Saipem : Set to remain exposed to drilling (one way or another)
>Reduce recommendation maintained, target price € 4.2 - We are maintaining our Reduce recommendation on the stock. The scenario involving a straightforward disposal of the drilling division (onshore / offshore) seems to be receding, with the focus now being on a partnership-based solution for these two segments. We think this limits the prospect of a sharp acceleration in the group’s deleveraging and renewed shareholder returns (2012 was the last time). We are leaving...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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