Financials Saipem S.p.A.

Equities

SPM

IT0005495657

Oil Related Services and Equipment

Real-time Borsa Italiana 03:24:11 2024-05-21 am EDT 5-day change 1st Jan Change
2.356 EUR +3.24% Intraday chart for Saipem S.p.A. +7.24% +60.27%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,340 2,191 1,826 2,250 2,933 4,553 - -
Enterprise Value (EV) 1 5,422 3,417 3,367 2,514 3,194 4,722 4,298 3,942
P/E ratio 367 x -1.96 x -0.76 x -10.8 x 16.4 x 13.5 x 9.4 x 7.82 x
Yield 0.23% - - - - 2.29% 3.23% 4.17%
Capitalization / Revenue 0.48 x 0.3 x 0.27 x 0.23 x 0.25 x 0.35 x 0.33 x 0.33 x
EV / Revenue 0.6 x 0.47 x 0.49 x 0.25 x 0.27 x 0.36 x 0.32 x 0.28 x
EV / EBITDA 4.42 x 5.56 x -2.82 x 4.22 x 3.45 x 3.71 x 2.95 x 2.49 x
EV / FCF 6.11 x -18.3 x -17.4 x -4.8 x 12.9 x 14.1 x 8.52 x 5.85 x
FCF Yield 16.4% -5.47% -5.73% -20.8% 7.76% 7.1% 11.7% 17.1%
Price to Book 1.1 x 0.76 x 5.72 x 1.09 x 1.23 x 1.7 x 1.48 x 1.3 x
Nbr of stocks (in thousands) 20,921 20,862 20,779 1,995,110 1,995,144 1,995,160 - -
Reference price 2 207.4 105.0 87.86 1.128 1.470 2.282 2.282 2.282
Announcement Date 2/26/20 2/25/21 2/24/22 2/28/23 2/28/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 9,099 7,342 6,875 9,980 11,874 13,024 13,604 13,904
EBITDA 1 1,226 614 -1,192 595 926 1,274 1,456 1,584
EBIT 1 609 23 -1,713 150 437 658.1 859.7 975.8
Operating Margin 6.69% 0.31% -24.92% 1.5% 3.68% 5.05% 6.32% 7.02%
Earnings before Tax (EBT) 1 228 -974 -2,397 -162 330 509.8 766.2 916.6
Net income 1 12 -1,136 -2,467 -209 179 343.1 508.9 600.6
Net margin 0.13% -15.47% -35.88% -2.09% 1.51% 2.63% 3.74% 4.32%
EPS 2 0.5652 -53.52 -116.2 -0.1047 0.0897 0.1695 0.2427 0.2918
Free Cash Flow 1 887 -187 -193 -524 248 335.5 504.3 674
FCF margin 9.75% -2.55% -2.81% -5.25% 2.09% 2.58% 3.71% 4.85%
FCF Conversion (EBITDA) 72.35% - - - 26.78% 26.33% 34.63% 42.56%
FCF Conversion (Net income) 7,391.67% - - - 138.55% 97.78% 99.1% 112.23%
Dividend per Share 2 0.4762 - - - - 0.0523 0.0736 0.0953
Announcement Date 2/26/20 2/25/21 2/24/22 2/28/23 2/28/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 3,675 3,200 1,864 1,811 1,942 2,493 4,435 3,006 2,937 2,582 2,765 3,016 3,511 3,047 3,092 3,351 3,640 3,144
EBITDA 1 355 -266 -25 -901 145 176 321 215 150 191 219 230 286 268 300.5 321.9 374.7 323.7
EBIT 1 42 -515 -159 -1,039 14 39 53 99 36 91 101 112 133 123 144.5 180.2 222.8 176.5
Operating Margin 1.14% -16.09% -8.53% -57.37% 0.72% 1.56% 1.2% 3.29% 1.23% 3.52% 3.65% 3.71% 3.79% 4.04% 4.67% 5.38% 6.12% 5.61%
Earnings before Tax (EBT) 1 -796 -719 -312 -1,366 -65 8 -56 -3 -103 37 81 83 129 91 124.7 152.8 185.9 153.7
Net income 1 -885 -779 -342 -1,346 -98 -32 -130 -8 -71 - 40 39 100 57 76.33 93.4 132.1 119.9
Net margin -24.08% -24.34% -18.35% -74.32% -5.05% -1.28% -2.93% -0.27% -2.42% - 1.45% 1.29% 2.85% 1.87% 2.47% 2.79% 3.63% 3.81%
EPS 2 - - -16.10 -63.40 -4.616 -0.0160 - -0.004000 -0.0356 - 0.0200 0.0195 0.0501 0.0350 0.0388 0.0479 0.0608 0.0601
Dividend per Share 2 - - - - - - - - - - - - - - - - 0.0200 -
Announcement Date 7/29/20 7/30/21 10/28/21 2/24/22 4/21/22 7/27/22 7/27/22 10/27/22 2/28/23 4/19/23 7/27/23 10/25/23 2/28/24 4/22/24 - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,082 1,226 1,541 264 261 169 - -
Net Cash position 1 - - - - - - 255 611
Leverage (Debt/EBITDA) 0.8825 x 1.997 x -1.293 x 0.4437 x 0.2819 x 0.1326 x - -
Free Cash Flow 1 887 -187 -193 -524 248 336 504 674
ROE (net income / shareholders' equity) 4.13% -9% -118% -17.5% 8.29% 13.7% 17.7% 19.5%
ROA (Net income/ Total Assets) 1.34% -5.4% -58.5% -1.75% - 3% 3.65% 3.94%
Assets 1 897.7 21,037 4,215 11,970 - 11,429 13,929 15,244
Book Value Per Share 2 189.0 138.0 15.40 1.040 1.200 1.340 1.550 1.760
Cash Flow per Share 2 59.20 5.710 4.240 0.0900 0.2900 0.4400 0.5300 0.5500
Capex 1 336 322 298 550 482 454 344 331
Capex / Sales 3.69% 4.39% 4.33% 5.51% 4.06% 3.49% 2.53% 2.38%
Announcement Date 2/26/20 2/25/21 2/24/22 2/28/23 2/28/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
18
Last Close Price
2.282 EUR
Average target price
2.733 EUR
Spread / Average Target
+19.78%
Consensus
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  4. Financials Saipem S.p.A.
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