Saipem SpA

SPM: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Saipem Earnings: Firm on Track to Meet 2023 Performance Goals; Long-Run Prospects Remain Favorable

Katherine Olexa

Oct 27, 2023

Saipem continued on a solid growth trajectory in the third quarter as global offshore oil and gas activity continued to expand at a steady clip. Management confirmed the fiscal 2023 guidance it set in February, and we expect the firm will deliver similar performance in 2024. We maintain our no-moat rating and EUR 2.50 fair value estimate following the results.

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Saipem SpA

Saipem Earnings: Firm on Track to Meet 2023 Performance Goals; Long-Run Prospects Remain Favorable

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