Saipem SpA SPM.MI
Composite 46/100; the shares have moved about 39% annualised. Names that move more contribute more risk for the same amount invested, and our composite reflects how strong the evidence for this one is right now.
Growth ranks 22/100 — a strong mark against it.
Momentum ranks 72/100 — a moderate point in its favour. Valuation ranks 54/100 — a slight point in its favour. Balance-sheet strength ranks 52/100 — a slight point in its favour.
Growth ranks 22/100 — a strong mark against it. Quality ranks 35/100 — a moderate mark against it. Income ranks 48/100 — a slight mark against it.
What the company does Saipem SpA provides energy and infrastructure solutions globally, including subsea field development, pipelaying, offshore drilling, and engineering for oil & gas, civil infrastructure, and wind projects. It also offers procurement, project management, and construction services across energy and environmental markets.
Key financials Gross margin 32.4%, operating margin 2.0%, net margin 1.7%. ROE 10.9%, ROA 4.2%. Debt/Equity 0.51, net debt/EBITDA 0.09. Dividend yield 4.3%, payout 113.3%. Forward P/E 13.66, EV/EBITDA 6.86, P/B 2.97, FCF yield 24.8%.
Stock health Overall Sideravia score 48.1 (weak quality, attractively valued). Quality 34.1, growth 23.0, strength 49.5, valuation 69.2, momentum 62.0, income 61.2. 12-month momentum 74.82%, RSI(14) 34.20.
Price vs fair value The stock trades at a discount of 9.90% versus our fair-value estimate and a discount of 27.45% versus the analyst 12-month target. - Strong Q2 2026 order intake highlighted in earnings call (GuruFocus.com) - $911m Eni contracts awarded for Ivory Coast and Italian projects (Offshore Technology) - EBITDA guidance cut due to conflict costs (Oilprice.com) - Simply Wall St notes extended strong momentum and potential undervaluation (Simply Wall St)
Looking forward Forward P/E of 13.66 suggests valuation support, but net margin compression and high payout ratio (113.3%) warrant caution. Order backlog and Middle East contracts may drive near-term revenue, while conflict-related costs could pressure margins.
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Data as of 2026-09-05, compiled from third-party sources; errors and delays are possible and figures are not warranted. Investing puts your capital at risk; past performance does not predict future results. We publish our full track record, including the calls that lost, and our conflicts of interest.