Petrofac : Still too early to play the light at the end of a (long) tunnel
>Neutral rating (target price 75p) - The ramp-up in the margins should take longer than expected, thus creating tensions that could persist around the group’s financial situation. Moreover, many contracts are still to be re-negotiated before returning to a completely healthy base for the backlog. Following the publication and conference call, we have lowered our 2023-25e EBIT forecasts by 25% to factor in a slower ramp-up on the E&C division. There are a nu...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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