Saipem : Saipem to be the main winner from the merger with Subsea7, if...

Saipem announced earlier this week that it is planning on merging with Subsea7. The news, albeit surprising, is positive in our view as it will create a bigger and global player in the offshore space, representing around 83% of the combined group’s EBITDA. Also, it will have a positive impact on Saipem’s margins, as Subsea7 has stronger margins of around 16% (vs around 9% for Saipem). While not stated at the moment, a spin-off of the onshore segment post-transaction is not to be excluded given t...

Saipem : Saipem to be the main winner from the merger with Subsea7, if...

Saipem announced earlier this week that it is planning on merging with Subsea7. The news, albeit surprising, is positive in our view as it will create a bigger and global player in the offshore space, representing around 83% of the combined group’s EBITDA. Also, it will have a positive impact on Saipem’s margins, as Subsea7 has stronger margins of around 16% (vs around 9% for Saipem). While not stated at the moment, a spin-off of the onshore segment post-transaction is not to be excluded given t...

Credit Morning 02/26/2025

Mobilux : reassuring Q2 results|Altarea: a more marked recovery towards the end of the financial year|Thyssenkrupp Elevator: a new stage in the refinancing of the debt and a new shareholder|Worldline: 2024 results slightly below guidance, disappointing outlook for 2025 and hiring of a new CEO|

Morning Crédit 26/02/2025

Mobilux : des résultats T2 rassurants|Altarea : une reprise plus marquée vers la fin d’exercice|Thyssenkrupp Elevator : une nouvelle étape dans le refinancement de la dette et un nouvel actionnaire|Worldline : résultats 2024 légèrement inférieurs à la guidance, perspectives décevantes pour 2025 et nomination d’un nouveau CEO|

ODDO BHF Small & MIDCAP MORNING NEWS – 02/26/2025

ODDO BHF Small & MIDCAP MORNING NEWS – 26/02/2025

Saipem : 2024 results and outlook in line with expectations

Saipem : Résultats 2024 et perspectives en ligne avec les attentes

Saipem : Saipem 7: reliance on Saipem in terms of share performance th...

Saipem and Subsea 7 announced a plan for a merger of equals to create Saipem 7, the world leader in subsea services. While this appears to be an attractive deal, we think that a real risk exists in terms of antitrust approval. A merger parity has been set (6.688 Saipem shares for 1 Subsea 7 share) which means that Subsea 7’s share performance is now correlated to that of Saipem (for which we have identified two risky contracts). The deal is expected to be completed within 18 months, meaning a lo...

Saipem : Saipem7 : dépendance boursière à Saipem que nous jugeons trop...

Saipem et Subsea 7 annoncent leur souhait de procéder à une fusion entre égaux pour créer Saipem 7, le leader mondial sur le métier du Subsea. Si cette opération peut sembler attirante, nous pensons qu’un véritable risque réside du côté des autorités antitrust. Une parité de fusion a été fixée (6.688 actions Saipem pour 1 Subsea 7) rendant ainsi l’évolution du cours de Bourse de Subsea 7 corrélée à celui de Saipem (chez qui nous avons identifié deux contrats à risque). L’opération devrait être f...

Credit Morning 02/24/2025

THOM Group: Q1 results in line with expectations, Q2 seems to be off to a good start.|Just East Takeway: Prosus to launch bid for 100% of share capital|Teva: positive Phase 2b results for the divakitug drug, launch of Phase 3 in H2 2025|Saipem: proposal to merge with Subsea7|

Morning Crédit 24/02/2025

THOM Group : des résultats T1 conformes aux attentes, le T2 semble bien débuter|Just East Takeway : Prosus lance une offre de rachat sur 100% du capital.|Teva : données positives de phase 2b pour le médicament divakitug, lancement de la phase 3 au S2 2025|Saipem: proposal to merge with Subsea7|

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/24/2025

ODDO BHF Small & MIDCAP MORNING NEWS – 02/24/2025

ODDO : Saipem 7: tie-up between Subsea7 and Saipem

ODDO BHF Small & MIDCAP MORNING NEWS – 24/02/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/02/2025

ODDO : Saipem 7 : rapprochement entre Subsea7 et Saipem

Credit Morning 02/11/2025

Q1 25: Good LfL growth and adj. EBIT increase; guidance confirmation|Coty: new warning but profitability still up in Q2 and deleveraging path confirmed|

Morning Crédit 11/02/2025

Q1 25: Good LfL growth and adj. EBIT increase; guidance confirmation|Coty : nouveau warning à l’issue du T2, mais rentabilité en hausse et baisse du levier confirmée|