 12 Feb 2020. The group has only two full years of financial results because it IPO’d in 2018 to raise funds for