Petrofac : The SFO investigation remains a sword of Damocles
>Neutral rating and target price adjusted to 130p while the SFO continues to act as a drag - We are maintaining our Neutral recommendation with a revised target price of 130p. The investigation (opened in 2017) led by the Serious Fraud Office (SFO) continues to act as a drag, notably on order intake momentum, and is having an impact on the earnings. Despite a decline of almost 10% in the share price since early 2021, the risk/reward does not seem appealing to us in th...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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