Saipem's turnaround efforts will be especially challenging given the weak industry conditions.
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...
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