Maurel et Prom : Impairments de 474 M$ et FCF >0 sur le S1 2020
>Recommandation Neutre inchangée - Nous maintenons notre recommandation Neutre sur le titre avec un OC de 2 €. Le groupe avait déjà annoncé dans le cadre de la publication de l’activité du S1 2020 qu’il allait passer des impairments entre 460 et 500 M$, suite notamment à l’ajustement de son scénario pétrolier (à l’image de ce qu’ont fait les majors du secteur). Le montant de 474 M$ est donc sans surprise. Notre OC est obtenu via DCF. Impairments de 4...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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