Petrofac Ltd.

Petrofac is a holding company. Co. is engaged as a service provider to the oil and gas production and processing industry. Co. designs, builds, operates and maintains oil and gas facilities. Co. has three segments: Engineering & Construction, which provides engineering, procurement and construction project execution services to the onshore and offshore oil and gas industry; Engineering & Production Services, which includes engineering and production services activities to the oil and gas industry; and Integrated Energy Services, which provides an integrated service for clients, with projects that cover upstream developments project, related energy infrastructure projects, and investment.
  • TickerP2F
  • ISINGB00B0H2K534
  • ExchangeFrankfurt Stock Exchange
  • SectorOil Equipment, Services & Distribution
  • CountryJersey
Baptiste Lebacq

Petrofac : Cost savings and cash preservation approved; pushing up the backlog will be more difficult

>Neutral rating maintained. Now that we have revised down our EBITDA sequence by 20%, our target price is 200p - We maintain our Neutral recommendation on the stock with an adjusted target price of 200p (vs 250p previously). This reduction comes after the downward revision to our EBITDA forecast (a fall averaging 20% for 2020-2022). Despite these adjustments, we think that Petrofac’s aim to increase the backlog could be harder to achieve than for the group’s comp...

Baptiste Lebacq

Petrofac : Economies de coûts et préservation du cash validées, la remontée du backlog sera plus difficile

>Opinion Neutre maintenue. Post baisse de 20% de notre séquence d’EBITDA, notre OC ressort désormais 200p - Nous maintenons notre recommandation Neutre sur le titre avec un objectif de cours ramené à 200 p (vs 250 p avant). Cette baisse fait suite à l’ajustement à la baisse de nos attentes du côté de l’EBITDA (repli moyen de 20 % sur 2020/2022). Les ajustements se mettent en place, cependant nous pensons que l’objectif d’une remontée du carnet de commandes pourra...

PETROFAC LTD. reduces its risk exposure and slightly improves to Neutral

The independent financial analyst theScreener just allocated a lower risk rating to PETROFAC LTD. (GB), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly improved and can be qualified as moderately risky. theScreener considers that these elements merit an overall rating upgrade to Neutral. As of the analysis date May 22, 2020, the closing price was GBp 166.75 and its expected value was estimated at GBp 189.69.

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/20/2020

...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Geoffroy Michalet
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/20/2020

...

Baptiste Lebacq

Petrofac : Cost savings and cash preservation approved; pushing up the backlog will be more difficult

>Neutral rating maintained. Now that we have revised down our EBITDA sequence by 20%, our target price is 200p - We maintain our Neutral recommendation on the stock with an adjusted target price of 200p (vs 250p previously). This reduction comes after the downward revision to our EBITDA forecast (a fall averaging 20% for 2020-2022). Despite these adjustments, we think that Petrofac’s aim to increase the backlog could be harder to achieve than for the group’s comp...

Baptiste Lebacq

Petrofac : Economies de coûts et préservation du cash validées, la remontée du backlog sera plus difficile

>Opinion Neutre maintenue. Post baisse de 20% de notre séquence d’EBITDA, notre OC ressort désormais 200p - Nous maintenons notre recommandation Neutre sur le titre avec un objectif de cours ramené à 200 p (vs 250 p avant). Cette baisse fait suite à l’ajustement à la baisse de nos attentes du côté de l’EBITDA (repli moyen de 20 % sur 2020/2022). Les ajustements se mettent en place, cependant nous pensons que l’objectif d’une remontée du carnet de commandes pourra...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/20/2020

...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Samantha Jeary
  • Sebastien Malafosse
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/04/2020

...

Baptiste Lebacq

ODDO : Schlumberger’s Q1 2020 results publication: Chainsaw massacre

>Schlumberger’s Q1 2020 publication validates our choice of stocks - Schlumberger's Q1 2020 results came out in line with expectations, however as the company points out, Q2 2020 will be the most uncertain in the history of oil services. This publication highlights the risks on the asset impairment side (as a reminder, Tenaris recently acquired IPSCO's US subsidiary at the beginning of the year, and the risk issue is likely to materialise on the seismic side, where th...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Geoffroy Michalet
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/20/2020

...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Geoffroy Michalet
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 20/04/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Anis Zgaya
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 03/24/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Samantha Jeary
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/24/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Anis Zgaya
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir

ODDO BHF Small & MIDCAP MORNING NEWS - 24/03/2020

...

PETROFAC LTD. reduces its risk exposure and slightly improves to Neutral

The independent financial analyst theScreener just allocated a lower risk rating to PETROFAC LTD. (GB), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly improved and can be qualified as moderately risky. theScreener considers that these elements merit an overall rating upgrade to Neutral. As of the analysis date May 22, 2020, the closing price was GBp 166.75 and its expected value was estimated at GBp 189.69.

Philip Morrish

Value Indicator - UK Basic Resources 30122019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis fof the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 30122019

Currently '(TM) Value Indicator - Main Market' is a value analysis of the Basic Resources, Construction & Materials, Telcoms and Utilities sectors of quoted companies on The London Stock Exchange's Main market that provides the user with indicative long-term trading indicators and indicative target prices. The publication is also available on request at

Philip Morrish

Value Indicator - UK Basic Resources 23122019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 23122019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term tagrte prices.

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