Petrofac : Getting back on track takes time
>Neutral recommendation unchanged - The group's strategy is based around three goals: Rebalance/ Reshape/ Rebuild, an indispensable condition is now an acceleration in the order intake, which would be proof that confidence has been restored among clients. We revised down our 2022e-2024eEBIT estimates by 30% on average.At this stage, and despite the stock’s underperformance ytd (around -10% vs the rest of our E&C sample excl. Saipem), we maintain our Neutral reco...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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