Saipem SpA

SPM: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€2.50	Mkwnt	Nvqvlwq

Saipem Earnings: Continued Progress on Improving Margins and Cash Flow

Brett Castelli ,

Apr 23, 2024

No-moat Saipem’s first-quarter results showed continued progress in improving margins and cash flow, in line with its 2024 targets. After incorporating the results into our model, we leave our EUR 2.50 fair value estimate unchanged. We view shares as slightly undervalued.

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