SBM Offshore : Q1 2020 trading update: we’re still afloat
>Ruling the waves in our stock hierarchy - SBM's Q1 2020 trading update was reassuring and the small adjustment to its 2020 guidance lends weight to our rating. The group boasts exceptionally good visibility within the sector through its positioning in FPSO leasing. While it is not completely immune to the slowdown in oil group capex, the L&O segment will play a cushioning role.Our target price is still based on an SOTP model. With a decline of 32.8% YTD, SBM is ...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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