Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SAIPEM SPA. We currently have 11 research reports from 1 professional analysts.
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Soft order intake in Q1 17
21 Apr 17
Q1 17 revenues were €2.3bn (-20% yoy), somewhat below consensus (at €2.4bn). The adjusted EBIT came in at €122m (-14% yoy), above consensus. The adjusted net profit was €54m (-12% yoy), in line with consensus expectations. Net debt was €1.6bn, rising from €1.45bn at the end of 2016 due to working capital changes. The guidance 2017 has been confirmed: • Revenues: ~€10bn; • EBITDA: ~€1bn; • Net profit: >€200m (including c. €30m restructuring costs); • Capex: ~€400m; • Net debt: ~€1.4bn.
Guidance for 2017 confirmed
23 Feb 17
Q4 16 revenues were €2.1bn (-32% yoy), below consensus (at €2.5bn). The adjusted EBIT came in at €103m (-43% yoy), also missing consensus at €127m. The adjusted net profit was €26m (vs. €54m in Q4 15, consensus at €51m). The net debt was at €1.5bn, in line with guidance and down from €1.7bn in Q3. The market outlook and the guidance 2017 have been confirmed: • Revenues: ~€10bn; • EBITDA: ~€1bn; • Net profit: >€200m (inc. c. €30m restructuring costs); • Capex: ~€400m; • Net debt: <€1.4bn.
Strategic plan 2017-20
26 Oct 16
Saipem announced its new divisional structure: • Offshore Construction; • Onshore Construction; • Offshore Drilling; • Onshore Drilling; • Engineering High-Value Services, focusing on feasibility studies, pre-FEED, FEED and PMC. Q3 16 results: revenues were €2.6bn (-15% yoy). The adjusted EBIT came in at €155m (+8% yoy), beating consensus estimates of €136m. The adjusted net profit was €60m (vs. €47m in Q3 15), slightly below consensus at €65m. Saipem reported write-downs of €1,981m, sinking the reported net result to a €1,978m loss. Net debt was €1.7bn (down from €2.0bn in Q2). Guidance 2017 has been released for the first time: • Revenues: ~€10bn; • EBITDA: ~€1bn; • Net profit: >€200m (inc. c. €30m restructuring costs); • Capex: ~€400m; • Net debt: <€1.4bn. Guidance 2016 has been confirmed: • Revenues: ~€10.5bn; • EBIT: ~€600m; • Net profit: ~€250m; • Capex: ~€400m; • Net debt: ~€1.5bn.
Q2 16 beats estimates but profit warning for 2016
27 Jul 16
Q2 16 results: revenues were €2.4bn (+4% yoy). The adjusted EBIT came in at €182m (vs. a €638m loss in Q2 15), beating consensus estimates of €157m. The adjusted net profit was €79m (vs. -€686m in Q2 15), above consensus of €67m. Net debt was €2bn (a slight decrease from Q1). By segment: • E&C Offshore contributed €137m at the EBIT level (vs. -€183m in Q2 15), beating our estimate of €58m; • E&C Onshore posted €9m (missing our estimate); • Drilling Offshore EBIT was again €63m (-3% yoy but flat qoq), slightly above our expectations; • Drilling Onshore brought an adjusted EBIT loss of €9m (vs. a €20m profit in Q2 15) again largely due to idle asset costs in South America. 62 out of 100 rigs are in the region, incl. 28 in Venezuela, unchanged from Q1. Guidance 2016 has been revised: • Revenues: ~€10.5bn (vs. > €11bn previously); • EBIT: ~€600m (vs. > €600m); • Net profit: ~€250m (vs. ~€300m), below consensus of €264m; • Capex: cut to ~€400m (vs. ~€500m); • Net debt: ~€1.5bn (vs. < €1.5bn).
Guidance for 2016 confirmed, €200m additional savings
27 Apr 16
Q1 16 results: revenues were €2.8bn (-6% yoy). The EBIT came in at €179m (+13% yoy), beating consensus estimates at €113m. Net profit was €61m (-21% yoy), above consensus at €43m. Net debt was at €2bn (decreasing from €5.4bn at end-2015 thanks to the capital increase). By division: • E&C Offshore contributed €104m to EBIT (vs. €69m in Q1 15), beating our estimate of €58m; • E&C Onshore has been positive again, at €10m (in line with our estimate); • Drilling Offshore EBIT came in at €63m (-27% yoy), slightly above our expectations; • Drilling Onshore EBIT was €2m (vs. €22m in Q1 15 and a €8m loss in Q4 15), missing our estimate (€18m), and being affected by idle asset costs in South America (62 out of 100 rigs are in the region, including 28 in Venezuela). Guidance 2016 confirmed: • Revenues: > €11bn • EBIT: > €600m, above consensus at €503m • Net profit: ~€300m, above consensus at €256m • Capex: ~€500m • Net debt: < €1.5bn
Confirming guidance for 2016; restructuring on track (but not escalated yet)
24 Feb 16
Q4 15 results: the adjusted EBIT came in at €182m, above consensus estimates at €132m. The net income was €60m, slightly above consensus. By division: • E&C Offshore contributed €124m to EBIT in Q4 (beating our estimate at €55m); • E&C Onshore broke even (vs. a €30m expected EBIT loss); • Drilling Offshore (EBIT at €63m, -36% yoy) was in line; • Drilling Onshore took a €8m loss at the EBIT level (vs. an expected positive €22m). Guidance 2016 confirmed: • Revenues: > €11bn • EBIT: > €600m, above consensus at €520m • Net profit: ~€300m, above consensus at €245m • Capex: ~€500m • Net debt: < €1.5bn
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)