Saipem snaps, JpMorgan focuses on margin growth and dividends
For the business house, the group's valuation is at a discount. The analysts therefore confirmed the 'overweight' recommendation and raised the target price to EUR 3.4 from the previous EUR 3.2.
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(Il Sole 24 Ore Radiocor) - Saipem was on a roll at Piazza Affari, where the group's shares posted the best performance in the FTSE MIB . The share price benefited from the opinion of analysts at Jp Morgan, who confirmed the overweight recommendation and raised the target price to EUR 3.4 from the previous EUR 3.2.
"Saipem is our preferred stock given its industry-leading order intake, very attractive margin outlook and high visibility on orders through 2027-2028" imply an enterprise value/ebitda 2025 valuation "of only 2.7 times", with significant room for upward revisions, the US bank's experts write. Over the past two years, they add, "Saipem has continued to beat guidance, securing a significant number of orders that has raised medium-term expectations," the analysts add. Jp Morgan expects an average annual Ebitda growth from 2023 to 2027 of about 20 per cent, which will result in a "strong increase in free cash flow", which in turn will give management " ample ability to return cash to shareholders" through dividends.
