Salini Impregilo : Spreads have improved faster than fundamentals. We stay away pending a tangible improvement in results
After several bouts of volatility, spreads on the 2021 and 2024 bonds normalised from early 2019 as Salini Impregilo submitted a prudent offer for Astaldi. Spreads went further down through the summer as Italy's largest engineering group released better-than-expected H1 results and the support of CdP and banks to the group became clearer, paving the way for a successful capital increase. Spreads are now back to their lowest since mid-2018 and trade at only a limited premium to th...Salini Impregilo is engaged in the water segment. Co. is organised according to the distribution of its activities into its various segments: Corporate, which is engaged in the coordination and supervision of Impregilo S.p.A.'s main investments; Construction, which consists of the business headed by Impregilo S.p.A.; Concessions, which consists of the business coordinated by Co.'s subsidiary, Impregilo International Infrastructures B.V. (the Netherlands) and carried out through subsidiaries, jointly controlled entities and associates; as well as Engineering & Plant Construction, which consists of the business headed by FISIA Italimpianti and FISIA Babcock Environment (Germany).
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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