Saipem : Q3 results fall short of expectations, 2018 guidance confirmed
>Reduce recommendation maintained: Target price raised to € 4 - We reiterate our Reduce recommendation on the stock. We have only marginally adjusted our earnings sequence. We increase our target price to € 4 (vs € 3.8), still based on a SOP (offshore E&C € 2.5 / onshore E&C € 1 / offshore drilling € 1.03 / onshore drilling € 0.6 / net debt € 1.12). We remain cautious given the weight of offshore drilling assets (day rates under pressure) and the absence of provisions...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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