Petrofac : Fresh deterioration in earnings on the cards
>Neutral recommendation maintained and target price adjusted to 383p (vs 400p previously) - We maintain our Neutral recommendation and have adjusted our target price to 383p vs 400p. On the earnings front Petrofac has not hit bottom yet in our view given the problem contracts still in the backlog. We have therefore lowered our earnings expectations. The investigation conducted by the Serious Fraud Office (SFO) remains a real threat from a financial standpoint. Ov...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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