Saipem SpA

SPM: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€6.20	Sfhw	Jwhgtjq

Saipem Earnings: Results Reflect Early Stages of a MultiYear Upcycle in Offshore Investment

Katherine Olexa

Apr 20, 2023

No-moat Saipem posted solid first-quarter results, with revenue increasing 33% year over year and a firmwide adjusted EBITDA margin improving 100 basis points year over year to 7.5%. We're raising our fair value estimate to EUR 2.50 from EUR 2 following results.

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