Petrofac : Set for gradual margin recovery
>Neutral rating (target price of 75p) - With the margin ramp-up set to take longer than expected, tensions around the group’s financial situation could continue. Following the earnings release and conference call, we have lowered our 2023-2025 forecasts by 9%. In the sector, we think there are plenty of alternative names with solid balance sheets and better positioning to surf the energy security theme (Technip Energies to play the LNG theme and Subsea 7 or TechnipFMC...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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