Maurel et Prom : Impact of adjustments in 2020 very much in evidence
>Neutral rating maintained, target adjusted to € 2.2 (updated oil scenario) - Following M&P's 2020 results and, importantly, in the context of our new oil scenario (Brent at $ 60 in 2021-22 vs $ 50 in 2020 and $ 55 in 2022), we have upped our earnings sequence and raised our DCF-derived target price to € 2.2 (vs € 2). We are sticking with our Neutral rating on the stock. The group has successfully navigated the recent market trough and substantially cut its breakeven....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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