Saipem SpA
SPM: XMIL (ITA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€9.90 | Cvn | Zzcssqk |
Saipem Earnings: Results Reflect Early Stages of a MultiYear Upcycle in Offshore Investment
No-moat Saipem posted solid first-quarter results, with revenue increasing 33% year over year and a firmwide adjusted EBITDA margin improving 100 basis points year over year to 7.5%. We're raising our fair value estimate to EUR 2.50 from EUR 2 following results.