Saipem SpA

SPM: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€8.90	Qrsbf	Qshzzlh

Saipem Earnings: Revenue Continues Upward Trajectory As Global Offshore Activity Expands

Katherine Olexa

Jul 28, 2023

Saipem’s second-quarter results reflect the significant acceleration in offshore oil and gas activity around the world. We maintain our no moat rating and EUR 2.50 fair value estimate following the results due to our favorable outlook for Saipem’s performance as the offshore industry commences what will likely be a multiyear upcycle. By our estimate, annual top-line growth will average 6% through 2027 with companywide adjusted EBITDA margins averaging 8% over the same period.

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