Saipem SpA
SPM: XMIL (ITA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€6.20 | Wsmtk | Khrhwzkk |
Saipem Earnings: Elevated Offshore Contracting Secures Stable Revenue Streams Over Long-Run
Saipem delivered a solid second quarter, as the ever-robust pipeline for offshore oil and gas projects continues yielding long-term contracts worldwide. We maintain our no-moat rating and EUR 2.50 fair value estimate following results. At the time of writing, shares trade at a roughly 8% discount to our fair value.