Maurel et Prom : Impairments of $ 474m and FCF >0 in H1 2020
>Neutral recommendation unchanged - We maintain our Neutral recommendation on the stock, with a target price of € 2. The group had already announced in the context of the H1 2020 trading update that it would book impairments of between $ 460m and $ 500m, following notably, the adjustment of its oil scenario (in line with what the majors in the sector have done). The $ 474m figure therefore comes as no surprise. Our target price is obtained via a DCF valuation. §r...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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