Reiterating Saipem Outlook as Cost-Cutting Offsets Lower Oil and Gas Activity
We are reiterating our Saipem outlook and fair value estimate of EUR 3.50 per share after a deeper consideration of recent developments affecting the company. Overall, despite a still-challenging overall industry environment, Saipem is holding the line on financial performance. The company’s 2017 first-half EBITDA margins of 11.4% were only slightly below 2016 first-half margins of 12.7%, despite 13% lower revenue. Management expects performance to improve over the second half of 2017, owing to ...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.
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