Petrofac : Encore trop tôt pour jouer la lumière au fond d’un (long) tunnel
>Recommandation Neutre (OC 75 p) - Le ramp-up des marges va prendre plus de temps qu’escompté créant ainsi des tensions qui pourraient perdurer autour de la situation financière du groupe et il demeure de nombreux contrats à renégocier avant de retrouver une base totalement assainie du carnet. Post publication et conférence call, nous avons abaissé nos attentes du côté de l’EBIT 23/25e de 25 % afin d’intégrer un ramp-up plus lent dans la division E&C. Il ex...Petrofac is a holding company. Co. is engaged as a service provider to the oil and gas production and processing industry. Co. designs, builds, operates and maintains oil and gas facilities. Co. has three segments: Engineering & Construction, which provides engineering, procurement and construction project execution services to the onshore and offshore oil and gas industry; Engineering & Production Services, which includes engineering and production services activities to the oil and gas industry; and Integrated Energy Services, which provides an integrated service for clients, with projects that cover upstream developments project, related energy infrastructure projects, and investment.
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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