Maurel et Prom : Priority to growth which does not prevent the payment of the first dividend for five years
>Neutral recommendation maintained, target price adjusted to € 4.5 - We maintain our Neutral recommendation on the stock. Maurel and Prom has resumed initiatives in terms of 1/ M&A, notably in Venezuela and Angola (pending approval from the authorities) and remains on the lookout for new targets and 2/ organic growth with the launch of a more robust drilling programme. Pertamina was diluted a first time after the issuance of new Rockover shares and could be further di...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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