Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SAIPEM SPA. We currently have 10 research reports from 1 professional analysts.
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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
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.