Saipem : Expanding backlogs can sometimes be a problem
>The risk/reward profile is not attractive enough, Reduce rating maintained (€ 1.9 target price) - We maintain our Reduce recommendation on the stock. Despite yesterday's correction and the fact that Saipem has largely underperformed its sector since the start of the year, we do not think that the risk/reward profile offers enough appeal to come back to the stock at this stage. Based on the Q2 2020 figures, we have lowered our EPS sequence. Our new SOTP-derived target...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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