Petrofac : Economies de coûts et préservation du cash validées, la remontée du backlog sera plus difficile
>Opinion Neutre maintenue. Post baisse de 20% de notre séquence d’EBITDA, notre OC ressort désormais 200p - Nous maintenons notre recommandation Neutre sur le titre avec un objectif de cours ramené à 200 p (vs 250 p avant). Cette baisse fait suite à l’ajustement à la baisse de nos attentes du côté de l’EBITDA (repli moyen de 20 % sur 2020/2022). Les ajustements se mettent en place, cependant nous pensons que l’objectif d’une remontée du carnet de commandes pourra...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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