Petrofac : Cost savings and cash preservation approved; pushing up the backlog will be more difficult
>Neutral rating maintained. Now that we have revised down our EBITDA sequence by 20%, our target price is 200p - We maintain our Neutral recommendation on the stock with an adjusted target price of 200p (vs 250p previously). This reduction comes after the downward revision to our EBITDA forecast (a fall averaging 20% for 2020-2022). Despite these adjustments, we think that Petrofac’s aim to increase the backlog could be harder to achieve than for the group’s comp...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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