olivLaw · European equity research
Saipem S.p.A. SPM.MI
Italy · Euronext Milan · ISIN IT0005495657 · Vertical: Listed companies from Italy
Saipem is an Italian group providing engineering, construction and drilling services for the energy industry, active both offshore and onshore. In 2022 it sold its onshore drilling business to KCA Deutag to strengthen its financial position and focus on its core business, in a deteriorated economic and financial context.
At the close of 05 Nov 2026, Saipem S.p.A. (SPM.MI) stock was 4.26 EUR (−1.59% on the day), with market capitalisation 4.0 bn EUR, dividend yield 0.00%, beta 0.68, 52-week range 2.20–4.82 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.5
- weak (30–45)
- Bollinger (20, 2)
- 4.22 – 4.72
- in the lower half of the band · %B 0.07 · band width 11.2%
- SMA 50 / 200
- 4.41 / 4.14
- mixed trend
- MACD (12, 26, 9)
- -0.02 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.7% | −0.6% | −2.0 pp | — |
| 3 months | −1.3% | −4.2% | +2.9 pp | — |
| 6 months | −1.7% | +4.3% | −6.1 pp | — |
| Year to date | +75.6% | +7.5% | +68.1 pp | — |
| 1 year | +92.3% | +9.9% | +82.4 pp | −6.1% |
| 3 years | +190.5% | +49.8% | +140.7 pp | +7.7% |
| 5 years | −12.6% | +42.8% | −55.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Revenue | unavailable | 7.4 bn | 6.5 bn | 10.0 bn |
| Revenue YoY | unavailable | unavailable | −11.8% | +52.9% |
| Net income | 98.0 m | -1.1 bn | -2.5 bn | -209.0 m |
| Net income YoY | unavailable | −1,239.8% | unavailable | unavailable |
| Diluted EPS | unavailable | -1.15 | -2.62 | -0.22 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -15.1% | -37.8% | -2.1% |
| Free cash flow | unavailable | -182.0 m | -193.0 m | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 2.1 bn EUR
- Financial debt
- 742.0 m EUR
- Net debt
- -1.3 bn EUR
- Equity
- 2.1 bn EUR
- Total assets
- 12.4 bn EUR
- Debt / equity
- 0.36x
- Current ratio
- 1.10x
- ROE
- -17.2%
- ROA
- -1.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2019 | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 7.4 bn | 6.5 bn | 10.0 bn | esef· 30 May 2023verified |
| Operating income | — | -845.0 m | -2.2 bn | 98.0 m | esef· 30 May 2023verified |
| Depreciation & amortisation | — | 1.3 bn | 495.0 m | 445.0 m | esef· 30 May 2023verified |
| EBITDA | — | 428.0 m ≈ | -1.7 bn ≈ | 543.0 m ≈ | esef· 30 May 2023derived |
| Interest expense | — | 691.0 m | 329.0 m | 1.1 bn | esef· 30 May 2023verified |
| Pre-tax income | — | -974.0 m | -2.3 bn | -162.0 m | esef· 30 May 2023verified |
| Income tax | — | 143.0 m | 59.0 m | 153.0 m | esef· 30 May 2023verified |
| Net income | 98.0 m | -1.1 bn | -2.5 bn | -209.0 m | esef· 30 May 2023verified |
| Diluted EPS | — | -1.15 | -2.62 | -0.22 | esef· 30 May 2023verified |
| Dividend per share | — | 0.07 | 0.03 | 0.00 | esef· 30 May 2023derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2019 | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 2.3 bn | 1.7 bn | 1.6 bn | 2.1 bn | esef· 30 May 2023verified |
| Receivables | — | 2.0 bn | 2.3 bn | 2.2 bn | esef· 30 May 2023verified |
| Inventories | — | 280.0 m | 258.0 m | 211.0 m | esef· 30 May 2023verified |
| Current assets | — | 6.4 bn | 6.8 bn | 7.6 bn | esef· 30 May 2023verified |
| Property, plant & equipment, net | — | 3.3 bn | 3.1 bn | 2.9 bn | esef· 30 May 2023verified |
| Total assets | — | 11.3 bn | 11.5 bn | 12.4 bn | esef· 30 May 2023verified |
| Accounts payable | — | 2.5 bn | 2.7 bn | 2.9 bn | esef· 30 May 2023verified |
| Short-term debt | — | 201.0 m | 697.0 m | 742.0 m | esef· 30 May 2023verified |
| Current liabilities | — | 4.9 bn | 6.8 bn | 6.9 bn | esef· 30 May 2023verified |
| Total liabilities | — | 8.3 bn | 11.2 bn | 10.3 bn | esef· 30 May 2023verified |
| Equity | 4.1 bn | 2.9 bn | 351.0 m | 2.1 bn | esef· 30 May 2023verified |
| Shares outstanding at year end | — | 971.3 m | 941.6 m | 950.0 m | esef· 30 May 2023derived |
Cash flow · EUR
| Line | 2019 | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | — | 123.0 m | 90.0 m | -477.0 m | esef· 30 May 2023verified |
| Capex | — | 305.0 m | 283.0 m | — | esef· 30 May 2023verified |
| Free cash flow | — | -182.0 m ≈ | -193.0 m ≈ | — | esef· 30 May 2023derived |
| Investing cash flow | — | -463.0 m | -490.0 m | 5.0 m | esef· 30 May 2023verified |
| Financing cash flow | — | -238.0 m | 331.0 m | 871.0 m | esef· 30 May 2023verified |
| Dividends paid | — | 69.0 m | 26.0 m | 0 | esef· 30 May 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality69
- Returns0
- Balance sheet50
- Valuation40
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.21 – 6.78 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)4.21 – 6.04 (Mid 4.89)WACC 7.8% · starting FCFF 143.0 m EUR · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 5.9%
- Peers: EV/EBITDA4.61 – 6.78 (Mid 6.04)7 companies used · median multiple 8.1x · quartiles 5.6x – 9.4xASC.MI, AVIO.MI, BAN.MI, COM.MI, DEX.MI, DLG.MI, ELC.MI
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 85.8% | 100 (vs peers) | 17% |
| Net margin · Quality | -2.1% | 18 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -2.4x | 90 (vs peers) | 17% |
| Interest coverage · Balance sheet | 0.1x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 5.0x | 71 (vs peers) | 17% |
| FCF yield · Valuation | -18.8% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet50/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation40/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Saipem S.P.A. (SPM.MI). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 10.0 bn EUR in 2022; YoY growth 52.9%; net margin -2.1%; ROE -17.5%; net debt/EBITDA -2.4x.
The estimated value range is 4.41–6.41 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 5.47 EUR, the price of 4.26 EUR leaves a potential of 28.3% (value / price − 1) and a margin of safety of 22.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 85.8%
- Net debt / EBITDA: -2.4x
- EV/EBITDA: 5.0x
- The price is below the estimated value range
What contradicts it
- Net margin: -2.1%
- Interest coverage: 0.1x
- Current ratio: 1.1x
- FCF yield: -18.8%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| SPM.MISaipem S.P.A. | 4.0 bn | — | -17.5% | -2.1% | +52.9% | +81% / +190% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for SPM.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Saipem is an Italian group providing engineering, construction and drilling services for the energy industry, active both offshore and onshore. In 2022 it sold its onshore drilling business to KCA Deutag to strengthen its financial position and focus on its core business, in a deteriorated economic and financial context.
SWOT
Strengths
- Retained technical expertise and know-how applied to integrated EPC projects, maintained even in the difficult context of 2022 1.
- Diversified portfolio across offshore and onshore engineering and offshore drilling, with a digitally upgraded fleet 1.
- Experience with strategic divestments, which brought liquidity and strengthened the balance sheet 1.
Weaknesses
- Financial and balance sheet position described as delicate in the annual report, which required cost reduction programmes 1.
- High voluntary staff turnover, in Italy and abroad, which affects team stability 1.
- Reliance on large projects and client investment in the energy industry, which makes revenues sensitive to investment cycles 1.
Opportunities
- Diversification into robotics, industrialised solutions and sustainable infrastructure could open new revenue lines 1.
- Extending the digital data platform across the entire fleet could improve efficiency and reduce emissions 1.
- Upskilling programmes supported by public funds could strengthen internal skills and competitiveness 1.
Threats
Risks
- Project execution riskhigh
Delays or cost overruns in engineering and construction projects could affect results, especially on large projects 1.
- Divestment completion riskmedium
Completion of the sale of the remaining onshore drilling activities is expected in 2023, and delays could affect the debt reduction plan 1.
- Cyber and data riskmedium
Cyber incidents and loss of know-how could have operational and reputational impact, although the report describes a managed threat level 1.
- Personnel riskmedium
High turnover and difficulty retaining critical skills could affect execution capacity 1.
- Country and geopolitical riskmedium
Operating in sensitive areas and geopolitical instability could affect activity and staff security 1.
Investment thesis
What would need to be true (bull case)
- If cost reduction and strategic divestments translate into a stronger balance sheet, the company could regain financial flexibility to invest in its core business 1.
- Digitalisation of the fleet and EPC processes could increase operating efficiency and margins on future projects 1.
- Diversification into new business lines could reduce dependence on the traditional cycles of the energy industry 1.
What would break the thesis
- If the economic scenario remains deteriorated, demand for engineering and construction services could stay under pressure, with effects on revenues 1.
- High turnover and retention costs could limit margin improvement, especially if the labour market remains competitive 1.
- Reliance on large long-duration projects could generate volatility in results if execution is delayed 1.
What to watch
- Completion of the sale of the remaining onshore drilling activities to KCA Deutag2023
- Results of the cost reduction programme and evolution of the financial structurenext 10-K
- Extension of the digital data platform across the entire fleet2023
- Implementation of the information security programme for 2023-20242024
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Saipem carries out engineering, procurement and construction activities for the energy industry, through the Engineering & Construction Offshore and Onshore segments, as well as offshore drilling. In 2022 the company completed the sale of its onshore drilling business to KCA Deutag, from which it received 488 million dollars and retained a 10% stake in KCA Deutag 1. The average workforce was 31,394 people in 2022 1.
The focus on the core business is supported by a cost reduction programme and by streamlining the corporate structure, including the sale of the Rome Engineering Center to Eniprogetti in October 2022 1. The company also aims to progressively diversify away from its core business towards Robotics and Industrialized solutions and Sustainable infrastructure 1.
Digitalisation is a central part of the transformation: Saipem extended its IoT and data platform, applied predictive maintenance to its fleet and industrialised digital solutions for EPC projects 1. Cyber security is also treated as a strategic pillar, with a dedicated programme for 2023-2024 1.
Segments
Engineering & Construction Offshore
The offshore engineering and construction segment had an average workforce of about 14,200 in 2022, down from the previous year 1. Activities include installation and marine construction projects for energy clients.
Engineering & Construction Onshore
The onshore engineering and construction segment had an average workforce of about 10,450 in 2022 1. Activities focus on land projects for the energy industry, with an emphasis on cost efficiency.
Drilling Offshore
Offshore drilling activity grew slightly in workforce in 2022, to about 2,105 average employees 1. It is the segment that remains after the sale of the onshore drilling business.
Market context
Saipem operates in the market for engineering and construction services for energy, where projects are large and depend on client investment. The annual report describes the 2022 economic and financial scenario as deteriorated, and this context influenced the decisions on divestments and cost reduction 1.
The labour market was characterised by high voluntary turnover, especially in 2022, which led to a very selective recruitment policy 1. The company maintained critical skills through upskilling and reskilling programmes supported by public funds 1.
Trends
- Digital transformationtailwind
Digitalising engineering, procurement and fleet management processes could support efficiency and cost control, if pilot projects are extended across the whole fleet 1.
- Energy transitionmixed
Strategies to reduce emissions and reach Net-Zero goals could open opportunities, but they require investment and may influence the cost structure 1.
- Pressure on personnel costsheadwind
High turnover and competition for talent could raise recruitment and retention costs, which may affect margins if not offset 1.
- Cyber threatsheadwind
Rising cyber attacks and geopolitical instability require continuous investment in security, with an impact on operating costs 1.
Competitive position
Saipem competes in engineering, construction and offshore drilling services with other large international energy contractors. The annual report does not detail competitor positions, so the assessment is limited to the information in the document.
The competitive strengths described include retained technical expertise, a digitised fleet and experience in integrated EPC projects. Competitive pressure remains high in energy markets, where price and execution capacity are important criteria 1.
- KCA Deutag
Buyer of Saipem's onshore drilling business, in which the company now holds a minority stake 1.
- Eniprogetti
Buyer of the Rome Engineering Center, sold by Saipem in October 2022 1.
- International energy services contractors
Companies offering comparable engineering and construction services for energy, not detailed in the annual report 1.
- Offshore drilling providers
Operators competing in offshore drilling, a segment where Saipem increased its workforce in 2022 1.
News & filings
In the press
- Neptun Deep se vede în businessul Saipem, italienii cu cel mai mare contract atribuit pentru lucrările din Marea Neagră: dublare de afaceri în 2025, aproape 1,5 mld. lei. Ce alte contracte de lucrări a produs deja gazul din Marea NeagrăZiarul Financiar · 28 Jul 2026 · RO
- Saipem a terminat de fabricat jacket-ul pentru platforma Neptun Deep. Echipamentul a pornit către ţară, spun italieniiZiarul Financiar · 15 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202230 May 2023
- Annual report 202130 May 2023
- Annual report 202130 May 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Saipem S.p.A. · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.