Etablissements Maurel et Prom S.A.

Etablissements Maurel et Prom is engaged in the oil and gas industry. Co. is engaged in mainly two activities: exploration and production of oil and gas; and oil drilling. The goal of the exploration business is to discover exploitable accumulations of hydrocarbons. It includes geological and geophysical studies, acquisition and seismic processing as well as exploratory drilling. Co. operates in 12 countries and 4 continents, including Colombia, Peru, France, Italy, Congo, Tanzania, Gabon, Namibia, and Mozambique. Co. is also engaged in a project of gold exploration in Mali. As of Dec. 31 2013 Co. had close to 100,000 sq. km of exploration areas in 12 countries on 4 continents.
  • TickerMAU
  • ISINFR0000051070
  • ExchangeEuronext Paris
  • SectorOil & Gas Producers
  • CountryFrance

Increased risk weighs on MAUREL ET PROM, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of MAUREL ET PROM (FR), active in the Exploration & Production industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date September 15, 2020, the closing price was EUR 1.59 and its target price was estimated at EUR 1.36.

Baptiste Lebacq

Maurel et Prom : Impairments of $ 474m and FCF >0 in H1 2020

>Neutral recommendation unchanged - We maintain our Neutral recommendation on the stock, with a target price of € 2. The group had already announced in the context of the H1 2020 trading update that it would book impairments of between $ 460m and $ 500m, following notably, the adjustment of its oil scenario (in line with what the majors in the sector have done). The $ 474m figure therefore comes as no surprise. Our target price is obtained via a DCF valuation. §r...

Matthieu DRIOL

Analyse court terme - MAUREL ET PROM : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 4,00 €. La tendance baissière serait remise en cause au-dessus de 5,85 €.

Matthieu DRIOL

Short term view - MAUREL ET PROM : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €4.00. The bearish trend would be challenged above €5.85.

Matthieu DRIOL

Analyse court terme - MAUREL ET PROM : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 4,000 €, puis 3,770 €. Le franchissement de 5,850 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - MAUREL ET PROM : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €4.000, then €3.770. Passing €5.850 would question the continuation of the fall.

Matthieu DRIOL

Analyse moyen terme - MAUREL ET PROM : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 3,200 €, puis 2,260 €. Le franchissement de 6,704 € remettrait en cause la suite de la baisse.

Baptiste Lebacq

Maurel et Prom : Impairments of $ 474m and FCF >0 in H1 2020

>Neutral recommendation unchanged - We maintain our Neutral recommendation on the stock, with a target price of € 2. The group had already announced in the context of the H1 2020 trading update that it would book impairments of between $ 460m and $ 500m, following notably, the adjustment of its oil scenario (in line with what the majors in the sector have done). The $ 474m figure therefore comes as no surprise. Our target price is obtained via a DCF valuation. §r...

Baptiste Lebacq

Maurel et Prom : Impairments de 474 M$ et FCF >0 sur le S1 2020

>Recommandation Neutre inchangée - Nous maintenons notre recommandation Neutre sur le titre avec un OC de 2 €. Le groupe avait déjà annoncé dans le cadre de la publication de l’activité du S1 2020 qu’il allait passer des impairments entre 460 et 500 M$, suite notamment à l’ajustement de son scénario pétrolier (à l’image de ce qu’ont fait les majors du secteur). Le montant de 474 M$ est donc sans surprise. Notre OC est obtenu via DCF. Impairments de 4...

Baptiste Lebacq

Maurel et Prom : H1 2020 sales down 38%, impairments of $ 460-500m

>Neutral rating maintained – target price € 2 - Following the H1 2020 sales release, we maintain our Neutral rating on the share. As at peers, the newsflow is likely to be less sustained due to a reduced exploration programme and furthermore we do not believe that the stock could harbour speculative appeal given Pertamina's 71.29% stake in the capital. The market is likely to focus on the group’s capacity for resilience, even though it can count on support from its re...

Baptiste Lebacq

Maurel et Prom : S1 en repli de 38 %, enveloppe de dépréciations entre 460/500 M$

>Opinion Neutre maintenue, OC 2 € - A la suite de la publication du CA du S1 2020, nous maintenons notre recommandation Neutre sur le titre. A l’image de ses pairs, le newsflow devrait être moins soutenu compte tenu d’un programme d’exploration réduit et nous ne pensons pas que le titre puisse afficher un aspect spéculatif étant donné la participation de 71.29% de Pertamina dans le capital. Le marché devrait se focaliser sur la capacité de résilience du groupe, même s...

Baptiste Lebacq

Maurel et Prom : Code name “Resilience” vis transparency

>Neutral rating, target price adjusted to € 2 - At the conference call that followed the publication of its 2019 results (see First Take of 1 April 2020), the group demonstrated a very high level of transparency. The message on the adjustments put in place was very well argued and quantified to stress that the group should be able to cope with these new market conditions.After publication, we adjusted our sequence of earnings estimates to integrate, in particula...

Baptiste Lebacq

ODDO BHF Small & MIDCAP MORNING NEWS - 07/23/2020

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Baptiste Lebacq

ODDO BHF Small & MIDCAP MORNING NEWS - 23/07/2020

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Anis Zgaya ...
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Jean-François Granjon
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/02/2020

We have drastically revised our scenario for growth of the semiconductor market in 2020 to -10% vs +5%. We believe it is set to collapse in Q2. Although we expect (in this sector at least) a V-shaped recovery (2021 forecast raised to +13% vs +8%), the negative news flow is still to come. Some segments (automotive, industry) will be harder hit than others (networks, servers, storage, etc.). On average we have revised down our 2020e EPS forecasts by -37% and those for 2021 by -24%, and ...

Increased risk weighs on MAUREL ET PROM, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of MAUREL ET PROM (FR), active in the Exploration & Production industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date September 15, 2020, the closing price was EUR 1.59 and its target price was estimated at EUR 1.36.

Florian Béchaz

Etablissements Maurel et Prom - Assemblée Générale des actionnaires du 13 Juin 2019

Proxinvest s'oppose aux renouvellements ou nominations d'administrateurs en lien avec PIEP en raison d'un Conseil majoritairement composé de membres non-indépendants. Nous recommandons cependant le renouvellement de Denie Tampubolon, en raison de la légitimité de PIEP de pouvoir porter sa voix au Conseil. La rémunération du Président du Conseil au titre de l'exercice 2018 est bien supérieure à la médiane (151%) des dirigeants non-exécutifs des 250 premières sociétés cotées françaises (résolution 11). A fortiori, nous ne pouvons soutenir sa politique de rémunération proposant une augmentation ...

Jehanne Leroy

Etude de l'AG du 12/09/2017

Faute de quorum, l'assemblée générale du 22 juin 2017 n'a pas pu délibérer sur les résolutions 6 à 10, relatives aux conventions réglementées. Les actionnaires sont donc convoqués sur seconde convocation pour se prononcer sur ces résolutions.

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