Saipem : A strategy which is (yet) to be clarified for drilling
>Reduce recommendation with a target price adjusted to € 4.2 - We reiterate our Reduce recommendation on the stock. After the factoring in of the 2018 results publication and the integration of guidance, we have revised up our EPS estimates. Our revised target price stands at € 4.2 and remains based on a sum-of-the-parts valuation. We remain cautious given a strategy which is still very vague concerning drilling activities whilst the calendar for the offshore drilling...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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