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Baker Hughes' Bottoms Up Valuation Is Uglier Than Halliburton's

Baker Hughes delivered a solid Q3. Revenue was off 5% Q/Q while EBITDA actually increased 17%.

BHI's valuation has received the benefit of its pending merger with Halliburton.

Standalone BHI is worth $26 or 50% less than its current price.

Ever since Baker Hughes (NYSE:BHI) experienced a 31% sequential decline in Q1 revenue -- including a 39% decline in North America -- I have looked askance on the company's business prospects. I even suggested its merger with Halliburton (NYSE:HAL) would not get done because the company was a broken property.

Source: Shock...