Saipem : “Don’t cry for me Argentina†- the outlook for engineering is still favourable
>Reduce recommendation maintained, target price raised to € 4.4 due to deleveraging - After the publication of the Q3 2019 results, we are adjusting our sequence of earnings estimates to factor in a slower- than-initially-expected rise in margins, particularly for the drilling divisions. The group is continuing to work on desensitising the drilling businesses. However the length of this cycle trough on this market segment does not seem to facilitate the finalisation o...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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