reports
Saipem Spa: 3 directors
A director at Saipem Spa bought 40,000 shares at 1.283EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
- Julian Dobrovolschi
- Wim Gille
ODDO BHF Small & MIDCAP MORNING NEWS - 06/01/2022
After a rough patch during the crisis and with key players having now validated its urban and industrial sludge treatment technology, Orège is starting on a new growth phase (2025 sales of € 24.7m est. vs € 2.3m in 2021). The ramp-up should see a significant improvement in its operating performances (€ 6.7m of EBITDA in 2025 or 24.5% of sales). We are initiating coverage on Outperform with a target price of € 1.7. - ...
- Baptiste Lebacq
Saipem : Divestment in onshore drilling, another stage in the restruct...
>Sale of the onshore drilling activity to KCA Deutag - Saipem has announced the signature of an agreement with KCA Deutag for the sale of all of its onshore drilling activities for $ 550m (i.e. around € 514m) and a stake of 10% in KCA Deutag (post-finalisation of the deal). All told, with this deal Saipem has divested a portfolio of 83 onshore rigs, essentially in operation in the Middle East and the Americas. This activity concerns 4,000 people on the Saipem sid...
- Julian Dobrovolschi
- Wim Gille
ODDO BHF Small & MIDCAP MORNING NEWS - 01/06/2022
Après une période difficile pendant la crise et alors que des acteurs clés ont désormais validé sa technologie de traitement des boues urbaines et industrielles, Orège entame une nouvelle phase de croissance (CA de 24.7 M€e en 2025 vs 2.3 M€ en 2021). Le ramp-up devrait permettre une nette amélioration des agrégats financiers (6.7 M€ d’EBITDA en 2025 soit 24.5% du CA). Nous initions à Surperformance avec un OC de 1.7 €. - ...
- Baptiste Lebacq
Saipem : Cession forage onshore, une étape supplémentaire pour la rest...
>Cession de l’activité forage onshore à KCA Deutag - Saipem a annoncé avoir signé un accord avec KCA Deutag afin de lui céder l’intégralité de ses activités de forage Onshore pour 550 M$ (soit environ 514 M€) et une participation de 10 % dans KCA Deutag (post finalisation de l’opération). Au total, via cette opération Saipem cède un portefeuille de 83 rigs onshore essentiellement en opération au Moyen-Orient et aux Amériques. Cette activité concerne 4000 personne...
- Fehmi Ben Naamane
BFIT BASIC-FIT NV
WTB WHITBREAD PLC
CEN GROUPE CRIT SA
MERY MERCIALYS SA
FII LISI SA
SPM SAIPEM S.P.A.
CCL CARNIVAL PLC
ROYAL VOPAK NV
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
ALVDM VOYAGEURS DU MONDE SA
CSM CORBION NV
COFA COFACE SA
VLTSA VOLTALIA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
VRLA VERALLIA SAS
NA9 NAGARRO
MTRK MOTORK LTD
- Fehmi Ben Naamane
BFIT BASIC-FIT NV
WTB WHITBREAD PLC
CEN GROUPE CRIT SA
MERY MERCIALYS SA
FII LISI SA
SPM SAIPEM S.P.A.
CCL CARNIVAL PLC
ROYAL VOPAK NV
ALVIV VISIATIV SA
SLIGR SLIGRO FOOD GROUP N.V.
SEFER SERGEFERRARI GROUP SA
SHOT SCANDIC HOTELS GROUP
ALVDM VOYAGEURS DU MONDE SA
CSM CORBION NV
COFA COFACE SA
VLTSA VOLTALIA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
VRLA VERALLIA SAS
NA9 NAGARRO
MTRK MOTORK LTD
- Baptiste Lebacq
Saipem : Q1 driven by offshore E&C, but FCF remains negative
>Underperform rating maintained - We are sticking with our Underperform recommendation (target price € 1.17). Q1 2022 results came is below expectations but FCF remains strongly negative. At this stage of the new super cycle exacerbated by the energy security theme, we think that other players are better positioned (care must be taken not to lose key expertise as a result of the new cost saving measures).A conference call is scheduled for 10 a.m. ...
- Baptiste Lebacq
Saipem : Un T1 drivé par l’E&C offshore, mais un FCF qui reste négatif
>Recommandation Sous-performance maintenue - Nous maintenons notre recommandation Sous-performance (OC 1.17 €). Les résultats du T1 22 sont ressortis au-dessus des attentes, mais le FCF reste fortement négatif. A ce stade de ce nouveau super-cycle exacerbé par le thème de l’Energy Security, nous pensons que d’autres acteurs restent mieux positionnés (attention de ne pas perdre des compétences clefs suite aux nouvelles mesures d’économies de coûts).Conférence cal...
- Ahmed Ben Salem
- Baptiste Lebacq
- Jean-François Granjon
ODDO : From the cold war to the war of cold
Like the Lend-Lease policy enacted during the Second World War to provide friendly countries with weapons and equipment without intervening directly in the conflict, the US is offering to largely stand in for imports of Russian gas. LNG, in particular produced in the US, therefore seems to have a bright future with an entire chain needing to be built. Within this framework, we prefer Shell and Total Energies, OCTG manufacturers like Vallourec as well as oil services players such ...
- Ahmed Ben Salem
- Baptiste Lebacq
- Jean-François Granjon
ODDO : De la guerre froide à la guerre du froid
A l’image du prêt bail mis en place lors de la seconde guerre mondiale afin de fournir aux pays amis du matériel de guerre sans intervenir directement dans le conflit, les Etats-Unis se proposent de se substituer en grande partie aux importations de gaz russe. Le GNL, notamment américain, semble donc promis à de beaux jours avec toute une chaîne à construire. Dans ce cadre, nous privilégions Shell et Total Energies, les tubistes comme Vallourec ainsi que les acteurs de services p...
- Ahmed Ben Salem
- Charlotte Vaisse
- Emira Sagaama
- Fatma Agnès Hamdani
- Marc Lavaud
- Ahmed Ben Salem
- Charlotte Vaisse
- Emira Sagaama
- Fatma Agnès Hamdani
- Marc Lavaud
- Baptiste Lebacq
Saipem : A little patience
>Underperform rating maintained - The group presented yesterday its definitive 2022 results (it had announced the main items at the end of February) and more importantly the terms and conditions of its refinancing, which will be carried out via a capital increase guaranteed by its shareholders and banks. We maintain our Underperform rating on the stock and have factored in the first information on the refinancing. At this stage of the new super cycle exacerbated by t...
- Baptiste Lebacq
Saipem : Un peu de patience
>Opinion Sous-performance maintenue - Le groupe a présenté hier ses résultats définitifs 2022 (il avait communiqué les principaux éléments fin février) et surtout les modalités de son refinancement qui se fera via une augmentation de capital, opération qui est garantie par ses actionnaires et les banques. Nous conservons notre recommandation Sous-performance sur le titre et avons intégré les premiers éléments de ce refinancement. A ce stade de ce nouveau super-cycle ...
- Emmanuel Matot
NXI NEXITY SA CLASS A
KORI KORIAN SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
A1XA4J CARBIOS SA
ERA ERAMET SA
SPM SAIPEM S.P.A.
AIXA AIXTRON SE
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
PAT PATRIZIA AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ONTEX ONTEX GROUP N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
FFARM FORFARMERS
TL5 MEDIASET ESPANA COMUNICACION SA
IDR INDRA SISTEMAS S.A. CLASS A
HOME NEINOR HOMES SA
PIRC PIRELLI & C. S.P.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
LOCAL SOLOCAL GROUP
- Emmanuel Matot
NXI NEXITY SA CLASS A
KORI KORIAN SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
A1XA4J CARBIOS SA
ERA ERAMET SA
SPM SAIPEM S.P.A.
AIXA AIXTRON SE
WIE WIENERBERGER AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
TL5 MEDIASET ESPANA COMUNICACION SA
IDR INDRA SISTEMAS S.A. CLASS A
HOME NEINOR HOMES SA
PIRC PIRELLI & C. S.P.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
LOCAL SOLOCAL GROUP
- Baptiste Lebacq
Saipem : Preliminary results pending the presentation on 16 March
>EBITDA loss of € 1,192m for 2021 - This morning Saipem published preliminary results for 2021 (as a reminder, the group announced, at end-January, that it had encountered a number of difficulties on the contracts in its backlog notably in offshore wind and onshore E&C). Sales were € 6,875m (66.4% y-o-y) and EBITDA was negative at -€ 1,192m.Order intake was € 7.2bn (book-to-bill of 1.04) revealing a backlog of € 22.7bn (and € 24.6bn including unconsolidated ...
- Baptiste Lebacq
Saipem : Résultats préliminaires dans l’attente du rendez-vous le 16 m...
>EBITDA en perte de 1192 M€ sur 2021 - Saipem a publié ce matin ses résultats préliminaires pour 2021 (pour rappel le groupe avait annoncé fin janvier qu’il rencontrait de nombreuses difficultés sur des contrats dans son backlog notamment en éolien offshore et en E&C Onshore). Le CA ressort à 6875 M€ (66.4% YoY) et l’EBITDA à -1192 M€.Les prises de commandes ressortent à 7.2 Md€ (Book to bill 1.04) faisant ainsi ressortir un backlog de 22.7 Md€ (et 24.68 Md€...
Saipem : Any more nasty surprises in store?
Following implementation problems on several contracts, Saipem has announced a major profits warning for the end of 2021. These difficulties, combined with an inflationary environment, are expected to have a lasting impact on order book margins, which will weigh on the group's credit metrics. In this context, Saipem is forced to take measures to bolster its financial position. In this Special Comment, we detail the various solutions that could be considered. - - - - - - - - >§...
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