Maintaining Saipem FVE After Reviewing Recent Results
We are maintaining our Saipem fair value estimate of EUR 3.50 per share after reviewing the company’s recent results. Our no-moat rating also remains in place.Saipem delivered solid third-quarter results, with adjusted EBITDA margins rising to 11.8% versus 11.4% for the first half of the year. This improvement was driven chiefly by a rebound in performance by the floaters business from negative to positive margins, although management expects a shift in project mix (toward the loss-generating K...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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