Saipem : Adjustment yet to be defined
>Reduce rating, € 2 target price (vs € 2.2) - Following the publication of Q1 2020 results, we once again adjust our EBITDA sequence by 9% for 2020-2022. We notably factor in stronger pressure in drilling as well as a slowdown in the order intake, which will affect top line momentum (and by extension earnings). We understand that the current environment makes it difficult to update the guidance, though certain rivals have been more willing to “go out on a limb†in thi...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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