Download Financial Analysis - Saipem S.p.A. offers construction and offshore and onshore drilling services. The Company ...
21.02.2013
Company Analysis - Overview Ticker:
Saipem SpA
SPM IM
Currency: Sector: Energy
Benchmark: FTSE MIB INDEX (FTSEMIB)
BrsaItaliana: SPM, Currency: EUR
Industry: Energy Equipment & Services
Year:
Telephone 390-2-5203-4347 Revenue (M) Website www.saipem.it No of Employees Address Via Martiri do Cefalonia 67 20097 San Donato Milanese Milan Italy Share Price Performance in EUR Price 20.39 1M Return 52 Week High 40.12 6M Return 52 Week Low 18.61 52 Wk Return 52 Wk Beta 0.91 YTD Return Credit Ratings Bloomberg S&P Moody's Fitch
13'369 41'415 -35.5% -47.2% -45.7% -30.4%
HY1 -
Date Date Date
12/09 14.3x 11.6x 8.4x 1.0x 3.1x 2.3%
12/10 19.1x 14.8x 10.6x 1.4x 4.0x 1.7%
12/11 15.6x 11.9x 8.5x 1.1x 3.1x 2.1%
12/12 14.3x 1.0x 2.4x 2.3%
12/13E 20.3x 8.8x 0.7x 1.7x 1.6%
12/14E 12.3x 6.9x 0.6x 1.5x 2.7%
12/15E 8.7x 5.7x 0.6x 1.3x 3.8%
12/09 Gross Margin EBITDA Margin 15.6 Operating Margin 11.3 Profit Margin 7.1 Return on Assets 5.2 Return on Equity 23.6 Leverage and Coverage Ratios 12/09 Current Ratio 0.8 Quick Ratio 0.5 EBIT/Interest 13.7 Tot Debt/Capital 0.5 Tot Debt/Equity 1.1 Eff Tax Rate % 27.1
12/10 16.4 11.8 7.6 5.8 22.5
12/11 16.7 11.9 7.3 6.0 21.0
12/12 16.5 11.1 6.7 7.0 17.8
12/13E 18.9 11.4 5.8 3.3 3.4 8.5
12/14E 21.0 14.0 8.8 5.5 5.1 12.7
12/15E 63.7 16.0 10.4 7.0 6.3 15.7
12/10 0.9 0.6 20.6 0.5 1.0 27.8
12/11 0.8 0.5 12.9 0.5 0.9 28.4
12/12 0.4 0.8 29.1
-
Outlook Outlook Outlook
Saipem S.p.A. offers construction and offshore and onshore drilling services. The Company installs sub-sea pipelines, installs fixed platforms, manages complete onshore construction projects, and drills for oil mainly in Italy, Algeria, Nigeria, and the Arabian peninsula.
Business Segments in EUR Onshore Engineering & Construction Offshore Engineering & Construction Offshore Drilling Onshore Drilling
Sales (M) 6175 5356 1088 750
Geographic Segments in EUR West Africa North Africa Asia CIS Europe Americas Australia
Sales (M) 1
6%
-
8%
Valuation Ratios P/E EV/EBIT EV/EBITDA P/S P/B Div Yield Profitability Ratios %
46%
40% 100% Onshore Engineering & Construction Offshore Engineering & Construction West Africa Offshore Drilling Onshore Drilling
Current Capitalization in EUR Common Shares Outstanding (M) Market Capitalization (M) Cash and ST Investments (M) Total Debt (M) Preferred Equity (M) LT Investments in Affiliate Companies (M) Investments (M) Enterprise Value (M)
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail:
[email protected] |
441.4 9001.4 0.0 4278.0 0.0 0.0 148.0 13427.4
Company Analysis - Analysts Ratings Saipem SpA
62%
5
15
0
10
20% 14%
0%
5 0
févr.12
mars.12
avr.12
mai.12
juin.12
Buy
juil.12
Hold
août.12
Sell
sept.12
Price
oct.12
nov.12
déc.12
janv.13
Target Price
Date
Buy
Hold
Sell
Date
31-Jan-13 31-Dec-12 30-Nov-12 31-Oct-12 28-Sep-12 31-Aug-12 31-Jul-12 29-Jun-12 31-May-12 30-Apr-12 30-Mar-12 29-Feb-12
14% 62% 66% 66% 72% 79% 75% 74% 63% 70% 70% 65%
62% 34% 31% 34% 24% 18% 21% 22% 33% 26% 26% 31%
24% 3% 3% 0% 3% 4% 4% 4% 4% 4% 4% 4%
21-Feb-13 20-Feb-13 19-Feb-13 18-Feb-13 15-Feb-13 14-Feb-13 13-Feb-13 12-Feb-13 11-Feb-13 8-Feb-13 7-Feb-13 6-Feb-13 5-Feb-13 4-Feb-13 1-Feb-13 31-Jan-13 30-Jan-13 29-Jan-13 28-Jan-13 25-Jan-13 24-Jan-13 23-Jan-13 22-Jan-13 21-Jan-13 18-Jan-13 17-Jan-13 16-Jan-13 15-Jan-13 14-Jan-13 11-Jan-13
Price Target Price 20.42 20.54 20.68 20.36 20.99 20.85 20.90 20.78 21.04 21.47 21.80 20.71 20.24 20.20 20.09 20.90 20.01 30.45 31.56 31.49 32.36 32.16 31.75 31.60 31.70 31.43 31.25 31.25 30.91 30.80
22.75 22.75 22.66 22.66 22.66 22.66 22.75 22.60 22.74 22.74 23.08 23.16 24.07 24.07 24.31 25.12 25.08 36.26 37.06 37.34 37.60 37.60 37.60 37.60 37.60 37.81 37.81 37.81 37.81 37.81
Broker
Analyst
AlphaValue Canaccord Genuity Corp Mediobanca SpA ICBPI Equita SIM SpA Societe Generale Banca IMI HSBC Macquarie Banca Akros(ESN) S&P Capital IQ Liberum Capital Ltd Barclays ABN Amro Bank N.V. Morgan Stanley Goldman Sachs RBC Capital Markets Exane BNP Paribas JPMorgan Natixis Nomura Day by Day EVA Dimensions Deutsche Bank CA Cheuvreux Kepler Capital Markets Ricerca Finanza
ALEXANDRE ANDLAUER JAMES EVANS ANDREA SCAURI LUCA ARENA LUIGI DE BELLIS GUILLAUME DELABY ROBERTO RANIERI PHILLIP LINDSAY DAVID FARRELL DARIO MICHI CHRISTINE TISCARENO ANDREW WHITTOCK MICK PICKUP MARK VAN DER GEEST ROBERT PULLEYN HENRY TARR KATHERINE TONKS ALEXANDRE MARIE ANDREW DOBBING ANNE PUMIR CHRISTYAN MALEK VALERIE GASTALDY CRAIG STERLING SEBASTIAN YOSHIDA GEOFFROY STERN ENRICO COCO FRANCESCO MANZI
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail:
[email protected] |
Recommendation reduce hold underperform sell hold buy reduce overweight underperform hold buy hold equalweight hold Equalwt/Attractive neutral/neutral sector perform neutral neutral neutral neutral hold hold hold outperform hold outperform
Ricerca Finanza
66%
CA Cheuvreux
66%
Kepler Capital Markets
72%
Deutsche Bank
75%
Day by Day
74% 63%
EVA Dimensions
70%
Natixis
70%
10
20
Nomura
65%
79%
15
25
JPMorgan
62%
40%
20
30
Exane BNP Paribas
60%
25
35
RBC Capital Markets
34%
30
40
Morgan Stanley
31%
45
Goldman Sachs
24%
Barclays
34%
Brokers' Target Price 35
ABN Amro Bank N.V.
33%
24%
50
3%
S&P Capital IQ
18%
3%
Liberum Capital Ltd
21%
0%
Banca Akros(ESN)
22%
3%
HSBC
4%
Macquarie
4%
Banca IMI
26%
4%
Societe Generale
26%
4%
ICBPI
4%
Equita SIM SpA
31%
4%
Mediobanca SpA
80%
4%
AlphaValue
100%
Canaccord Genuity Corp
Buy and Sell Recommendations vs Price and Target Price
Price
Broker Recommendation
Target price in EUR
Target
Date
19.40 23.00 19.00 21.00 23.00 25.00 16.31 26.00 17.60 20.00 30.00 20.00 22.00 21.00 25.00 23.00 22.00 21.00 26.20 22.00 22.00
21-Feb-13 20-Feb-13 19-Feb-13 18-Feb-13 15-Feb-13 14-Feb-13 14-Feb-13 14-Feb-13 14-Feb-13 14-Feb-13 14-Feb-13 14-Feb-13 14-Feb-13 14-Feb-13 13-Feb-13 13-Feb-13 13-Feb-13 13-Feb-13 12-Feb-13 7-Feb-13 6-Feb-13 31-Jan-13 31-Jan-13 30-Jan-13 30-Jan-13 30-Jan-13 1-Jun-10
21.00 30.00 25.00
21.02.2013
Saipem SpA
Company Analysis - Ownership Ownership Type
Ownership Statistics Shares Outstanding (M) Float Short Interest (M) Short Interest as % of Float Days to Cover Shorts Institutional Ownership Retail Ownership Insider Ownership
19%
18.87% 81.08% 0.05% 81%
Institutional Ownership
Retail Ownership
Insider Ownership
Pricing data is in EUR Top 20 Owners: Holder Name ENI SPA FMR LLC BLACKROCK ALLIANZ ASSET MANAGE VANGUARD GROUP INC OPPENHEIMERFUNDS INC MFS INSTITUTIONAL AD MFS FINANCIAL SERVIC UMB BANK N A SCHRODER INVESTMENT T ROWE PRICE ASSOCIA SARASIN MFS INVESTMENT MGMT DEUTSCHE BANK AG MFS INTERNATIONAL UK MASSACHUSETTS FINANC SNS INVESTMENT FUND UNION INVESTMENT GMB AMERICAN CENTURY COM MFS INVESTMENT MANAG
Geographic Ownership
Geographic Ownership Distribution
0%
441.4 56.8%
Italy United States Luxembourg Britain France Germany Unknown Country Others
69.38% 11.02% 6.78% 4.68% 1.94% 1.58% 0.91% 3.71%
Institutional Ownership Distribution Corporation Investment Advisor Mutual Fund Manager Other Others
68.83% 26.30% 3.85% 0.84% 0.18%
2%
2% 1% 4%
5% 7%
11% 68%
Italy
United States
Luxembourg
Britain
France
Germany
Unknown Country
Others
TOP 20 ALL
Position 189'447'556 21'088'746 7'885'773 5'177'433 5'054'648 2'662'857 2'590'416 2'255'030 2'187'281 1'513'680 1'414'646 1'222'030 1'204'742 1'061'416 992'919 990'749 952'030 948'419 908'676 856'117
Position Change 0 -1'638'416 -173'664 -114'027 124'129 4'881 0 0 97'214 1'311'599 535'767 -55'854 0 120'134 0 16'834 -107'051 412'019 -131'277 0
Market Value 3'862'835'667 429'999'531 160'790'911 105'567'859 103'064'273 54'295'654 52'818'582 45'980'062 44'598'660 30'863'935 28'844'632 24'917'192 24'564'689 21'642'272 20'245'618 20'201'372 19'411'892 19'338'263 18'527'904 17'456'226
% of Ownership 42.93% 4.78% 1.79% 1.17% 1.15% 0.60% 0.59% 0.51% 0.50% 0.34% 0.32% 0.28% 0.27% 0.24% 0.23% 0.22% 0.22% 0.21% 0.21% 0.19%
Report Date
Holder Name
Position
Position Change
Market Value
% of Ownership
Report Date
TALI PIETRO FRANCO MEOMARTINI ALBERTO VERGINE UMBERTO
205'000 1'500 1'420
06.02.2013 31.01.2013 19.02.2013 31.12.2012 31.12.2012 30.12.2012 06.02.2013 06.02.2013 31.12.2012 28.09.2012 31.12.2012 28.12.2012 06.02.2013 31.12.2012 06.02.2013 31.12.2012 29.06.2012 28.09.2012 31.12.2012 06.02.2013
Source Research ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG Research Research MF-AGG MF-AGG MF-AGG ULT-AGG Research MF-AGG Research MF-AGG MF-AGG MF-AGG MF-AGG Research
31.12.2011 31.12.2011 31.12.2011
Research Research Research
Top 5 Insiders:
4'179'950 30'585 28'954
0.05% 0.00% 0.00% 0.05%
Source
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail:
[email protected] |
Institutional Ownership
Country ITALY UNITED STATES UNITED STATES GERMANY UNITED STATES UNITED STATES UNITED STATES AUSTRALIA UNITED STATES BRITAIN UNITED STATES ITALY GERMANY n/a UNITED STATES NETHERLANDS GERMANY UNITED STATES LUXEMBOURG
1% 4%
0%
26%
69%
Corporation
Investment Advisor
Other
Others
Mutual Fund Manager
Company Analysis - Financials I/IV Saipem SpA Financial information is in EUR (M) Periodicity:
Fiscal Year
Equivalent Estimates 12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
3'167
4'105
4'306
4'528
7'517
9'530
10'094
10'292
11'160
12'593
13'369
13'567
14'063
14'810
2'557
2'953
9'434
2'923 6
3'821 9
3'988 6
4'174 6
6'968 23
8'729 21
9'054 17
9'156 17
9'858 12
11'138 12
11'898
Operating Income - Interest Expense - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains)
302 121 0 -75
303 95 0 -55
328 1 0 22
365 10 41 -21
599 42 -6 19
867 17 9 -282
1'084 208 56 -397
1'163 85 -41 56
1'319 64 89 -73
1'493 116 -36 34
1'481
781
1'231
1'543
Pretax Income - Income Tax Expense
256 62
263 67
305 67
335 76
544 157
1'123 245
1'217 285
1'063 288
1'239 345
1'379 392
1'349 393
633
1'087
1'481
Income Before XO Items - Extraordinary Loss Net of Tax - Minority Interests
194
196
387 0 3
878 0 3
775
894
987
0
259 0 4
932
3
238 0 3
18
43
50
66
956 0 54
444 1.00 0.33 0.33
768 1.65 0.54 0.33
1'042 2.33 0.78 0.33
1'541
1'974
2'372
Income Statement Revenue - Cost of Goods Sold Gross Income - Selling, General & Admin Expenses (Research & Dev Costs)
Diluted EPS Before XO Items Net Income Adjusted* EPS Adjusted Dividends Per Share Payout Ratio %
132
0.87
1.98
2.07
1.66
1.92
2.09
2.04
191 0.43 0.14 33.2
196 0.45 0.15 33.1
197 0.45 0.15 27.7
255 0.59 0.19 32.2
384 0.87 0.29 33.2
580 1.31 0.44 21.9
724 1.57 0.55
732 1.66 0.55
844 1.91 0.63 31.2
921 2.09 0.70 33.3
902 2.04 0.68 33.3
Total Shares Outstanding Diluted Shares Outstanding
441
439
438
441
429 442
436 442
435 442
436 440
438 440
438 440
441 441
EBITDA
558
561
527
561
829
1'148
1'437
1'601
1'833
2'101
2'207
*Net income excludes extraordinary gains and losses and one-time charges.
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail:
[email protected] |
Company Analysis - Financials II/IV Periodicity:
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
Total Current Assets + Cash & Near Cash Items + Short Term Investments + Accounts & Notes Receivable + Inventories + Other Current Assets
1839 250 0 859 177 553
2394 549 0 1'020 307 518
2492 595
3101 877
7912 1'398 36 3'384 1'397 1'697
6787 986 36 3'242 1'071 1'452
6718 1'029
922
1'265 490 469
7247 2'170 0 2'897 998 1'182
6616 930
1'067 388 442
6084 1'322 0 2'929 1'053 780
3'550 791 1'345
2'822 1'353 1'514
Total Long-Term Assets + Long Term Investments Gross Fixed Assets Accumulated Depreciation + Net Fixed Assets + Other Long Term Assets
2'676 35 3'347 1'639 1'708 933
2'571 2 3'431 1'737 1'694 875
2'623 0 3'617 1'905 1'712 911
2'851 4 3'959 2'056 1'903 944
3'447 9 4'718 2'373 2'345 1'093
4'439 13 5'954 2'392 3'562 864
6'081 2 7'790 2'619 5'171 908
7'326 2 9'190 2'895 6'295 1'029
8'412 2 10'709 3'306 7'403 1'007
9'134 1 11'923 3'899 8'024 1'109
Total Current Liabilities + Accounts Payable + Short Term Borrowings + Other Short Term Liabilities
2'646 718 1'105 823
2'845 877 933 1'035
2'941 1'046 979 916
3'694 1'129 1'483 1'082
6'621 2'292 1'940 2'432
8'091 2'626 3'038 2'427
9'677 3'276 2'620 3'781
8'348 2'602 2'147 3'599
7'565 2'698 1'329 3'538
7'963 2'954 1'722 3'287
570 406 164
729 578 151
651 487 164
615 423 192
1'325 894 431
1'296 891 405
1'538 1'106 432
2'270 1'796 474
3'309 2'887 422
3'066 2'576 490
Total Liabilities + Long Preferred Equity + Minority Interest + Share Capital & APIC + Retained Earnings & Other Equity
3'216 0 24 503 772
3'574 0 23 503 865
3'592
4'309
9 503 1'011
13 490 1'140
7'946 0 4 496 1'085
9'387 0 4 496 1'799
11'215 0 21 496 2'261
10'618 0 61 496 2'938
10'874 0 94 496 3'564
11'029 0 114 496 4'213
5'405
Total Shareholders Equity
1'299
1'391
1'523
1'643
1'585
2'299
2'778
3'495
4'154
4'823
5'553
Total Liabilities & Equity
4'515
4'965
5'115
5'952
9'531
11'686
13'993
14'113
15'028
15'852
2.89 0.84
3.12 1.18
3.46 1.55
3.69 1.80
3.69 1.71
5.26 3.54
6.34 4.60
7.88 6.15
9.28 7.54
10.74 9.03
12/13E
12/14E
12/15E
12.32
13.69
15.50
Balance Sheet
Total Long Term Liabilities + Long Term Borrowings + Other Long Term Borrowings
Book Value Per Share Tangible Book Value Per Share
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail:
[email protected] |
922 9'126
756 8'370
4'495 4'278 217
0 148
12.24 -6.45
Company Analysis - Financials III/IV Periodicity:
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
191 256 23 203
196 258 -13 163
235 199 59 -123
255 196 53 -178
384 230 22 -33
875 281 -383 292
914 353 -363 658
732 438 218 -421
844 514 -61 27
921 608 -528 548
902 726 34 -1'438
457
753
1'076
Cash From Operating Activities + Disposal of Fixed Assets + Capital Expenditures + Increase in Investments + Decrease in Investments + Other Investing Activities
673 9 -197 -2 0 -1'214
604 12 -247
370 7 -186 -12 4 -7
326 3 -350 -12 0 -12
603 9 -600 -9 4 -40
1'065 8 -1'407 -237 406 -7
1'562 46 -2'031 -3 310 -19
967 8 -1'601
1'324
1'549
-1'533
-1'100
224 8 -1'016
-897
-699
-777
12 -14
5 73
3 -87
Cash From Investing Activities + Dividends Paid + Change in Short Term Borrowings + Increase in Long Term Borrowings + Decrease in Long Term Borrowings + Increase in Capital Stocks + Decrease in Capital Stocks + Other Financing Activities
-1'404 -56 325 352 0 22 0 172
-252 -63 -151 220 -26
-371 -65 419 0 -11 0 -30 14
-636 -82 361 432 -2 0 -36 -195
-1'237 -126 1'130
-1'595 -239 -631 1'099 -65 7
-1'455 -263 -778 2'437 -1'400 35
-1'184 -297 -49 186 -117 11
-1'008
-54
-1'697 -192 -333 26 -6
-33
-194 -65 -29 2 -6 16 -24 1
-13 83
-50 -82
45
44
0
-331
815
-53
-105
327
478
1'020
-637
216
75
-266
-302
84
299
71
282
445
848
-772
-412
-56
99
-1'086
476
357
184
-24
3
-342
-469
-634
-209
449
-792
387
880
1'026
568 1'162 1.08
428 412 0.81
185
-16
33
0.42
-0.05
0.01
-329 742 -0.78
-310 -736 -1.08
-572 -223 -1.46
-163 50 -0.48
532 469 1.02
-1.79
Cash Flows Net Income + Depreciation & Amortization + Other Non-Cash Adjustments + Changes in Non-Cash Capital
Cash From Financing Activities Net Changes in Cash Free Cash Flow (CFO-CAPEX) Free Cash Flow To Firm Free Cash Flow To Equity Free Cash Flow per Share
5 -22
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail:
[email protected] |
29
Company Analysis - Financials IV/IV Periodicity:
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
12/12
12/13E
12/14E
12/15E
Valuation Ratios Price Earnings EV to EBIT EV to EBITDA Price to Sales Price to Book Dividend Yield
14.6x 13.5x 7.3x 0.9x 2.2x 2.3%
14.4x 12.5x 6.8x 0.7x 2.1x 2.3%
19.7x 14.5x 9.0x 0.9x 2.6x 1.7%
23.5x 19.6x 12.8x 1.3x 3.8x 1.4%
22.4x 16.7x 12.1x 1.1x 5.4x 1.5%
13.7x 15.8x 12.0x 1.3x 5.2x 1.6%
5.6x 6.9x 5.2x 0.5x 1.9x 4.7%
14.3x 11.6x 8.4x 1.0x 3.1x 2.3%
19.1x 14.8x 10.6x 1.4x 4.0x 1.7%
15.6x 11.9x 8.5x 1.1x 3.1x 2.1%
14.3x
20.3x
12.3x
8.7x
1.0x 2.4x 2.3%
8.8x 0.7x 1.7x 1.6%
6.9x 0.6x 1.5x 2.7%
5.7x 0.6x 1.3x 3.8%
Profitability Ratios Gross Margin EBITDA Margin Operating Margin Profit Margin Return on Assets Return on Equity
17.6% 9.5% 6.0% 5.1% 15.7%
13.7% 7.4% 4.8% 4.1% 14.8%
12.2% 7.6% 5.5% 4.7% 16.3%
12.4% 8.1% 5.6% 4.6% 16.2%
11.0% 8.0% 5.1% 5.0% 23.9%
12.0% 9.1% 9.2% 8.2% 45.1%
14.2% 10.7% 9.1% 7.1% 36.2%
15.6% 11.3% 7.1% 5.2% 23.6%
16.4% 11.8% 7.6% 5.8% 22.5%
16.7% 11.9% 7.3% 6.0% 21.0%
16.5% 11.1% 6.7% 7.0% 17.8%
18.9% 11.4% 5.8% 3.3% 3.4% 8.5%
21.0% 14.0% 8.8% 5.5% 5.1% 12.7%
63.7% 16.0% 10.4% 7.0% 6.3% 15.7%
0.70 0.42 2.50 0.54 1.16
0.84 0.55 3.19 0.52 1.09
0.85 0.57 328.00 0.49 0.96
0.84 0.58 36.50 0.54 1.16
0.92 0.64 14.26 0.64 1.79
0.90 0.63 51.00 0.63 1.71
0.82 0.50 5.21 0.57 1.34
0.81 0.51 13.68 0.53 1.13
0.87 0.59 20.61 0.50 1.01
0.84 0.48 12.87 0.47 0.89
0.44 0.77
0.85 4.69
0.87 4.37
0.85 4.13
0.82 3.88
0.97 3.58
0.90 3.27
0.79 3.21
0.73 3.11
0.77 3.29
0.82 3.95
1.03
24.2%
25.5%
22.0%
22.7%
28.9%
21.8%
23.4%
27.1%
27.8%
28.4%
29.1%
Ratio Analysis
Leverage & Coverage Ratios Current Ratio Quick Ratio Interest Coverage Ratio (EBIT/I) Tot Debt/Capital Tot Debt/Equity Others Asset Turnover Accounts Receivable Turnover Accounts Payable Turnover Inventory Turnover Effective Tax Rate
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail:
[email protected] |
Company Analysis - Peers Comparision SAIPEM SPA Latest Fiscal Year:
SUBSEA 7 SA
TECHNIP SA
12/2012 40.12 17.09.2012 18.61 30.01.2013 1'158'356
12/2011 148.39 02.04.2012 106.91 25.06.2012 793'053
Current Price (2/dd/yy)
20.42
52-Week High % Change
-49.1% 9.7% 441.4
52-Week High 52-Week High Date 52-Week Low 52-Week Low Date Daily Volume
52-Week Low % Change Total Common Shares (M)
Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents
Enterprise Value Total Revenue
EV/Total Revenue
EBITDA
EV/EBITDA
EPS
P/E
Revenue Growth EBITDA Growth EBITDA Margin
LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 1 Year 5 Year 1 Year 5 Year LTM CY+1 CY+2
SCHLUMBERGER LTD
HALLIBURTON CO
12/2012 92.36 22.10.2012 69.21 04.06.2012 489'259
12/2012 82.00 14.02.2013 59.12 26.06.2012 6'397'047
12/2012 43.96 14.02.2013 26.28 26.06.2012 15'695'675
131.30
80.27
78.53
41.62
-11.5% 22.8% 338.7
-13.1% 16.0% 108.7
-4.2% 32.8% 1'328.0
-5.3% 58.4% 929.0
ENI SPA
CIE GENERALE DE TRANSOCEAN LTD
12/2012 19.59 18.01.2013 14.94 25.07.2012 7'163'920
NOBLE CORP
DIAMOND OFFSHORE
WOOD GROUP (JOHN
PETROFAC LTD
MCDERMOTT INTL
12/2011 25.76 09.10.2012 15.58 04.06.2012 366'754
12/2011 59.50 14.02.2013 39.32 04.06.2012 3'819'082
12/2012 41.56 16.03.2012 28.73 25.06.2012 5'740'118
12/2012 76.08 15.02.2013 54.07 26.06.2012 1'638'594
12/2011 883.50 19.10.2012 649.00 26.06.2012 195'771
12/2011 1'784.00 20.04.2012 1'324.00 27.06.2012 384'860
17.38
20.09
54.32
37.84
73.05
794.50
-11.3% 16.3% 3'634.2
-22.0% 28.9% 159.2
-8.7% 38.1% 349.8
-8.9% 31.7% 252.7
-4.0% 35.1% 139.0
-10.1% 22.4% 371.3
OCEANEERING INTL
TIDEWATER INC
12/2011 15.35 01.03.2012 9.04 04.06.2012 3'826'510
12/2012 65.37 14.02.2013 43.22 25.06.2012 706'989
03/2012 63.27 24.02.2012 42.33 16.11.2012 618'966
1'572.00
12.79
61.97
48.92
-11.9% 18.7% 340.1
-16.7% 41.5% 235.1
-5.2% 43.4% 107.9
-22.7% 15.6% 51.3
9'014.6
46'190.5
9'065.2
104'307.9
38'622.8
63'162.1
3'542.8
20'306.5
9'562.9
10'156.2
2'964.9
5'437.4
3'016.4
6'687.0
2'416.5
4'278.0 148.0 1'029.0
893.4 51.5 803.4
2'087.9 21.7 2'808.7
11'630.0 107.0 6'274.0
4'820.0 25.0 2'484.0
24'463.0 3'514.0 8'066.0
1'501.0 67.5 410.7
13'536.0 106.0 4'017.0
4'634.4 765.1 282.1
1'496.1 1'485.6
230.5 10.0 226.6
77.2 3.1 1'602.0
93.7 74.1 680.4
94.0 106.1
1'010.0 320.7
13'541.6
8'504.7
8'894.7
109'770.9
40'983.8
83'073.1
4'905.1 Valuation
28'415.5
14'680.3
10'166.6
4'641.0
7'524.8
2'523.2
6'703.4
3'292.3
13'369.0 13'369.0 13'566.9 14'063.2 1.6x 1.6x 1.0x 0.9x 2'207.0 2'186.0 1'540.5 1'973.7 9.5x 9.4x 8.6x 6.3x 2.04 2.05 1.00 1.65 10.0x 20.3x 12.3x 6.2% 8.3% 5.0% 14.0% 16.4% 11.4% 14.0%
5'476.5 6'103.3 6'243.0 6'756.9 1.5x 1.4x 1.3x 1.2x 870.8 1'050.1 1'137.7 1'274.6 9.7x 8.1x 7.4x 6.5x 1.26 2.14 1.65 1.62 10.8x 10.8x 14.1x 14.3x 131.2% 35.4% 81.8% 23.6% 17.2% 18.2% 18.9%
8'203.9 8'203.9 9'203.3 10'364.3 1.2x 1.2x 0.9x 0.8x 883.5 1'012.6 1'233.7 1'473.9 10.9x 9.5x 6.8x 5.3x 0.00 4.59 5.72 7.02 17.5x 24.5x 14.0x 11.4x 20.4% 3.4% 11.2% 12.8% 13.4% 14.2%
42'149.0 42'841.0 46'176.7 51'872.0 2.3x 2.3x 2.3x 2.0x 11'020.0 11'055.0 12'404.7 14'531.9 8.8x 8.8x 8.7x 7.1x 4.16 4.19 4.74 5.83 18.7x 18.7x 16.6x 13.5x 14.0% 14.7% 12.5% 5.5% 25.8% 26.9% 28.0%
28'503.0 28'503.0 29'769.0 32'970.3 1.2x 1.2x 1.4x 1.2x 5'787.0 5'787.0 6'184.6 7'544.0 6.0x 6.0x 6.6x 5.2x 3.02 3.08 3.02 3.96 13.5x 13.5x 13.8x 10.5x 14.8% 14.5% (5.1%) 7.5% 20.3% 20.8% 22.9%
127'271.0 127'271.0 121'289.6 123'474.0 0.7x 0.7x 0.7x 0.6x 24'564.0 24'564.0 28'813.8 30'201.0 3.5x 3.5x 2.8x 2.6x 1.93 2.39 2.00 2.15 7.3x 8.2x 8.7x 8.1x 16.1% 5.9% (4.5%) (1.1%) 19.3% 23.8% 24.5%
79.1% 43.5% 1.957x 1.957x 18.112x
15.5% 13.3% 0.861x 0.303x 21.554x
57.2% 36.2% 2.078x -0.181x 22.889x
33.5% 25.0% 1.052x 0.484x 32.412x
30.6% 23.4% 0.833x 0.404x 19.419x
41.3% 28.1% 0.996x 0.668x 27.909x
-
-
BBB+ 27.05.2010 -
A+ 11.12.2002 A1 03.06.2003
A 20.08.2007 A2 01.05.2007
A 17.01.2012 A3 16.07.2012
2'267.7 2'594.7 2'720.7 3'559.7 2.2x 1.9x 1.8x 1.4x 596.1 753.5 844.1 1'200.4 8.5x 6.7x 5.7x 4.0x -0.21 0.40 0.74 1.73 51.3x 51.3x 26.8x 11.5x 3.7% 3.1% 2.5% 5.1% 29.0% 31.0% 33.7%
9'142.0 9'768.0 9'667.9 10'171.3 2.7x 2.5x 2.9x 2.8x 1'853.0 1'748.0 3'406.5 4'051.5 13.1x 13.9x 8.3x 6.9x -5.78 -3.92 3.50 4.74 15.5x 11.5x (3.4%) 17.3% (54.2%) 2.5% 17.9% 35.2% 39.8%
3'547.0 3'547.0 4'438.4 5'405.3 3.9x 3.9x 3.5x 2.9x 1'529.6 1'529.6 2'128.7 2'779.6 9.1x 9.1x 7.4x 5.6x 2.04 2.02 3.28 4.88 18.7x 18.7x 11.5x 7.8x 31.6% 5.3% 35.6% (3.0%) 43.1% 48.0% 51.4%
2'986.5 2'986.5 3'057.8 3'973.8 3.2x 3.2x 3.8x 3.0x 1'336.9 1'335.9 1'289.8 1'960.7 7.1x 7.1x 9.1x 6.2x 5.09 5.08 4.58 7.50 14.4x 14.4x 16.0x 9.7x (10.1%) 3.6% (18.9%) (1.6%) 44.7% 42.2% 49.3%
5'666.8 6'547.2 6'838.8 7'292.4 0.7x 0.6x 0.7x 0.6x 396.0 460.5 511.3 596.0 10.4x 8.9x 9.0x 7.4x 0.40 0.33 0.84 1.00 36.3x 24.3x 14.4x 12.2x 38.7% 11.5% 39.0% 7.3% 7.0% 7.5% 8.2%
5'800.7 6'331.4 6'437.8 6'771.1 1.2x 1.1x 1.2x 1.2x 764.0 888.8 929.6 1'098.6 8.8x 7.6x 8.4x 7.2x 1.57 1.82 1.85 2.08 13.2x 13.3x 13.0x 11.5x 33.2% 26.2% 19.8% 30.8% 14.0% 14.4% 16.2%
3'445.1 3'461.8 3'615.1 3'126.9 0.7x 0.7x 0.7x 0.8x 335.1 404.4 416.5 400.9 7.1x 5.9x 6.0x 6.2x 0.63 0.73 0.91 0.88 17.5x 17.5x 14.1x 14.6x 43.3% (0.8%) (20.4%) (4.9%) 11.7% 11.5% 12.8%
2'782.6 2'782.6 3'181.6 3'576.2 2.1x 2.3x 2.0x 1.8x 605.1 605.1 708.6 831.5 9.9x 10.7x 9.2x 7.6x 2.66 2.66 3.21 3.87 23.3x 23.3x 19.3x 16.0x 26.9% 11.3% 24.5% 9.6% 21.7% 22.3% 23.2%
1'067.0 1'205.2 1'230.8 1'393.2 2.9x 2.6x 2.7x 2.4x 265.2 331.9 337.9 439.8 11.6x 9.3x 9.9x 7.6x 1.88 2.66 2.68 4.07 18.4x 18.4x 18.3x 12.0x 1.1% 0.6% (0.6%) (12.1%) 27.5% 27.5% 31.6%
86.2% 46.1% 8.081x 4.648x 2.808x
60.0% 35.3% 3.030x 2.845x 17.835x
32.7% 24.6% 1.120x 0.008x 28.927x
11.7% 10.5% 0.624x 0.233x 28.905x
6.9% 6.5% 0.075x -0.872x 115.768x
5.6% 5.1% 0.268x -1.383x 35.921x
5.2% 4.9% 0.155x 0.155x 143.452x
40.0% 28.6% 2.802x 2.639x 7.157x
-
BBB+ 08.12.2011 Baa1 23.05.2006
A27.07.2004 A3 28.06.2012
-
-
BB 30.03.2010 -
-
-
Leverage/Coverage Ratios Total Debt / Equity % Total Debt / Capital % Total Debt / EBITDA Net Debt / EBITDA EBITDA / Int. Expense
51.1% 33.3% 2.044x 1.699x 4.716x
Credit Ratings S&P LT Credit Rating S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date
BB29.11.2012 Ba3 *25.09.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail:
[email protected] |
