Company Valuation: Saipem SpA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,826 2,250 2,933 4,911 4,746 8,386 - -
Change - 23.22% 30.38% 67.43% -3.35% 76.68% - -
Enterprise Value (EV) 1 3,367 2,514 3,194 4,888 5,244 7,918 7,542 6,874
Change - -25.34% 27.07% 53.03% 7.3% 50.98% -4.74% -8.87%
P/E -0.76x -10.8x 16.4x 16.4x 15.6x 27.2x 13.8x 12.6x
PBR 5.72x 1.09x 1.23x 1.98x 1.84x 3.33x 3.03x 2.76x
PEG - 0.1x -0x 0.2x 11.96x 12.24x 0.1x 1.31x
Capitalization / Revenue 0.27x 0.23x 0.25x 0.34x 0.31x 0.54x 0.53x 0.53x
EV / Revenue 0.49x 0.25x 0.27x 0.34x 0.34x 0.51x 0.47x 0.44x
EV / EBITDA -2.82x 4.22x 3.45x 3.68x 3.06x 4.39x 3.6x 3.23x
EV / EBIT -1.97x 16.8x 7.31x 8.07x 7.72x 11.2x 7.09x 6.02x
EV / FCF -17.4x -4.8x 12.9x 6.46x 4.23x 6.21x 5.9x 5.22x
FCF Yield -5.73% -20.8% 7.76% 15.5% 23.7% 16.1% 17% 19.1%
Dividend per Share 2 - - - - 0.17 0.1654 0.1718 0.1844
Rate of return - - - - 7.01% 3.83% 3.97% 4.27%
EPS 2 -116.2 -0.1047 0.0897 0.1533 0.1553 0.1588 0.3138 0.3439
Distribution rate - - - - 109% 104% 54.8% 53.6%
Net sales 1 6,875 9,980 11,874 14,549 15,497 15,620 15,924 15,736
EBITDA 1 -1,192 595 926 1,329 1,716 1,802 2,092 2,131
EBIT 1 -1,713 150 437 606 679 704.8 1,064 1,142
Net income 1 -2,467 -209 179 306 310 320.3 622.6 680.1
Net Debt 1 1,541 264 261 -23 498 -467.9 -843.5 -1,512
Reference price 2 87.857 1.128 1.470 2.509 2.425 4.322 4.322 4.322
Nbr of stocks (in thousands) 20,779 19,95,110 19,95,144 19,57,188 19,57,283 19,40,283 - -
Announcement Date 24/02/22 28/02/23 28/02/24 25/02/25 25/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.03x2.16x9.89x2.41% 7.23TCr
19.47x2.33x13.17x1.65% 5.56TCr
14.79x2.02x8.81x5.03% 2.81TCr
22.34x2.44x12.04x0.29% 2.7TCr
13.25x1.41x7.7x2.14% 2.65TCr
32x5.35x20.88x0.89% 1.68TCr
13.17x1.21x5.17x3.74% 982Cr
27.23x0.51x4.39x3.83% 943.83Cr
21.09x0.79x6.88x2.06% 670.18Cr
Average 20.37x 2.02x 9.88x 2.45% 2.8TCr
Weighted average by Cap. 19.68x 2.21x 10.75x 2.27%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield