(News Bulletin 247) – Berenberg reaffirms its ‘buy’ recommendation on Saipem with a price target raised from 1.90 to 2.90 euros, in the wake of EPS estimates raised for 2023 and 2024 on higher assumptions of revenues and margins.
‘Despite another quarter of solid performance, a record order book and a much stronger balance sheet year-on-year, Saipem remains an undervalued and, in our view, undervalued company’, the broker said.
In particular, he judges that the Italian oil services group’s focus on the offshore market is ‘working as expected and helping to shift the revenue mix towards higher-margin projects’.
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