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 8,153 - -
Change - 23.22% 30.38% 67.43% -3.35% 71.77% - -
Enterprise Value (EV) 1 3,367 2,514 3,194 4,888 5,244 7,751 7,313 6,672
Change - -25.34% 27.07% 53.03% 7.3% 47.8% -5.66% -8.77%
P/E -0.76x -10.8x 16.4x 16.4x 15.6x 18.7x 13.9x 13.1x
PBR 5.72x 1.09x 1.23x 1.98x 1.84x 3.05x 2.78x 2.54x
PEG - 0.1x -0x 0.2x 11.96x 0.4x 0.4x 2.03x
Capitalization / Revenue 0.27x 0.23x 0.25x 0.34x 0.31x 0.52x 0.52x 0.53x
EV / Revenue 0.49x 0.25x 0.27x 0.34x 0.34x 0.5x 0.46x 0.43x
EV / EBITDA -2.82x 4.22x 3.45x 3.68x 3.06x 4x 3.47x 3.13x
EV / EBIT -1.97x 16.8x 7.31x 8.07x 7.72x 8.99x 6.83x 5.92x
EV / FCF -17.4x -4.8x 12.9x 6.46x 4.23x 6.48x 5.95x 5.33x
FCF Yield -5.73% -20.8% 7.76% 15.5% 23.7% 15.4% 16.8% 18.7%
Dividend per Share 2 - - - - 0.17 0.1663 0.1718 0.1812
Rate of return - - - - 7.01% 3.96% 4.09% 4.31%
EPS 2 -116.2 -0.1047 0.0897 0.1533 0.1553 0.2247 0.3019 0.3214
Distribution rate - - - - 109% 74% 56.9% 56.4%
Net sales 1 6,875 9,980 11,874 14,549 15,497 15,577 15,770 15,452
EBITDA 1 -1,192 595 926 1,329 1,716 1,940 2,110 2,134
EBIT 1 -1,713 150 437 606 679 862.4 1,070 1,127
Net income 1 -2,467 -209 179 306 310 456.2 618.5 661.2
Net Debt 1 1,541 264 261 -23 498 -401.7 -840.3 -1,481
Reference price 2 87.857 1.128 1.470 2.509 2.425 4.202 4.202 4.202
Nbr of stocks (in thousands) 20,779 1,995,110 1,995,144 1,957,188 1,957,283 1,940,283 - -
Announcement Date 2/24/22 A 2/28/23 A 2/28/24 A 2/25/25 A 2/25/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.83x0.5x4.03x3.93% 9.39B
18.88x2.13x9.75x2.5% 70.39B
20.76x2.02x11.25x1.65% 56.09B
14.9x1.52x8.26x1.96% 29.27B
24.52x2.62x13x0.28% 28.71B
24.44x0.83x7.89x1.94% 6.99B
32.66x6.23x11.18x3.04% 6.55B
19.91x5.64x9.78x2.49% 6.47B
7.6x1.33x5.34x3.44% 6.18B
14.34x1.29x6.13x1.35% 5.77B
Average 19.68x 2.41x 8.66x 2.26% 22.58B
Weighted average by Cap. 19.72x 2.15x 9.87x 1.99%

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