Maire (AO) | Hold | EUR1.3bn of new contracts in the bag

Research evidence excerpt

Maire (AO) | Hold | EUR1.3bn of new contracts in the bag

Maire Hold | Target Price: EUR17.50

Company description Management

Maire Tecnimont is a leading engineering & construction company, focused on Alessandro Bernini, CEO

the onshore-downstream segment (oil & gas, petrochemicals, and fertilisers). It Fabio Fritelli, CFO

also provides its customers with proprietary technologies for the design and Fabrizio Di Amato, Chairman

manufacture of different types of plants. Listed on the Milan Stock Exchange Key shareholders

since 2007, the group is among the top-ranking global engineering contractors, Free float 44.20%

with c. 9,100 employees in 50 countries and 50 operating companies. GLV Capital 51.02%

AL NOWAIS 4.73%

Investment case Valuation methodology

Maire’s equity story remains attractive and could see a number We use a SOP based on 2027E, with a multiple of 11x EV/EBITDA

of positive catalysts in the coming months, such as large for the STS business unit (partly based on the deal with Yousel Al

contract awards, “noise” around LNG opportunities, potential Nowais) and 8x for the IE&CS business, adjusted for the net debt

listing of NextChem, upside risks on 2027E margin guidance position, working capital, etc.

(Hail & Gasha), or even new acquisitions for example. Up to now, We also include our cash flow yield approach, based on a yield

the company has not seen major disruption on activities in the of 7% and adjusting it for debt, provisions, and prepayments.

Middle East. Risks to our rating

Maire provided very strong ambitious 2030/35 targets, with Execution issues, with significant losses on contracts, would

EUR4.8bn of contracts secured YTD 2025. It’s important to negatively impact the margin and the company's reputation,