Petrofac : An unexpected capital increase
>Neutral recommendation, target price of 130p confirmed - The group announced at the time of H1 2021 results release that it intended to proceed with a capital increase. The latter seems surprising to us as we thought that the group was (at least partly) in a position to pay the fine imposed by the SFO. Should we read into this a risk of a pushing back of potential orders and a risk of cash burn in the coming quarters? At this stage, we maintain our Neutral recommenda...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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