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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: info@qmsadv.com |

441.4
9001.4
0.0
4278.0
0.0
0.0
148.0
13427.4

Company Analysis - Analysts Ratings


Saipem SpA

62%

15

10

20%
14%

0%

5
0

fvr.12

mars.12

avr.12

mai.12

juin.12

Buy

juil.12

Hold

aot.12

Sell

sept.12

Price

oct.12

nov.12

dc.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: info@qmsadv.com |

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: info@qmsadv.com |

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

259
0
4

932

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: info@qmsadv.com |

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: info@qmsadv.com |

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

-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

-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: info@qmsadv.com |

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: info@qmsadv.com |

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: info@qmsadv.com |