Saipem SpA (SPM) Fair Value & Analysis
Energy · IT · Market cap €9.2B · ISIN IT0005495657
What is Saipem SpA really worth?
A solid business, but trading 60% above our fair value of €2.72.
Strengths
Risks
Fair value as of: Sep 1, 2026
From 26 valuation models · updated 4 days ago
Share price +2.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (€3.40). The favourable scenario is already priced in.
- Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range €0.5209 – €5.06 · fair‑value band €2.04 – €3.40 · the €4.35 price screens above the €2.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Saipem SpA (SPM) currently trades at €4.35, while our model-based Fair Value estimate is €2.72, implying the stock looks roughly 60.0% overvalued today. The Quality Score stands at 54/100 (solid quality), in the Energy sector. Bull case: the DCF Models group reads highest at a median of €6.25 per share, and 10 of the 26 models we run sit above the €4.35 price. Bear case: the Asset-Based group reads lowest at €0.9100, and 16 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Saipem SpA generated revenue of €15.5B at a net margin of 2.0%. Revenue grew 0.3% year over year. It earns a return on equity of 11.6%. Net debt stands at €888M. Fundamentals as of Sep 1, 2026
Our scenario range runs from €2.04 (bear case) to €3.40 (bull case); at €4.35, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 10% below its 52-week high and 109% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −50% fair-value upside, at −38%, SPM screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.1015 per share, which is 3.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (€6.25) versus Asset-Based (€0.9100). Highest evidence: FCF DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 53 · Market factors (momentum, volatility) 69
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Saipem SpA provides energy and infrastructure solutions worldwide. It operates through Asset Based Services, Offshore Drilling, and Energy Carriers segments.
Full company description
Saipem SpA provides energy and infrastructure solutions worldwide. It operates through Asset Based Services, Offshore Drilling, and Energy Carriers segments. The company offers development of subsea fields and pipelaying; installation and lifting of offshore structures; engages in engineering, implementation, installation, maintenance, modification, and decommissioning activities, as well as offshore engineering and construction, and wind activities. It is also involved in onshore engineering and construction, sustainable infrastructures, and robotics and industrialized solutions; and design and construction of infrastructure projects, such as railway lines in high speed/high capacity lines. In addition, the company provides procurement, project management, and construction services to oil and gas, civil and marine infrastructure, and environmental markets. The company was founded in 1957 and is headquartered in Milan, Italy.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Saipem SpA reported revenue of €15.5B in FY2025 versus €6.9B in FY2021, a compound +22.5%/yr. Reported net income was €310M in FY2025.
SPM screens 60% overvalued. Compare with SLB N.V →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Saipem SpA (SAPMF) (Q2 2026) Earnings Call Highlights: Strong Order Intake Amid Middle East ...
- Saipem wins $911m Eni contracts for Ivory Coast and Italian projects
- Saipem Keeps Revenue Outlook and Cuts EBITDA Guidance on Conflict Costs
- Saipem (BIT:SPM) Extends Strong Momentum, Is The Stock Still Undervalued?
Peer Group
Oil & Gas Equipment & Services · 185 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SLB N.V SLB | $57.33 | $28.66 | −50% |
| Baker Hughes Company BKR | $64.63 | $32.40 | −50% |
| TechnipFMC plc FTI | $75.27 | $27.43 | −64% |
| Halliburton Company HAL | $36.18 | $21.50 | −41% |
| Tenaris S.A TS | $53.09 | $45.68 | −14% |
| Yantai Jereh Oilfield Services Group 002353 | ¥144.58 | ¥34.17 | −76% |
| Subsea 7 S.A SUBC | kr 341.20 | kr 221.37 | −35% |
| China Oilfield Services Limited 601808 | ¥12.31 | ¥12.64 | +3% |
| Gaztransport & Technigaz SA GTT | €211.80 | €95.01 | −55% |
| Kodiak Gas Services, Inc KGS | $59.55 | $13.56 | −77% |
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