Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SAIPEM SPA. We currently have 9 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
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
Equity issue: rights terms
22 Jan 16
The subscription price for the new shares has been set at *€0.362 per share* on the basis of *22 new shares for 1 existing share*. The subscription price represents a 93% discount to the closing price on 21 January 2016 and a *37% discount to the theoretical ex-rights price (TERP)*. Calendar: * Offering Period: the option rights will be exercisable from 25 January 2016 to 11 February 2016; * Will be tradable 25 January 2016 to 5 February 2016. The completion of ENI’s 12.5% share to FSI is subject to market watchdog authorisation and should precede the start of the capital increase.
Equity issue: calendar
21 Jan 16
h1. The option rights: • Offering Period: the option rights will be exercisable from 25 January 2016 to 11 February 2016; • Will be tradable 25 January 2016 to 5 February 2016. The Board will meet on 21 January 2016 to discuss the terms of the offer, including the subscription price.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.