Saipem is a global contractor with local presence in Africa, Central Asia, America, the Middle East and South East Asia. Co. provides engineering, procurement, construction and installation services; and engineering, procurement and construction services to the oil and gas industry, both onshore and offshore, with a focus on projects, including activities in remote areas, in deep waters and on projects that involve difficult gas or crude supplies.
  • TickerSPM
  • ISINIT0005252140
  • SectorOil Equipment, Services & Distribution
  • CountryItaly
Laure Nottet

Saipem : Enhanced liquidity despite mixed results

Saipem returned to the bond market at the beginning of July 2020 to issue a € 500m bond under its EMTN programme. With a coupon of 3.375%, the bond matures in 2026. Thanks to this issue, Saipem strengthened its liquidity, which was weakened by the deterioration of its results in H1 2020. - - - - - - - - - - > - - - ...

Laure Nottet

Saipem : Une liquidité renforcée malgré des résultats mitigés

Saipem est revenu sur le marché obligataire début juillet 2020 pour émettre une souche de 500 m EUR dans le cadre de son programme EMTN. Assortie d’un coupon de 3.375%, elle arrive à échéance en 2026. Grâce à cette opération, Saipem a renforcé sa liquidité qui a été fragilisée par la dégradation des résultats au S1 2020. - - - - - - - - - - > - - - ...

Saipem: 1 director bought

A director at Saipem bought 110,000 shares at 1.763EUR and the significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

Matthieu DRIOL

Short term view - SAIPEM : The trend is bullish.

The trend is bullish. The current fall looks like a consolidation. The support at €4.378 could cause a bullish reaction towards €4.928. The break of €4.186 would endanger the trend.

Matthieu DRIOL

Analyse court terme - SAIPEM : La tendance est haussière.

La tendance est haussière. La baisse en cours s'apparente à une consolidation. Le support à 4,378 € pourrait relancer le mouvement haussier vers 4,928 €. La rupture de 4,186 € mettrait la tendance en danger.

Matthieu DRIOL

Short term view - SAIPEM : The trend is bullish.

The trend is bullish. The current fall looks like a consolidation. The support at €4.378 could cause a bullish reaction towards €4.928. The break of €4.186 would endanger the trend.

Matthieu DRIOL

Analyse court terme - SAIPEM : La tendance est haussière.

La tendance est haussière. La baisse en cours s'apparente à une consolidation. Le support à 4,378 € pourrait relancer le mouvement haussier vers 4,928 €. La rupture de 4,186 € mettrait la tendance en danger.

Matthieu DRIOL

Medium term view - SAIPEM : The trend is uncertain.

The trend is uncertain. Prices have recovered and they are starting to display convincing strength. A new bullish trend is attempting to emerge.

Saipem: 1 director bought

A director at Saipem bought 110,000 shares at 1.763EUR and the significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board membe...

Baptiste Lebacq

Saipem : Expanding backlogs can sometimes be a problem

>The risk/reward profile is not attractive enough, Reduce rating maintained (€ 1.9 target price) - We maintain our Reduce recommendation on the stock. Despite yesterday's correction and the fact that Saipem has largely underperformed its sector since the start of the year, we do not think that the risk/reward profile offers enough appeal to come back to the stock at this stage. Based on the Q2 2020 figures, we have lowered our EPS sequence. Our new SOTP-derived target...

Baptiste Lebacq

Saipem : Les hausses de backlogs peuvent parfois être pernicieuses

>Risk/Reward trop peu attractif, opinion Alléger maintenue (OC 1.9 €) - Nous maintenons notre recommandation Alléger sur le titre. Malgré la correction d’hier et une nette sous-performance boursière par rapport à son secteur depuis le début de l’année, nous jugeons, à ce stade, que le risk/reward est encore trop peu attractif pour revenir sur le titre. A la suite de cette publication nous avons ajusté à la baisse notre séquence de BPA. Notre nouvel OC (obtenu toujours...

Baptiste Lebacq

Saipem : Q2 results miss, guidance more cautious than expected for 2020

>Reduce recommendation maintained (TP: € 2) - We maintain our Reduce recommendation (€ 2 target price) despite the -50% share price correction YTD. Q2 earnings came in below expectations, new writedowns in the offshore division were booked, and guidance is more cautious than what the consensus expected. The good news was that sales were brisk, so Saipem posted a solid order book. Conference call at 9:00 am.Q2 results below expectations, FCF -€ 219m - ...

Baptiste Lebacq

Saipem : Résultats T2 < attentes et guidance plus prudente qu’attendu pour 2020

>Recommandation Alléger maintenue (OC 2 €) - Nous maintenons notre recommandation Alléger (OC 2 €) sur le titre malgré la correction boursière (-50% YtD). Les résultats du T2 sont en-dessous des attentes, de nouvelles dépréciations sur la division offshore ont été enregistrées et la guidance est plus prudente que ce qu’attendait le consensus. La bonne nouvelle est venue d’une activité commerciale soutenue qui permet ainsi à Saipem d’afficher un carnet de commandes sol...

Baptiste Lebacq ...
  • Philippe Ourpatian

ODDO : Are we headed for value convergence in offshore wind?

Increased competitiveness in onshore wind and photovoltaic projects will prompt integrated electricity firms to transition to offshore wind where installed capacity expansion is forecast at 20.7% per year out to 2030 and value creation is still significant. Enhanced renewable energy multiples will also benefit other players in the offshore industry (machine suppliers, cable makers, oil services providers, etc.). Among our Top Picks to play this theme, we would highlight EDF, Engi...

Laure Nottet

Saipem : Enhanced liquidity despite mixed results

Saipem returned to the bond market at the beginning of July 2020 to issue a € 500m bond under its EMTN programme. With a coupon of 3.375%, the bond matures in 2026. Thanks to this issue, Saipem strengthened its liquidity, which was weakened by the deterioration of its results in H1 2020. - - - - - - - - - - > - - - ...

Laure Nottet

Saipem : Une liquidité renforcée malgré des résultats mitigés

Saipem est revenu sur le marché obligataire début juillet 2020 pour émettre une souche de 500 m EUR dans le cadre de son programme EMTN. Assortie d’un coupon de 3.375%, elle arrive à échéance en 2026. Grâce à cette opération, Saipem a renforcé sa liquidité qui a été fragilisée par la dégradation des résultats au S1 2020. - - - - - - - - - - > - - - ...

Laure Nottet

Saipem : Mieux armé pour affronter une nouvelle crise

Après avoir enregistré une performance opérationnelle satisfaisante et une nette amélioration de ses indicateurs de crédit en 2019, Saipem entame l’exercice 2020 avec un carnet de commandes extrêmement élevé. Cependant, la chute du prix du pétrole depuis le début de l’année va conduire à une réduction drastique des investissements dans le secteur pétrolier ces prochains mois. Ainsi, l’exécution du carnet devrait prendre plus de temps que prévu initialement et pourrait être affect...

Laure Nottet

Saipem : Better positioned to weather a new crisis

After reporting satisfactory operating results and a significant improvement in its credit metrics in 2019, Saipem enters 2020 with an extremely high order book. However, the fall in oil prices since the beginning of the year will lead to drastic spending cuts in the oil sector in the coming months. Thus, the execution of the backlog should take longer than initially expected and could be affected by operating woes related to the health crisis. However, Saipem is currently benefi...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 18/11/2019 - Merck KGaA - EN

Merck KGaA (O/P): Raises Its 2019 Targets SEB - Skandinaviska Enskilda Banken (O/P): Investigation of Money Laundering Cases Grand City Properties (M/P) - 9M-19: EBITDA of €220.0m (+8%) OHL (U/P) - 9M-19: EBITDA of €40m (Compared To -€468m On 9M-18) Icade (M/P): Acquisition of Confluent Group For €194m Volkswagen (O/P): Investment Plan of Nearly €60bn Over 5 Years (2020-2024) Saipem (O/P): Considers A Merger With Its Norwegian Competitor Subsea 7 Fitch Affirms The Ratings of Intesa Sanpaolo (O/P), Unicredit (O/P) And UBI Banca ...

Alfred Glaser ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Martial Descoutures
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Roland Pfaender,MBA,CFA,CCRA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/24/2020

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Increased risk weighs on SAIPEM, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of SAIPEM (IT), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title still shows 1 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 July 24, 2020, the closing price was EUR 2.22 and its target price was estimated at EUR 1.72.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Saipem – AGM 29 April 2020

In item 4, the AGM is called to appoint the members of the Board of Statutory Auditors on slates of nominees submitted by shareholders holding, even jointly, at least 1.0% of the share capital. Two slates have been submitted, respectively by the controlling shareholders Eni and CDP (sub-item 4.1) and a group of institutional investors (sub-item 4.2).  One of the institutional investors that submitted the slate of nominees is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note that these partners do not provide consulting services...

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