Saipem : Too much uncertainty regarding situation in Mozambique
>Deteriorated visibility due to the situation in Mozambique - We maintain our Underperform recommendation despite a YTD performance of -8%. The lack of visibility regarding the impact of the situation in Mozambique should continue to act as a drag on the stock. Following this Q1 2021 results publication and the conference call, we have adjusted our EBITDA forecasts by -10% (on average) for 2021-2023, depending on the indications on developments in the Mozambique...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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