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.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)