SBM Offshore : H1 2020 publication topped expectations, guidance revised marginally up
>Buy recommendation: a model of resilience - We reiterate our Buy recommendation on the stock, with a target price of € 18. As expected, positioning on the Lease&Operate (L&O) business is a real differentiation factor relative to other oil services players. The stock is clearly outperforming our sector sample (-16 % YTD vs -50% on average!). The publication is reassuring and the marginal adjustment of guidance should reassure the market, even though at this stage the...SBM Offshore is a holding company. Co. provides floating production solutions to the offshore energy industry, over the full product life-cycle. Co.'s main activities are the design, supply, installation, operation and life extension of floating production, storage and offloading (FPSO) vessels. Other products include semi-submersibles, tension-leg platforms, floating production storage and offloading liquefied natural gas, turret mooring systems, brownfield and offshore (off) loading terminals. As of Dec 31 2015, Co.'s fleet consisted of 10 FPSOs, two floating storage and offloadings, one mobile offshore production unit, one semisubmersible in operation worldwide.
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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