Petrofac : Visibility fading due to the SFO investigation
>Neutral recommendation: the SFO investigation should continue to act as a drag - We maintain our Neutral recommendation on the stock. The investigation conducted by the Serious Fraud Office (SFO) remains a real threat from a financial standpoint. Moreover, the initial commercial effects are already beginning to make themselves felt with commercial discussions becoming more difficult and taking longer to conclude. Our target price is based on a sum-of-the-parts valuat...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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