May 10, 2018 / 9:21 AM / 14 days ago

BUZZ-SBM falls after Q1 trading update, no end to Brazilian legal woes

** Shares of Dutch offshore oil platform operator SBM Offshore fall 4.4 percent to 13.74 euros after company says it sees no short term resolution to investigations by Brazilian authorities

** SBM issued a Q1 trading statement in line with expectations after close of trade on Wednesday and maintained 2018 financial forecasts

** SBM, which paid a $238 million fine to settle a U.S.-led bribery investigation in 2017, remains under investigation in Brazil for alleged “improper sales practices” dating to before 2012

** ING says in a note “SBM now admits that there is no short term solution due to the complexity” of parallel Brazilian procedures

** “As there is no other news from this trading update, the Brazilian compliance issue...(will lead) to a likely negative share price today”

** ING rates shares a “Buy” with 12 month target of 20 euros on a sum-of-the-parts estimate

** Stock is now down 6.4 pct year to date

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below