Saipem SpA

SPM: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€9.30	Rfhn	Yhzmqpwsz

Improving Offshore Activity Supports Strong Sequential Revenue Growth in Saipem’s Second Quarter

Katherine Olexa

Jul 27, 2022

Saipem had a strong second quarter, posting sequential revenue growth of 22% and an EBITDA margin of 7%. After incorporating the results, we’re maintaining our fair value estimate. Our no-moat rating, stable moat trend, and Morningstar Uncertainty Rating of Very High are unchanged.

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