Petrofac : SFO investigations = a major brake on operational performance
>Neutral recommendation maintained and target price adjusted to 400p - Although the ongoing investigation by the serious fraud office (possible corruption charges) has yet to reach its conclusion, its impact on order intake (and thus on future sales) is starting to be felt. The book-to-bill of 0.7x is very low in H1 and commercial negotiations are taking longer than was previously the case. We have revised down our forecasts following the publication, and our target...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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