Saipem : A symbolic return to shareholders, a first since 2013
>Reduce rating unchanged (target price € 4.2) - We maintain our Reduce rating on the stock. We have trimmed our EPS sequence to factor in a slower-than-initially-expected recovery in the contribution from drilling and a slightly higher tax rate. Our target price is unchanged. Indeed, the impact of the variations in our new estimates on operating results is offset by the faster reduction in the group’s net debt. We still prefer to play offshore pure players s...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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