Saipem : A painful cycle
>Reduce rating, € 1.6 target price (vs € 1.9) - In a sector where visibility has just significantly deteriorated, we maintain our cautious stance on the stock, with a target price lowered to € 1.6 (vs € 1.9).We have adjusted our earnings sequence and we are now 3% below the 2021 consensus (EBITDA consensus € 833m). Like its competitors, Saipem is trying to diversify beyond the oil sector, however, we think that the group’s exposure to the drilling segment (t...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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