12/04/ · Hello Guys, Saipem is a long trade / first target at Bullish divergence on price oscillator and strong volumes are supporting several long If you want to search for job opportunities in Saipem, please refer to the “Careers” area of the Saipem web site or the official Saipem LinkedIn page and be careful about any other kind of unofficial requests. In the event you are asked by unauthorized individuals/entities on behalf of Saipem to disclose your personal or financial data or Saipem is Technical Partner for Italy at Expo Dubai, edition dedicated to sustainability and innovation. We look forward to seeing you from October 1, to March 31, A space dedicated to all-around insights to present in a simple way our complex themes and get to know us even more closely
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Saipem S. OTCPK:SAPMY offers engineering, drilling, and construction of major projects in the energy and infrastructure sectors. The LNG-related activities will be the key to keeping it going in the medium-term, although the low natural gas price will keep growth potential muted for now. With relatively low debt repayment obligation, I think the stock is likely to offer robust returns in the medium-to-long-term.
In so far, increased offshore drilling in the Middle East, Far East, Sub-Saharan were the key growth drivers. Despite the steady crude oil price, saipem forex, many offshore projects continue to linger. Slow recovery and depressed pricing in the offshore drilling will not saipem forex margin to expand anytime soon.
Although its relative valuation multiples are saipem forex to look cheap, I do not think the stock can produce attractive returns in the short-term. Let us discuss a couple of the most significant offshore projects for Saipem in recent times. In August, it announced participation in a joint venture in the Arctic LNG2 project in Russia, saipem forex, which includes the saipem forex of three LNG trains, with a capacity of 6.
The second noteworthy project for this category would be the Nigeria LNG, for which the company has signed a letter of intent. Scarabeo 9, the semi-submersible drilling rig, will move to offshore Romania after it underwent preparation works. So, it did not contribute much to the top line in Q3. Scarabeo 7 and Scarabeo 5 are either being marketed or will soon be used for support activities for Eni E. The company is looking to finalize contracts with the client.
So, these vessels will be actively working when the market recovers. Because full recovery in the offshore segment has not materialized yet after the crude oil price crash, we see large SURF subsea umbilicals, risers, saipem forex, and flowlines contracts are phasing out, while the large awards have been saipem forex awaiting further rebound in the crude oil price. The legacy contracts are slowly being phased out.
The saipem forex in margin reflects new contract rates being lower than the contracts received before the downturn started, saipem forex. However, the investors should note that onshore production growth has outpaced offshore production growth in nearly the past decade.
EIA also estimates that eight new saipem forex projects will come online in and four more in As of September 30,the company owned 82 onshore rigs, saipem forex, which has remained steady in so far. The Saipem forex East saw more rigs being added in December compared to the saipem forex of the year. Earlier, Saipem initiated a three-year strategic planwhich included additional cost cuts, improved efficiency, a new organizational model, and the creation of a new entity for value-added engineering activities.
It continues to face hurdles from high carry contracts completions in the offshore business and the activity slowdown in the saipem forex business due to country-specific situations. The Offshore Drilling was the best-performing segment by top-line in Q3 Higher volumes in the Middle East, Far East, Sub-Saharan were the key growth drivers in Q3. I have already discussed some of the key offshore and onshore projects above in the article. As a result of these projects, saipem forex, the company increased its commitments to around EUR 19 billion excluding the non-consolidated Arctic LNG 2 backlogwhich translates into a book-to-bill ratio of 1.
However, it updated the capex and net debt forecast. Lower capex can increase free cash flows, saipem forex, while lower net debt indicates a more robust balance sheet. Saipem forex cash flow fell even more sharply during this period due to higher capex in 9M compared to a year ago.
Although its free cash flow decreased, the company has sufficient liquidity to meet its short-term contractual obligations. However, it should be more cautious about free cash flow generation in meeting its financial obligations in the medium-to-long term. Saipem is currently trading at an EV-to-adjusted EBITDA multiple of ~5. So, saipem forex, it is currently trading at a slight discount to its past average.
I think the trading multiples are beginning to look undervalued at this level. I have used estimates provided by Seeking Alpha in this analysis. According to a news report by Bloomberg, Saipem is considering a combination with Subsea 7 SA OTCPK:SUBCY. Although the management has not commented on anything about the potential deal so far, the stock market has saipem forex reacted much to saipem forex news.
SUBCY provides subsea field development products and services to energy companies around the world. A couple of notable changes took place for Saipem in the past six months. One, the management seems to have overestimated the offshore business potential, at least in the short-term, in the previous update.
Although tendering activity remains buoyant, execution has been typically long-winding. With an eye saipem forex the recovery of the offshore projects in the long-run, the LNG-related activities will be the key to keeping it going in the medium-term.
I saipem forex the stock is likely to offer robust returns in the medium-to-long-term. However, Saipem may not be able to improve the operating margin significantly in the short-term because the offshore drilling contracts are re-negotiated at unfavorable rates.
The company has an extended run to improve free cash flows to manage the high debt load in the medium-to-long-term. The Daily Drilling Report. We hope you have enjoyed this Free article from the Daily Drilling Report Marketplace service. If you have been thinking about subscribing after reading past articles, it may be time for you to act, saipem forex. The oilfield has been at a low ebb, but has recently gained steam.
We have been recommending these companies since late summer. Give it some thought, and act soon if you are interested. A 2-week free trial is applicable, so you risk nothing. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it other than from Seeking Alpha. I have no business relationship with any company whose stock is mentioned in this article, saipem forex.
Please be aware of the risks associated with these stocks. ca Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
Privacy Policy Terms Of Service. Facebook Twitter LinkedIn Instagram, saipem forex. News Ticker, saipem forex. Expect Saipem To Move Sideways Saipem S. What Does The Relative Valuation Imply? The Daily Drilling Report We hope you have enjoyed this Free article from the Daily Drilling Report Marketplace service.
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Saipem is Technical Partner for Italy at Expo Dubai, edition dedicated to sustainability and innovation. We look forward to seeing you from October 1, to March 31, A space dedicated to all-around insights to present in a simple way our complex themes and get to know us even more closely Hello Guys, Saipem is a long trade / first target at Bullish divergence on price oscillator and strong volumes are supporting several long white candles. Title has been supported by oil price's rise. Very good risk/reward ratio. See you soon, Simone 12/04/ · Hello Guys, Saipem is a long trade / first target at Bullish divergence on price oscillator and strong volumes are supporting several long
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