Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Maire Tecnimont
7 August 2008
ADD
2009E
2,716.0
207.8
196.8
123.6
0.12
0.38
2.8
9.6
2010E
2,887.1
230.4
219.4
138.9
0.13
0.43
2.0
8.6
Intesa Sanpaolo
Research Department
Roberto Ranieri
Research Analyst
+39 02 7261 5011
1Q08A
506
33
6.5
30
14
14
2Q07A
523
53
10.1
46
22
21
1H07A
820
65
7.9
56
25
24
4.50
4.00
3.50
3.00
2.50
2.00
1.50
A
S
O
MAIRE TECNIMONT
Oil&Gas
MTCM.MI
2006A
300.0
0.0
300.0
0.1
0.2
0.4
0.0
0.0
2006A
1059.8
94.1
71.9
61.1
30.0
30.2
2006A
30.5
22.2
176.9
229.6
0.0
-36.1
193.4
0.0
193.4
2006A
-24.4
26.0
-140.3
8.8
107.1
1107.3
0.0
941.0
2006A
36.7
21.2
10.3
0
0.9
10.0
13.1
-38.6
-1.5
-2.0
2006A
8.9
6.8
50.0
2.8
28.1
-1.2
Ordinary
3.69
4.3
2008E
322.5
0.0
322.5
0.3
0.4
1.0
0.1
0.0
2008E
2408.7
174.2
158.2
162.9
98.8
98.8
2008E
99.3
16.0
86.5
201.8
-2.0
-8.0
191.8
-22.6
169.2
2008E
-245.6
26.0
-587.2
9.3
332.3
1190.3
0.0
577.2
2008E
12.0
10.4
3.6
2.4
0.2
3.3
3.6
-2.3
-3.4
-3.7
2008E
7.2
6.6
39.1
4.1
29.7
-1.7
2008E
21.6
22.3
24.4
33.3
34.8
34.8
Rating
ADD
2009E
322.5
0.0
322.5
0.4
0.4
1.3
0.1
0.0
2009E
2716.0
207.8
196.8
201.4
123.6
123.6
2009E
124.0
11.0
-96.0
39.0
-2.0
-7.0
30.0
-30.4
-0.4
2009E
-151.6
26.0
-586.8
9.7
425.5
1190.3
0.0
577.6
2009E
9.6
8.8
2.8
3.0
0.2
2.8
2.9
-3.8
-2.8
-3.0
2009E
7.7
7.2
38.4
4.5
29.0
-1.3
2009E
12.8
19.3
24.4
23.6
25.1
25.1
2010E
322.5
0.0
322.5
0.4
0.5
1.6
0.1
0.0
2010E
2887.1
230.4
219.4
225.2
138.9
138.9
2010E
139.4
11.0
18.6
168.9
-2.0
-7.0
159.9
-38.0
121.9
2010E
-172.2
26.0
-708.7
10.2
526.3
1190.3
0.0
455.7
2010E
8.6
7.9
2.3
3.4
0.2
2.0
2.1
-2.6
-3.1
-3.2
2010E
8.0
7.6
38.1
4.8
26.4
-1.3
2010E
6.3
10.9
11.5
11.8
12.4
12.4
(*) EV = Mkt cap+ Net Debt + Minorities Value - Associates A: actual; E: estimates; Source: Company data and Intesa Sanpaolo Equity Research
Notes
Notes
Notes
5
4.5
4
3.5
3
Aug-07
Dec-07
I:MT(P)
Apr-08
Aug-08
Target Price
Specific disclosures
Banca IMI discloses interests and conflicts of interest, as defined by: Articles 69-quater and 69-quinquies, of Consob Resolution No.11971 of
14.05.1999, as subsequently amended and supplemented; the NYSEs Rule 472 and the NASDs Rule 2711; the FSA Policy Statement 04/06
Conflicts of Interest in Investment Research March 2004 and the Policy Statement 05/03 Implementation of Market Abuse Directive, March
2005. The Intesa Sanpaolo Group maintains procedures and organisational mechanisms (Information barriers) to professionally manage conflicts
of interest in relation to investment research. We provide the following information on Intesa Sanpaolo Groups conflicts of interest:
1 The Intesa Sanpaolo Group has a conflict of interest inasmuch as it plans to solicit investment banking business or intends to seek
compensation from the Company in the next three months.
2 The Intesa Sanpaolo Group has made significant financing to Maire Tecnimont and its parent and group companies.
3 Banca IMI was Joint Global Coordinator, Lead Manager and Sponsor for Maire Tecnimont in the IPO on November 2007.
Intesa Sanpaolo Research Rating Distribution (at 1 May 2008)
Number of companies covered: 105
BUY
Total Equity Research Coverage (%)
36
of which Intesa Sanpaolos Clients* (%)
28
ADD
29
33
HOLD
29
33
REDUCE
4
25
SELL
2
100
(*) Companies on behalf of whom Intesa Sanpaolo and the other companies of the Intesa Sanpaolo Group have provided corporate and Investment banking services in the last 12
months; percentage of clients in each rating category
giampaolo.trasi@intesasanpaolo.com
Equity Research
Monica Bosio
Luca Bacoccoli
Marta Caprini
Sergio Ciaramella
Alberto Francese
Manuela Meroni
Gian Luca Pacini
Bruno Permutti
Fabio M. Picardi
Roberto Ranieri
Lorenzo Re
monica.bosio@intesasanpaolo.com
luca.bacoccoli@intesasanpaolo.com
marta.caprini@intesasanpaolo.com
sergio.ciaramella@intesasanpaolo.com
alberto.francese@intesasanpaolo.com
manuela.meroni@intesasanpaolo.com
gianluca.pacini@intesasanpaolo.com
bruno.permutti@intesasanpaolo.com
fabio.picardi@intesasanpaolo.com
roberto.ranieri@intesasanpaolo.com
lorenzo.re@intesasanpaolo.com
maria.toschi@intesasanpaolo.com
sabrina.maggio@intesasanpaolo.com
serena.polini@intesasanpaolo.com
Research Production
Anna Whatley
Cinzia Bovina
Bruce Marshall
Annita Ricci
anna.whatley@intesasanpaolo.com
cinzia.bovina@intesasanpaolo.com
robert.marshall@intesasanpaolo.com
annita.ricci@intesasanpaolo.com
Institutional Sales
Nicola Maccario
Insaf Amri
Carlo Cavalieri
Francesca Guadagni
Gregory Halvorsen
Claudio Manes
Nicola Mastrototaro
Robert Meier
Laura Spinella
Daniela Stucchi
nicola.maccario@bancaimi.com
insaf.amri@bancaimi.com
carlo.cavalieri@bancaimi.com
francesca.guadagni@bancaimi.com
gregory.halvorsen@bancaimi.com
claudio.manes@bancaimi.com
nicola.mastrototaro@bancaimi.com
robert.meier@bancaimi.com
laura.spinella@bancaimi.com
daniela.stucchi@bancaimi.com
US Institutional Sales
Jack Del Duca
Barbara Leonardi
DelDucaJ@bancaimius.com
LeonardiB@bancaimius.com
Sales Trading
Roberto Gussoni
Adele Marchetti
Lorenzo Pennati
Stefano Rivarola
Mark Wilson
roberto.gussoni@bancaimi.com
adele.marchetti@bancaimi.com
lorenzo.pennati@bancaimi.com
stefano.rivarola@bancaimi.com
mark.wilson@bancaimi.com
Securities Lending
Carlo Antonioli
carlo.antonioli@bancaimi.co.uk
Corporate Brokerage
Danilo Brusa
Fabrizio Speroni
danilo.brusa@bancaimi.com
fabrizio.speroni@bancaimi.com
sergio.francolini@bancaimi.com
francesco.riccardi@bancaimi.com
matteo.massardi@bancaimi.co.uk
biagio.merola@bancaimi.com
duncan.barker@bancaimi.co.uk
giovanni.spotti@bancaimi.com
Banca IMI
Securities Corp.
1 William Street
10004 New York, NY, USA
Tel: (1) 212 326 1230
Banca IMI
London Branch
90 Queen Street
London EC4N 1SA, UK
Tel +44 207 894 2600
Banca IMI