Saipem, shareholders and banks at work on the rescue. The hypotheses in the field
While the vertices of Saipem they would be working to revive the fortunes of the company after profit warning launched in recent days which has seen the title collapse literally in Piazza Affari (Monday 31 January closed trading with a thud of over 30%), the session continues to show signs of high volatility on the title, albeit stemming the losses red on Mondays: After opening at -2%, the stock has risen to + 3% and now, mid-morning, yields 2% at 1.30 euros.
To weigh, as it obviously is, the financial maneuver under study by the company to make up for the maxi losses for 2021 and the withdrawal of the guidance, as well as the breach of the covenants on bank loans. A gloomy picture which will probably be resolved with an intervention by the shareholders.
And right on recovery plan the first ones begin to circulate hypothesis. According to Sole 24 Ore on the dossier would already be there the advisor Rothschild, working to define a financial restructuring plan. Although the options are still many, there are rumors about the possibility of a capital increase. A recapitalization that would only be defined after February 23the date on which the economic and financial results for 2021 should be released. In the meantime Saipem started negotiations with Eni and CDP Industrypartners of reference, who however took the time to analyze future prospects.
The banksinstead, they would be in talks for renegotiate the debt, an operation without which there could be no maneuver. We speak in particular of the “revolving credit line (revolving credit facility) of one billion euros, with expiration in 2023 and containing a financial covenant clause which provides for compliance with the ratio between net financial debt and gross operating margin, to be recorded on the basis of data as at 31 December, not exceeding 3.5 times “.
Instead second The messenger the watershed on the future of the company will be on 23 Februarywhen the Board of Directors approves the 2021 accounts. On that occasion, the extent of the alarm on the accounts just launched will be clearer and will be launched “the shock financial maneuver“. Yesterday there was to be held a Board of Eni that would have made the first projections on recapitalization, up to 1.5 billion and on debt restructuring, and today there will be a extraordinary meeting of the CDP boardanother major shareholder of Saipem.
Moreover, according to the newspaper, yesterday’s talks would have also emerged the hypothesis of a conversion of credits into capital or in financial instruments: there would be on the table in particular the 1 billion line of 12 banks with in the front row Intesa Sanpaolo and Unicrediteven if there is a certain coldness among the institutions because a similar operation would have an impact on the absorption of capital.
While second Republic would be regaining altitude a old project to create an Italian engineering center where they would meet Maire Tecnimont, a company that, on the other hand, thanks to the conversion on the energy transition and green chemistry, is traveling at full capacity, and indeed Saipem.
Finally, for analysts the picture is this: Akros reiterates the low visibility on the title and the significant dilution that shareholders could undergo in the event of a capital maneuver: the judgment is “reduce” with target price of 1.7 euros. Also Banca Imi underlines the poor visibility on the evolution of the dossier and judge the recapitalization “a necessary option“: in this case, according to his preliminary analyzes, an increase from 1.28 billion at a discount between 20% and 30% of the Terp, would lead to a value ofshare between 1.2 and 1.5 euros.
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