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.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.