Maurel et Prom : A robust balance sheet that could finance an M&A shift
>Neutral recommendation reiterated and target price lifted to € 4.5 - The 2023 results benefited from maintained tight financial discipline in a context of high oil prices. The balance sheet is no longer an issue and enables M&A initiatives to resume (following Gabon’s pre-emption on the Assala oil assets that M&P was targeting). we reiterate our Neutral rating on the stock and lift our target price to € 4.5 (DCF and SOTP). As a reminder, the group is 71.1%-owned by ...Etablissements Maurel et Prom is engaged in the oil and gas industry. Co. is engaged in mainly two activities: exploration and production of oil and gas; and oil drilling. The goal of the exploration business is to discover exploitable accumulations of hydrocarbons. It includes geological and geophysical studies, acquisition and seismic processing as well as exploratory drilling. Co. operates in 12 countries and 4 continents, including Colombia, Peru, France, Italy, Congo, Tanzania, Gabon, Namibia, and Mozambique. Co. is also engaged in a project of gold exploration in Mali. As of Dec. 31 2013 Co. had close to 100,000 sq. km of exploration areas in 12 countries on 4 continents.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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