Saipem SpA

SPM: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€6.20	Gtvrp	Mldjhxbg

Placing Saipem Under Review to Incorporate Impacts of Capital Increase Plan

Katherine Olexa

Jul 13, 2022

Saipem has engaged in several corporate action items over the last few months, including a 21-for-100 reverse stock split in May and a 1-for-10 reverse stock split in June. This week, the firm is proceeding with its EUR 2 billion share capital increase through issuance of 1.974 billion shares. We’re placing the firm under review while we incorporate the impacts of these events on our fair value estimate.

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