Saipem is currently yielding a 69% to 29 euros per square Affairs, while the price of Brent crude was steady at $ 83.63 a barrel, pending the submission of quarterly scheduled for this afternoon. Analysts at Credit Suisse expect the first three months of 2010 revenues to 2.6 billion euros, an EBIT of 281 million and earnings per share to 0.38 euros, down 10% year over year 11% over the previous quarter, in line with the directions of the consensus at 0.39 euros.
Despite expectations of strong results, the broker has confirmed the finding underperform and price target to 21 euros, because of an assessment of the action too expensive. According to analysts, “the offshore may be surprising, following the good performance achieved recently in West Africa from the main competitor to Acergy, while for the onshore, we expect modest growth in revenues.
More specifically, “we expect growth of 5% of sales resulting from offshore drilling compared to last quarter,” analysts at Credit Suisse explained, stressing that the focus will be mainly at the start of the drilling ship Saipem 12000 (scheduled for May) and the possibility of further delays in the completion of drilling Scrabble 8:09 (postponed from June to August and November).
“The onshore drilling would benefit from further expansion of the fleet in the last quarter of 2009 and 2010, analysts continued, pointing out major projects with a view to Clov, P55, Iara / Guara and Shah. According to estimates from broker, Saipem is a P / E of 18.8 times for 2011, a premium of 20% from the field, exchanging 15 times, and premium of 15% compared to competitor Technip (15.7 times), against a historical average of 20% and 9%.