Report
Baptiste Lebacq

Maurel et Prom : H1 2020 sales down 38%, impairments of $ 460-500m

>Neutral rating maintained – target price € 2 - Following the H1 2020 sales release, we maintain our Neutral rating on the share. As at peers, the newsflow is likely to be less sustained due to a reduced exploration programme and furthermore we do not believe that the stock could harbour speculative appeal given Pertamina's 71.29% stake in the capital. The market is likely to focus on the group’s capacity for resilience, even though it can count on support from its re...
Underlying
Etablissements Maurel & Prom SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Baptiste Lebacq

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