Report
Baptiste Lebacq

Saipem : Q2 results miss, guidance more cautious than expected for 2020

>Reduce recommendation maintained (TP: € 2) - We maintain our Reduce recommendation (€ 2 target price) despite the -50% share price correction YTD. Q2 earnings came in below expectations, new writedowns in the offshore division were booked, and guidance is more cautious than what the consensus expected. The good news was that sales were brisk, so Saipem posted a solid order book. Conference call at 9:00 am.Q2 results below expectations, FCF -€ 219m - ...
Underlying
Saipem S.p.A.

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Baptiste Lebacq

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