Saipem defies sales, analysts already focused on half-year accounts

(Il Sole 24 Ore Radiocor) - Positive analysts' ratings and a technical rotation towards energy are pushing Saipem in the Italian Stock Exchange, as expectations grow for the quarterly results to be published on 24 July. The oil and gas company's shares are among the few positive performers on the Milan stock exchange, rising more than 1 per cent. In detail, Intermonte predicts for the company "a confirmation of the growth trends highlighted in the first quarter of 2024", thanks to the contracts signed in recent months in Angola (Africa).

Revenues for the second quarter, according to analysts, will be 3.15 billion, up 14% year-on-year, while Ebitda is expected to be 289 million (+32%), with net profits of 64 million (+60%). In the period under review, in fact, 'order intake was abundant thanks to the contracts signed in Angola with Azule Energy for the Ndungu project (USD 850 million) and with TotalEnergies for the Kaminho project (USD 3.7 billion),' agree Equita's experts. "We believe it could approach 7 billion, a comforting forecast given our assumption for 2024 of 11.6 billion."

In general, the business house points out, "the reference markets remain very active, especially on the offshore side". Therefore, "given the strength" of the sector in which Saipem operates and "its competitive positioning, we still expect a good order intake in the coming months", especially in the East, Middle East and Africa. Although analysts for the oil & gas sector prefer to keep "a defensive approach", they judge positively Saipem's "business recovery and good operating visibility" and forecast Ebitda for the second quarter of the year at €313 million.