Financial Analysis - Saipem S.p.A. offers construction and offshore and onshore drilling services. The Company installs sub-sea pipelines, installs fixed platforms, manages complete

21.02.2013

Ticker: Saipem SpA Benchmark:

Currency: BrsaItaliana: SPM, Currency: EUR FTSE MIB INDEX (FTSEMIB)

Sector: Energy Industry: Energy Equipment & Services Year:

Telephone 390-2-5203-4347 Revenue (M) Business Segments in EUR Sales (M) Geographic Segments in EUR Sales (M)

Website www.saipem.it No of Employees Onshore Engineering & Construction 6175 West Africa 1

Address Via Martiri do Cefalonia 67 20097 San Donato Milanese Milan Italy Offshore Engineering & Construction 5356 North Africa

Share Price Performance in EUR Offshore Drilling 1088 Asia

Price 20.39 1M Return -35.5% Onshore Drilling 750 CIS

52 Week High 40.12 6M Return -47.2% Europe

52 Week Low 18.61 52 Wk Return -45.7% Americas

52 Wk Beta 0.91 YTD Return -30.4% Australia

Credit Ratings

Bloomberg HY1

S&P - Date - Outlook -

Moody's - Date - Outlook -

Fitch - Date - Outlook -

Valuation Ratios

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

P/E 14.3x 19.1x 15.6x 14.3x 20.3x 12.3x 8.7x

EV/EBIT 11.6x 14.8x 11.9x - - - -

EV/EBITDA 8.4x 10.6x 8.5x - 8.8x 6.9x 5.7x

P/S 1.0x 1.4x 1.1x 1.0x 0.7x 0.6x 0.6x

P/B 3.1x 4.0x 3.1x 2.4x 1.7x 1.5x 1.3x

Div Yield 2.3% 1.7% 2.1% 2.3% 1.6% 2.7% 3.8%

Profitability Ratios %

12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E

Gross Margin - - - - 18.9 21.0 63.7

EBITDA Margin 15.6 16.4 16.7 16.5 11.4 14.0 16.0

Operating Margin 11.3 11.8 11.9 11.1 5.8 8.8 10.4

Profit Margin 7.1 7.6 7.3 6.7 3.3 5.5 7.0

Return on Assets 5.2 5.8 6.0 7.0 3.4 5.1 6.3

Return on Equity 23.6 22.5 21.0 17.8 8.5 12.7 15.7

Leverage and Coverage Ratios

12/09 12/10 12/11 12/12

Current Ratio 0.8 0.9 0.8 - Current Capitalization in EUR

Quick Ratio 0.5 0.6 0.5 - Common Shares Outstanding (M) 441.4

EBIT/Interest 13.7 20.6 12.9 - Market Capitalization (M) 9001.4

Tot Debt/Capital 0.5 0.5 0.5 0.4 Cash and ST Investments (M) 0.0

Tot Debt/Equity 1.1 1.0 0.9 0.8 Total Debt (M) 4278.0

Eff Tax Rate % 27.1 27.8 28.4 29.1 Preferred Equity (M) 0.0

LT Investments in Affiliate Companies (M) 0.0

Investments (M) 148.0

Enterprise Value (M) 13427.4

41'415

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.

SPM IM

13'369

Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

www.saipem.it

Saipem SpA

Target price in EUR

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

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Company Analysis - Analysts Ratings

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21.02.2013

Saipem SpA

Ownership Statistics Geographic Ownership Distribution

Shares Outstanding (M) 441.4 Italy 69.38%

Float 56.8% United States 11.02%

Short Interest (M) Luxembourg 6.78%

Short Interest as % of Float Britain 4.68%

Days to Cover Shorts France 1.94%

Institutional Ownership 18.87% Germany 1.58%

Retail Ownership 81.08% Unknown Country 0.91%

Insider Ownership 0.05% Others 3.71%

Institutional Ownership Distribution

Corporation 68.83%

Investment Advisor 26.30%

Mutual Fund Manager 3.85%

Other 0.84%

Pricing data is in EUR Others 0.18%

Top 20 Owners:

Holder Name Position Position Change Market Value % of Ownership Report Date Source Country

ENI SPA 189'447'556 0 3'862'835'667 42.93% 06.02.2013 Research ITALY

FMR LLC 21'088'746 -1'638'416 429'999'531 4.78% 31.01.2013 ULT-AGG UNITED STATES

BLACKROCK 7'885'773 -173'664 160'790'911 1.79% 19.02.2013 ULT-AGG UNITED STATES

ALLIANZ ASSET MANAGE 5'177'433 -114'027 105'567'859 1.17% 31.12.2012 ULT-AGG GERMANY

VANGUARD GROUP INC 5'054'648 124'129 103'064'273 1.15% 31.12.2012 MF-AGG UNITED STATES

OPPENHEIMERFUNDS INC 2'662'857 4'881 54'295'654 0.60% 30.12.2012 MF-AGG UNITED STATES

MFS INSTITUTIONAL AD 2'590'416 0 52'818'582 0.59% 06.02.2013 Research UNITED STATES

MFS FINANCIAL SERVIC 2'255'030 0 45'980'062 0.51% 06.02.2013 Research AUSTRALIA

UMB BANK N A 2'187'281 97'214 44'598'660 0.50% 31.12.2012 MF-AGG UNITED STATES

SCHRODER INVESTMENT 1'513'680 1'311'599 30'863'935 0.34% 28.09.2012 MF-AGG BRITAIN

T ROWE PRICE ASSOCIA 1'414'646 535'767 28'844'632 0.32% 31.12.2012 MF-AGG UNITED STATES

SARASIN 1'222'030 -55'854 24'917'192 0.28% 28.12.2012 ULT-AGG

MFS INVESTMENT MGMT 1'204'742 0 24'564'689 0.27% 06.02.2013 Research ITALY

DEUTSCHE BANK AG 1'061'416 120'134 21'642'272 0.24% 31.12.2012 MF-AGG GERMANY

MFS INTERNATIONAL UK 992'919 0 20'245'618 0.23% 06.02.2013 Research n/a

MASSACHUSETTS FINANC 990'749 16'834 20'201'372 0.22% 31.12.2012 MF-AGG UNITED STATES

SNS INVESTMENT FUND 952'030 -107'051 19'411'892 0.22% 29.06.2012 MF-AGG NETHERLANDS

UNION INVESTMENT GMB 948'419 412'019 19'338'263 0.21% 28.09.2012 MF-AGG GERMANY

AMERICAN CENTURY COM 908'676 -131'277 18'527'904 0.21% 31.12.2012 MF-AGG UNITED STATES

MFS INVESTMENT MANAG 856'117 0 17'456'226 0.19% 06.02.2013 Research LUXEMBOURG

Top 5 Insiders:

Holder Name Position Position Change Market Value % of Ownership Report Date Source

TALI PIETRO FRANCO 205'000 4'179'950 0.05% 31.12.2011 Research

MEOMARTINI ALBERTO 1'500 30'585 0.00% 31.12.2011 Research

VERGINE UMBERTO 1'420 28'954 0.00% 31.12.2011 Research

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Company Analysis - Ownership

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Saipem SpA

Financial information is in EUR (M)

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

Income Statement

Revenue 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

- Cost of Goods Sold

Gross Income 2'557 2'953 9'434

- Selling, General & Admin Expenses 2'923 3'821 3'988 4'174 6'968 8'729 9'054 9'156 9'858 11'138 11'898

(Research & Dev Costs) 6 9 6 6 23 21 17 17 12 12

Operating Income 302 303 328 365 599 867 1'084 1'163 1'319 1'493 1'481 781 1'231 1'543

- Interest Expense 121 95 1 10 42 17 208 85 64 116

- Foreign Exchange Losses (Gains) 0 0 0 41 -6 9 56 -41 89 -36

- Net Non-Operating Losses (Gains) -75 -55 22 -21 19 -282 -397 56 -73 34 132

Pretax Income 256 263 305 335 544 1'123 1'217 1'063 1'239 1'379 1'349 633 1'087 1'481

- Income Tax Expense 62 67 67 76 157 245 285 288 345 392 393

Income Before XO Items 194 196 238 259 387 878 932 775 894 987 956

- Extraordinary Loss Net of Tax 0 0 0 0 0

- Minority Interests 3 0 3 4 3 3 18 43 50 66 54

Diluted EPS Before XO Items 0.87 1.98 2.07 1.66 1.92 2.09 2.04

Net Income Adjusted* 191 196 197 255 384 580 724 732 844 921 902 444 768 1'042

EPS Adjusted 0.43 0.45 0.45 0.59 0.87 1.31 1.57 1.66 1.91 2.09 2.04 1.00 1.65 2.33

Dividends Per Share 0.14 0.15 0.15 0.19 0.29 0.44 0.55 0.55 0.63 0.70 0.68 0.33 0.54 0.78

Payout Ratio % 33.2 33.1 27.7 32.2 33.2 21.9 31.2 33.3 33.3 0.33 0.33 0.33

Total Shares Outstanding 441 439 438 441 429 436 435 436 438 438 441

Diluted Shares Outstanding 442 442 442 440 440 440 441

EBITDA 558 561 527 561 829 1'148 1'437 1'601 1'833 2'101 2'207 1'541 1'974 2'372

*Net income excludes extraordinary gains and losses and one-time charges.

Equivalent Estimates

Company Analysis - Financials I/IV

Fiscal Year


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

Balance Sheet

Total Current Assets 1839 2394 2492 3101 6084 7247 7912 6787 6616 6718 922

+ Cash & Near Cash Items 250 549 595 877 1'322 2'170 1'398 986 930 1'029

+ Short Term Investments 0 0 0 0 36 36

+ Accounts & Notes Receivable 859 1'020 1'067 1'265 2'929 2'897 3'384 3'242 3'550 2'822

+ Inventories 177 307 388 490 1'053 998 1'397 1'071 791 1'353

+ Other Current Assets 553 518 442 469 780 1'182 1'697 1'452 1'345 1'514 922

Total Long-Term Assets 2'676 2'571 2'623 2'851 3'447 4'439 6'081 7'326 8'412 9'134 9'126

+ Long Term Investments 35 2 0 4 9 13 2 2 2 1

Gross Fixed Assets 3'347 3'431 3'617 3'959 4'718 5'954 7'790 9'190 10'709 11'923

Accumulated Depreciation 1'639 1'737 1'905 2'056 2'373 2'392 2'619 2'895 3'306 3'899

+ Net Fixed Assets 1'708 1'694 1'712 1'903 2'345 3'562 5'171 6'295 7'403 8'024 756

+ Other Long Term Assets 933 875 911 944 1'093 864 908 1'029 1'007 1'109 8'370

Total Current Liabilities 2'646 2'845 2'941 3'694 6'621 8'091 9'677 8'348 7'565 7'963

+ Accounts Payable 718 877 1'046 1'129 2'292 2'626 3'276 2'602 2'698 2'954

+ Short Term Borrowings 1'105 933 979 1'483 1'940 3'038 2'620 2'147 1'329 1'722

+ Other Short Term Liabilities 823 1'035 916 1'082 2'432 2'427 3'781 3'599 3'538 3'287

Total Long Term Liabilities 570 729 651 615 1'325 1'296 1'538 2'270 3'309 3'066 4'495

+ Long Term Borrowings 406 578 487 423 894 891 1'106 1'796 2'887 2'576 4'278

+ Other Long Term Borrowings 164 151 164 192 431 405 432 474 422 490 217

Total Liabilities 3'216 3'574 3'592 4'309 7'946 9'387 11'215 10'618 10'874 11'029

+ Long Preferred Equity 0 0 0 0 0 0 0 0 0

+ Minority Interest 24 23 9 13 4 4 21 61 94 114 148

+ Share Capital & APIC 503 503 503 490 496 496 496 496 496 496

+ Retained Earnings & Other Equity 772 865 1'011 1'140 1'085 1'799 2'261 2'938 3'564 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

Book Value Per Share 2.89 3.12 3.46 3.69 3.69 5.26 6.34 7.88 9.28 10.74 12.24 12.32 13.69 15.50

Tangible Book Value Per Share 0.84 1.18 1.55 1.80 1.71 3.54 4.60 6.15 7.54 9.03 -6.45

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 12/13E 12/14E 12/15E

Cash Flows

Net Income 191 196 235 255 384 875 914 732 844 921 902 457 753 1'076

+ Depreciation & Amortization 256 258 199 196 230 281 353 438 514 608 726

+ Other Non-Cash Adjustments 23 -13 59 53 22 -383 -363 218 -61 -528 34

+ Changes in Non-Cash Capital 203 163 -123 -178 -33 292 658 -421 27 548 -1'438

Cash From Operating Activities 673 604 370 326 603 1'065 1'562 967 1'324 1'549 224

+ Disposal of Fixed Assets 9 12 7 3 9 8 46 8 8

+ Capital Expenditures -197 -247 -186 -350 -600 -1'407 -2'031 -1'601 -1'533 -1'100 -1'016 -897 -699 -777

+ Increase in Investments -2 -12 -12 -9 -237 -3

+ Decrease in Investments 0 5 4 0 4 406 310 12 5 3

+ Other Investing Activities -1'214 -22 -7 -12 -40 -7 -19 -14 73 -87

Cash From Investing Activities -1'404 -252 -194 -371 -636 -1'237 -1'697 -1'595 -1'455 -1'184 -1'008

+ Dividends Paid -56 -63 -65 -65 -82 -126 -192 -239 -263 -297

+ Change in Short Term Borrowings 325 -151 -29 419 361 1'130 -333 -631 -778 -49

+ Increase in Long Term Borrowings 352 220 2 0 432 26 1'099 2'437 186

+ Decrease in Long Term Borrowings 0 -26 -6 -11 -2 -54 -6 -65 -1'400 -117

+ Increase in Capital Stocks 22 16 0 0 7 35 11 29

+ Decrease in Capital Stocks 0 -24 -30 -36 -13 -50

+ Other Financing Activities 172 -33 1 14 -195 83 -82 45 44 0 -331

Cash From Financing Activities 815 -53 -105 327 478 1'020 -637 216 75 -266 -302

Net Changes in Cash 84 299 71 282 445 848 -772 -412 -56 99 -1'086

Free Cash Flow (CFO-CAPEX) 476 357 184 -24 3 -342 -469 -634 -209 449 -792 387 880 1'026

Free Cash Flow To Firm 568 428 185 -16 33 -329 -310 -572 -163 532

Free Cash Flow To Equity 1'162 412 742 -736 -223 50 469

Free Cash Flow per Share 1.08 0.81 0.42 -0.05 0.01 -0.78 -1.08 -1.46 -0.48 1.02 -1.79

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

Ratio Analysis

Valuation Ratios

Price Earnings 14.6x 14.4x 19.7x 23.5x 22.4x 13.7x 5.6x 14.3x 19.1x 15.6x 14.3x 20.3x 12.3x 8.7x

EV to EBIT 13.5x 12.5x 14.5x 19.6x 16.7x 15.8x 6.9x 11.6x 14.8x 11.9x

EV to EBITDA 7.3x 6.8x 9.0x 12.8x 12.1x 12.0x 5.2x 8.4x 10.6x 8.5x 8.8x 6.9x 5.7x

Price to Sales 0.9x 0.7x 0.9x 1.3x 1.1x 1.3x 0.5x 1.0x 1.4x 1.1x 1.0x 0.7x 0.6x 0.6x

Price to Book 2.2x 2.1x 2.6x 3.8x 5.4x 5.2x 1.9x 3.1x 4.0x 3.1x 2.4x 1.7x 1.5x 1.3x

Dividend Yield 2.3% 2.3% 1.7% 1.4% 1.5% 1.6% 4.7% 2.3% 1.7% 2.1% 2.3% 1.6% 2.7% 3.8%

Profitability Ratios

Gross Margin 18.9% 21.0% 63.7%

EBITDA Margin 17.6% 13.7% 12.2% 12.4% 11.0% 12.0% 14.2% 15.6% 16.4% 16.7% 16.5% 11.4% 14.0% 16.0%

Operating Margin 9.5% 7.4% 7.6% 8.1% 8.0% 9.1% 10.7% 11.3% 11.8% 11.9% 11.1% 5.8% 8.8% 10.4%

Profit Margin 6.0% 4.8% 5.5% 5.6% 5.1% 9.2% 9.1% 7.1% 7.6% 7.3% 6.7% 3.3% 5.5% 7.0%

Return on Assets 5.1% 4.1% 4.7% 4.6% 5.0% 8.2% 7.1% 5.2% 5.8% 6.0% 7.0% 3.4% 5.1% 6.3%

Return on Equity 15.7% 14.8% 16.3% 16.2% 23.9% 45.1% 36.2% 23.6% 22.5% 21.0% 17.8% 8.5% 12.7% 15.7%

Leverage & Coverage Ratios

Current Ratio 0.70 0.84 0.85 0.84 0.92 0.90 0.82 0.81 0.87 0.84

Quick Ratio 0.42 0.55 0.57 0.58 0.64 0.63 0.50 0.51 0.59 0.48

Interest Coverage Ratio (EBIT/I) 2.50 3.19 328.00 36.50 14.26 51.00 5.21 13.68 20.61 12.87

Tot Debt/Capital 0.54 0.52 0.49 0.54 0.64 0.63 0.57 0.53 0.50 0.47 0.44

Tot Debt/Equity 1.16 1.09 0.96 1.16 1.79 1.71 1.34 1.13 1.01 0.89 0.77

Others

Asset Turnover 0.85 0.87 0.85 0.82 0.97 0.90 0.79 0.73 0.77 0.82 1.03

Accounts Receivable Turnover 4.69 4.37 4.13 3.88 3.58 3.27 3.21 3.11 3.29 3.95

Accounts Payable Turnover

Inventory Turnover

Effective Tax Rate 24.2% 25.5% 22.0% 22.7% 28.9% 21.8% 23.4% 27.1% 27.8% 28.4% 29.1%

Company Analysis - Financials IV/IV


SAIPEM SPA SUBSEA 7 SA TECHNIP SASCHLUMBERGER

LTDHALLIBURTON CO ENI SPA CIE GENERALE DE TRANSOCEAN LTD NOBLE CORP

DIAMOND

OFFSHORE

WOOD GROUP

(JOHNPETROFAC LTD MCDERMOTT INTL

OCEANEERING

INTLTIDEWATER INC

12/2012 12/2011 12/2012 12/2012 12/2012 12/2012 12/2011 12/2011 12/2012 12/2012 12/2011 12/2011 12/2011 12/2012 03/2012

40.12 148.39 92.36 82.00 43.96 19.59 25.76 59.50 41.56 76.08 883.50 1'784.00 15.35 65.37 63.27

17.09.2012 02.04.2012 22.10.2012 14.02.2013 14.02.2013 18.01.2013 09.10.2012 14.02.2013 16.03.2012 15.02.2013 19.10.2012 20.04.2012 01.03.2012 14.02.2013 24.02.2012

18.61 106.91 69.21 59.12 26.28 14.94 15.58 39.32 28.73 54.07 649.00 1'324.00 9.04 43.22 42.33

30.01.2013 25.06.2012 04.06.2012 26.06.2012 26.06.2012 25.07.2012 04.06.2012 04.06.2012 25.06.2012 26.06.2012 26.06.2012 27.06.2012 04.06.2012 25.06.2012 16.11.2012

1'158'356 793'053 489'259 6'397'047 15'695'675 7'163'920 366'754 3'819'082 5'740'118 1'638'594 195'771 384'860 3'826'510 706'989 618'966

20.42 131.30 80.27 78.53 41.62 17.38 20.09 54.32 37.84 73.05 794.50 1'572.00 12.79 61.97 48.92

-49.1% -11.5% -13.1% -4.2% -5.3% -11.3% -22.0% -8.7% -8.9% -4.0% -10.1% -11.9% -16.7% -5.2% -22.7%

9.7% 22.8% 16.0% 32.8% 58.4% 16.3% 28.9% 38.1% 31.7% 35.1% 22.4% 18.7% 41.5% 43.4% 15.6%

441.4 338.7 108.7 1'328.0 929.0 3'634.2 159.2 349.8 252.7 139.0 371.3 340.1 235.1 107.9 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

4'278.0 893.4 2'087.9 11'630.0 4'820.0 24'463.0 1'501.0 13'536.0 4'634.4 1'496.1 230.5 77.2 93.7 94.0 1'010.0

- - - - - - - - - - - - - - -

148.0 51.5 21.7 107.0 25.0 3'514.0 67.5 106.0 765.1 - 10.0 3.1 74.1 - -

1'029.0 803.4 2'808.7 6'274.0 2'484.0 8'066.0 410.7 4'017.0 282.1 1'485.6 226.6 1'602.0 680.4 106.1 320.7

13'541.6 8'504.7 8'894.7 109'770.9 40'983.8 83'073.1 4'905.1 28'415.5 14'680.3 10'166.6 4'641.0 7'524.8 2'523.2 6'703.4 3'292.3

LFY 13'369.0 5'476.5 8'203.9 42'149.0 28'503.0 127'271.0 2'267.7 9'142.0 3'547.0 2'986.5 5'666.8 5'800.7 3'445.1 2'782.6 1'067.0

LTM 13'369.0 6'103.3 8'203.9 42'841.0 28'503.0 127'271.0 2'594.7 9'768.0 3'547.0 2'986.5 6'547.2 6'331.4 3'461.8 2'782.6 1'205.2

CY+1 13'566.9 6'243.0 9'203.3 46'176.7 29'769.0 121'289.6 2'720.7 9'667.9 4'438.4 3'057.8 6'838.8 6'437.8 3'615.1 3'181.6 1'230.8

CY+2 14'063.2 6'756.9 10'364.3 51'872.0 32'970.3 123'474.0 3'559.7 10'171.3 5'405.3 3'973.8 7'292.4 6'771.1 3'126.9 3'576.2 1'393.2

LFY 1.6x 1.5x 1.2x 2.3x 1.2x 0.7x 2.2x 2.7x 3.9x 3.2x 0.7x 1.2x 0.7x 2.1x 2.9x

LTM 1.6x 1.4x 1.2x 2.3x 1.2x 0.7x 1.9x 2.5x 3.9x 3.2x 0.6x 1.1x 0.7x 2.3x 2.6x

CY+1 1.0x 1.3x 0.9x 2.3x 1.4x 0.7x 1.8x 2.9x 3.5x 3.8x 0.7x 1.2x 0.7x 2.0x 2.7x


LFY 2'207.0 870.8 883.5 11'020.0 5'787.0 24'564.0 596.1 1'853.0 1'529.6 1'336.9 396.0 764.0 335.1 605.1 265.2

LTM 2'186.0 1'050.1 1'012.6 11'055.0 5'787.0 24'564.0 753.5 1'748.0 1'529.6 1'335.9 460.5 888.8 404.4 605.1 331.9

CY+1 1'540.5 1'137.7 1'233.7 12'404.7 6'184.6 28'813.8 844.1 3'406.5 2'128.7 1'289.8 511.3 929.6 416.5 708.6 337.9

CY+2 1'973.7 1'274.6 1'473.9 14'531.9 7'544.0 30'201.0 1'200.4 4'051.5 2'779.6 1'960.7 596.0 1'098.6 400.9 831.5 439.8

LFY 9.5x 9.7x 10.9x 8.8x 6.0x 3.5x 8.5x 13.1x 9.1x 7.1x 10.4x 8.8x 7.1x 9.9x 11.6x

LTM 9.4x 8.1x 9.5x 8.8x 6.0x 3.5x 6.7x 13.9x 9.1x 7.1x 8.9x 7.6x 5.9x 10.7x 9.3x



LFY 2.04 1.26 0.00 4.16 3.02 1.93 -0.21 -5.78 2.04 5.09 0.40 1.57 0.63 2.66 1.88

LTM 2.05 2.14 4.59 4.19 3.08 2.39 0.40 -3.92 2.02 5.08 0.33 1.82 0.73 2.66 2.66

CY+1 1.00 1.65 5.72 4.74 3.02 2.00 0.74 3.50 3.28 4.58 0.84 1.85 0.91 3.21 2.68

CY+2 1.65 1.62 7.02 5.83 3.96 2.15 1.73 4.74 4.88 7.50 1.00 2.08 0.88 3.87 4.07

LFY 10.0x 10.8x 17.5x 18.7x 13.5x 7.3x 51.3x - 18.7x 14.4x 36.3x 13.2x 17.5x 23.3x 18.4x

LTM - 10.8x 24.5x 18.7x 13.5x 8.2x 51.3x - 18.7x 14.4x 24.3x 13.3x 17.5x 23.3x 18.4x



1 Year 6.2% 131.2% 20.4% 14.0% 14.8% 16.1% 3.7% (3.4%) 31.6% (10.1%) 38.7% 33.2% 43.3% 26.9% 1.1%

5 Year 8.3% 35.4% 3.4% 14.7% 14.5% 5.9% 3.1% 17.3% 5.3% 3.6% 11.5% 26.2% (0.8%) 11.3% 0.6%

1 Year 5.0% 81.8% - 12.5% (5.1%) (4.5%) 2.5% (54.2%) 35.6% (18.9%) 39.0% 19.8% (20.4%) 24.5% (0.6%)

5 Year 14.0% 23.6% 11.2% 5.5% 7.5% (1.1%) 5.1% 2.5% (3.0%) (1.6%) 7.3% 30.8% (4.9%) 9.6% (12.1%)

LTM 16.4% 17.2% 12.8% 25.8% 20.3% 19.3% 29.0% 17.9% 43.1% 44.7% 7.0% 14.0% 11.7% 21.7% 27.5%

CY+1 11.4% 18.2% 13.4% 26.9% 20.8% 23.8% 31.0% 35.2% 48.0% 42.2% 7.5% 14.4% 11.5% 22.3% 27.5%

CY+2 14.0% 18.9% 14.2% 28.0% 22.9% 24.5% 33.7% 39.8% 51.4% 49.3% 8.2% 16.2% 12.8% 23.2% 31.6%

Total Debt / Equity % 79.1% 15.5% 57.2% 33.5% 30.6% 41.3% 51.1% 86.2% 60.0% 32.7% 11.7% 6.9% 5.6% 5.2% 40.0%

Total Debt / Capital % 43.5% 13.3% 36.2% 25.0% 23.4% 28.1% 33.3% 46.1% 35.3% 24.6% 10.5% 6.5% 5.1% 4.9% 28.6%

Total Debt / EBITDA 1.957x 0.861x 2.078x 1.052x 0.833x 0.996x 2.044x 8.081x 3.030x 1.120x 0.624x 0.075x 0.268x 0.155x 2.802x

Net Debt / EBITDA 1.957x 0.303x -0.181x 0.484x 0.404x 0.668x 1.699x 4.648x 2.845x 0.008x 0.233x -0.872x -1.383x 0.155x 2.639x

EBITDA / Int. Expense 18.112x 21.554x 22.889x 32.412x 19.419x 27.909x 4.716x 2.808x 17.835x 28.927x 28.905x 115.768x 35.921x 143.452x 7.157x

S&P LT Credit Rating - - BBB+ A+ A A BB- - BBB+ A- - - BB - -

S&P LT Credit Rating Date - - 27.05.2010 11.12.2002 20.08.2007 17.01.2012 29.11.2012 - 08.12.2011 27.07.2004 - - 30.03.2010 - -

Moody's LT Credit Rating - - - A1 A2 A3 Ba3 *- - Baa1 A3 - - - - -

Moody's LT Credit Rating Date - - - 03.06.2003 01.05.2007 16.07.2012 25.09.2012 - 23.05.2006 28.06.2012 - - - - -

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (2/dd/yy)

52-Week High % Change

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Company Analysis - Peers Comparision


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Financial Analysis - Saipem S.p.A. offers construction and offshore and onshore drilling services. The Company installs sub-sea pipelines, installs fixed platforms, manages complete