{"id":2838,"date":"2021-01-19T11:08:54","date_gmt":"2021-01-19T10:08:54","guid":{"rendered":"https:\/\/monocle.lu\/?p=2838"},"modified":"2022-05-23T16:10:32","modified_gmt":"2022-05-23T14:10:32","slug":"mise-au-point-sur-petrofac","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2021\/01\/19\/mise-au-point-sur-petrofac\/","title":{"rendered":"Petrofac Update"},"content":{"rendered":"
\n

On Friday Petrofac fell by 30%. An impressive figure, but one that only brings the stock back to where it was two months ago.<\/p>\n

The news behind the drop is the announcement by the Serious Fraud Office (SFO) that David Lufkin, former head of Petrofac sales, has pleaded guilty to 3 new charges of corruption.<\/p>\n

Well, Lufkin had already pleaded guilty to 11 counts just a year ago so for us this does not change our scenario which is that:<\/p>\n<\/div>\n

    \n
  1. New CEO Samy Iskander will quickly reach an agreement with the SFO<\/li>\n
  2. The fine that will be included in this agreement will be proportional to the value of the company (currently $320 million)<\/li>\n
  3. Once this case is closed, the market will look at the value of Petrofac = 3 times the results. To give you an order of magnitude: LVMH has a valuation multiple of 35, Amazon over 100.<\/li>\n<\/ol>\n
    \n

    Finally, the season begins with the opening of Q4 2020 earnings and the release of Netflix's results tonight (interesting to see how this will play out with Disney+ competition).<\/p>\n

    Have a great week,<\/p>\n

    Charles<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

    Vendredi Petrofac\u00a0a baiss\u00e9 de 30%. Chiffre impressionnant mais qui ne fait que ramener l’action \u00e0 son niveau d’il y a deux mois. La nouvelle \u00e0 l’origine de cette…<\/p>","protected":false},"author":8,"featured_media":3048,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - Mise Au Point Sur Petrofac<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monocle - Mise Au Point Sur Petrofac\" \/>\n<meta property=\"og:description\" content=\"Vendredi Petrofac\u00a0a baiss\u00e9 de 30%. 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