Saipem: Too cheap to Ignore, Safe Enough to Survive
superfluousvalue.substack.com
Despite the rally in energy services since November, the sector remains one of the cheapest in global markets, with many businesses grinding lower over the seven-year bear market, only to then be totally decimated during the pandemic. After having spent a huge block of time working through the sector over the last 12 months (including
Saipem: Too cheap to Ignore, Safe Enough to Survive
Saipem: Too cheap to Ignore, Safe Enough to…
Saipem: Too cheap to Ignore, Safe Enough to Survive
Despite the rally in energy services since November, the sector remains one of the cheapest in global markets, with many businesses grinding lower over the seven-year bear market, only to then be totally decimated during the pandemic. After having spent a huge block of time working through the sector over the last 12 months (including