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 8,448 - -
Change - 23.22% 30.38% 67.43% -3.35% 77.99% - -
Enterprise Value (EV) 1 3,367 2,514 3,194 4,888 5,244 7,980 7,605 6,927
Change - -25.34% 27.07% 53.03% 7.3% 52.16% -4.71% -8.91%
P/E -0.76x -10.8x 16.4x 16.4x 15.6x 27x 14x 12.4x
PBR 5.72x 1.09x 1.23x 1.98x 1.84x 3.35x 3.05x 2.78x
PEG - 0.1x -0x 0.2x 11.96x 7.24x 0.1x 1x
Capitalization / Revenue 0.27x 0.23x 0.25x 0.34x 0.31x 0.54x 0.53x 0.54x
EV / Revenue 0.49x 0.25x 0.27x 0.34x 0.34x 0.51x 0.48x 0.44x
EV / EBITDA -2.82x 4.22x 3.45x 3.68x 3.06x 4.43x 3.63x 3.25x
EV / EBIT -1.97x 16.8x 7.31x 8.07x 7.72x 11.3x 7.14x 5.98x
EV / FCF -17.4x -4.8x 12.9x 6.46x 4.23x 6.26x 5.94x 5.26x
FCF Yield -5.73% -20.8% 7.76% 15.5% 23.7% 16% 16.8% 19%
Dividend per Share 2 - - - - 0.17 0.1654 0.1718 0.1844
Rate of return - - - - 7.01% 3.8% 3.95% 4.24%
EPS 2 -116.2 -0.1047 0.0897 0.1533 0.1553 0.1611 0.3118 0.3508
Distribution rate - - - - 109% 103% 55.1% 52.6%
Net sales 1 6,875 9,980 11,874 14,549 15,497 15,620 15,924 15,730
EBITDA 1 -1,192 595 926 1,329 1,716 1,802 2,092 2,135
EBIT 1 -1,713 150 437 606 679 704.8 1,064 1,158
Net income 1 -2,467 -209 179 306 310 327.4 635.9 694.6
Net Debt 1 1,541 264 261 -23 498 -467.9 -843.4 -1,521
Reference price 2 87.857 1.128 1.470 2.509 2.425 4.354 4.354 4.354
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
27.43x0.51x4.43x3.8% 957.28Cr
20.43x2.2x10.08x2.36% 7.4TCr
19.16x2.33x13.13x1.66% 5.55TCr
14.56x2x8.7x4.89% 2.78TCr
22.46x2.44x12.06x0.29% 2.7TCr
13.12x1.4x7.64x2.16% 2.63TCr
31.87x5.33x20.79x0.89% 1.67TCr
13.51x1.24x5.31x3.64% 1.01TCr
6.87x1.39x5.45x3.03% 676.63Cr
21.25x0.8x6.94x2.04% 676.6Cr
Average 19.07x 1.96x 9.45x 2.48% 2.6TCr
Weighted average by Cap. 19.40x 2.19x 10.63x 2.26%

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

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  4. Valuation Saipem SpA