Saipem : Q1 driven by offshore E&C, but FCF remains negative
>Underperform rating maintained - We are sticking with our Underperform recommendation (target price € 1.17). Q1 2022 results came is below expectations but FCF remains strongly negative. At this stage of the new super cycle exacerbated by the energy security theme, we think that other players are better positioned (care must be taken not to lose key expertise as a result of the new cost saving measures).A conference call is scheduled for 10 a.m. ...Saipem is a global contractor with local presence in Africa, Central Asia, America, the Middle East and South East Asia. Co. provides engineering, procurement, construction and installation services; and engineering, procurement and construction services to the oil and gas industry, both onshore and offshore, with a focus on projects, including activities in remote areas, in deep waters and on projects that involve difficult gas or crude supplies.
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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