TechnipFMC

TechnipFMC is global leader in oil and gas projects, technologies, systems, and services. Co. offers subsea, surface, onshore, and offshore solutions for oil and gas projects. Co. serves customers worldwide. With Co.'s technologies and production systems, integrated expertise, and comprehensive solutions, Co. is transforming Co.'s clients' project economics. Co. is uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, Co.'s offering unlocks new possibilities for Co.'s clients in developing their oil and gas resources.
  • TickerTEC
  • ISINGB00BDSFG982
  • ExchangeEuronext Paris
  • SectorOil Equipment, Services & Distribution
  • CountryFrance
Martin Huseby Karlsen

More realistic market comments from US large caps

Over the past few days, US large-caps Schlumberger and Halliburton have reported Q3 numbers, with both reporting decent margins. However, it is clear that a recovery is still quite far out in time, especially with the global resurgence of Covid-19. We consider their offshore-related market commentary to be fairly realistic, seeing subdued international activity over the next 12 months. That said, we remain concerned about the offshore fundamentals even beyond this, with key clients continuing to prioritise other asset classes (renewables) and regions (shale). For the companies under our covera...

Emmanuel Matot

ODDO BHF Small & MIDCAP MORNING NEWS - 10/19/2020

Carbios is an innovative cleantech that is a pioneer in the introduction of enzymes for the recovery of plastics that have reached the end of their useful lives. Carbios’ goal is to become a global benchmark player in the recycling and biodegradation of plastics. To this end, the company benefits from the support of strategic partners (Novozymes, L’Oréal, Nestlé Waters, PepsiCo, etc.). We initiate coverage of the company with a target price of € 41.5. - ...

Emmanuel Matot

ODDO BHF Small & MIDCAP MORNING NEWS - 19/10/2020

Carbios est une cleantech innovante pionnière dans l’introduction d’enzymes pour valoriser les plastiques en fin de vie. L’objectif de la société est de devenir un acteur de référence mondiale dans le recyclage et la biodégradation des plastiques. Pour cela, elle bénéficie du soutien de partenaires stratégiques (Novozymes, L’Oréal, Nestlé Waters, PepsiCo…). Nous initions le suivi à l’Achat avec un OC de 41.5 €. - ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Short Shots: Technically Vulnerable Stocks

Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.

Dave Nicoski ...
  • Ross LaDuke

Vital Signs: Actionable charts

Key Points: • Gold is staging a massive breakout above the $1360 level. Major H&S bottoms can be seen across the group (ex, NEM, RGLD) • Energy related names are attempting to carve out reversals. We prefer the names that held up well during the Crude oil decline. (ex. HLX, PUMP, FTI, CKH, PSX) • A number of Biotech names are breaking out of bases and reflect RS leadership. (ex. OMCL, RGEN, INCY, and ANIP)

Dave Nicoski ...
  • Ross LaDuke

Vital Signs: Actionable charts

Key Points: • A number of restaurant stocks are breaking topside bases and remain RS leadership. • Energy stocks continue to turn in dismal performance as major uptrends are broken and RS remains very weak. • Automotive parts retailers remain attractive as consumers look to repair their cars rather than buy new ones.

Matthieu DRIOL

Short term view - TECHNIPFMC PLC : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €22.80, then €21.90. Passing €28.47 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - TECHNIPFMC PLC : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 22,80 €, puis 21,90 €. Le franchissement de 28,47 € remettrait en cause la suite de la baisse.

Martin Huseby Karlsen

More realistic market comments from US large caps

Over the past few days, US large-caps Schlumberger and Halliburton have reported Q3 numbers, with both reporting decent margins. However, it is clear that a recovery is still quite far out in time, especially with the global resurgence of Covid-19. We consider their offshore-related market commentary to be fairly realistic, seeing subdued international activity over the next 12 months. That said, we remain concerned about the offshore fundamentals even beyond this, with key clients continuing to prioritise other asset classes (renewables) and regions (shale). For the companies under our covera...

Baptiste Lebacq ...
  • Jean-François Granjon

ODDO : Q3 2020 results for Schlumberger: patience is golden

>Cautious recommendation on sector maintained - Although Schlumberger's results cannot be extrapolated fully to our sample, they do provide an initial reading of global industry trends through the worldwide exposure and broad product range of the oil services leader. In the US, the completion business is showing signs of recovery, which is reflected in our sample of values by Schoeller Bleckmann (Buy, target price € 39), which is present in these businesses via Downho...

Baptiste Lebacq ...
  • Jean-François Granjon

ODDO : Résultats T3 de Schlumberger : la patience est d’or

>Maintien d’une opinion prudente sur le secteur - Même si les résultats de Schlumberger ne peuvent être extrapolés totalement à notre échantillon, ils donnent ; via l’exposition mondiale et sur une palette de produits très large du leader des services pétroliers ; une première grille sur les tendances globales du secteur. Aux US, l’activité de complétion montre des signes de reprise ce qui est au sein de notre échantillon de valeurs se ressentir au niveau de Scho...

Martin Huseby Karlsen

Structural pair trade: SUBC vs TGS

Overweight Subsea 7 relative to TGS is in our view clearly supported by both structural E&P spending trends and valuation. Subsea 7 is leveraged towards the development cycle and has also built up a renewable business that the capital markets are likely to embrace and value at a higher multiple than its oil & gas business. It is also trading at an average c12% FCF yield for the next two years and consensus now appears sober. TGS is a pure-play on the exploration cycle, which is set to face further structural headwinds. In our view consensus 2022 estimates reflect an unrealistic 27% improvement...

Jehanne Leroy

TECHNIPFMC PLC - Assemblée Générale du 24 avril 2020

RémunérationsAu titre de 2019, la rémunération totale de M. Pferdehirt s’élève à 13 690 820 €, soit 656 SMICs, 332% de la médiane du CAC 40 et 298% de la médiane du secteur Oil & Gas du MSCI Europe. Cette rémunération présente une hausse de 17,3% par rapport à sa rémunération 2018 alors que la société accuse une perte nette part du groupe de 2,5 Mds$. Depuis 2016, et la fusion destructrice de valeur entre Technip et FMC, le cours a accusé une chute de 42% alors que les rémunérations de M. Pferdehirt ont augmenté de 21%. Cette situation est inacceptable et nous recommandons l’opposition non seu...

Expert Corporate Governance Service (ECGS)

TechnipFMC – AGM 24 April 2020

ITEMS 1a and 3: For 2019, Mr. Pferdehirt's total compensation amounts to €13,690,820, i.e. 332% of the median of the CAC 40 and 298% of the median of the Oil & Gas sector of the MSCI Europe.  This represents an increase of 17.3% compared to his 2018 compensation, while the company has a net loss (group share) of $2.5 billion. Since 2016, and the value-destroying merger between Technip and FMC, the share price has fallen by 42% while Mr. Pferdehirt's compensation has increased by 21%. This situation is unacceptable and we recommend opposition not only to the renewal of Mr. Pferdehirt, but also...

Jehanne Leroy

TechnipFMC - Assemblée Générale du 1er mai 2019

Gouvernance Suite à l'annonce du départ de M. Pilenko, il a été décidé par le conseil de confier la présidence du conseil à M. Pferdehirt, qui est déjà Directeur général. Il sera donc PDG du Groupe post-AG. Or, cela rompt l'équilibre que la société présentait lors de la fusion dite "entre égaux" puisque M. Pferdehirt sera désormais seul à la tête du groupe. Le conseil comprendra post-AG 5 anciens administrateurs de Technip et 6 anciens administrateurs de FMC. Là encore, l'équilibre n'est pas trouvé et la balance penche en la faveur de FMC. De plus, à la date de rédaction de la présente étude, ...

Expert Corporate Governance Service (ECGS)

TechnipFMC - AGM 01 May 2019

Item 1a: Mr Pilenko (Chairman) announced in January 2019 that he will retire after this 2019 AGM. The Board decided to designate Mr Pferdehirt (CEO) as Chairman. When Technip and FMC merged, they presented the split of functions as a way to balance powers and it was supposed to represent the fact that it was a merger between equals. Now that Mr Pferdehirt will be Chairman and CEO, there is no more balance and Technip and FMC do not seem to be equal anymore. Moreover the Board will comprise 5 ex Technip directors and 6 ex FMC directors; there again, there is no more balance. Finally, the execut...

TechnipFMC – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

TechnipFMC plc: New Issuer

CORPORATES CREDIT OPINION 15 March 2017 Update RATINGS TechnipFMC plc Domicile United Kingdom Long Term Rating Baa2 Type LT Issuer Rating - Dom Curr Outlook Negative Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Amol Joshi, CFA 212-553-7267

Moody's rates TechnipFMC plc's notes Baa2; negative outlook

New York, March 03, 2017-- Moody's Investors Service assigned first time ratings to TechnipFMC plc, including a Baa2 issuer rating and a Baa2 rating to its existing EUR 450 million unsecured convertible bonds due 2021. Moody's also assigned a Baa2 rating to the proposed senior unsecured notes being issued by TechnipFMC in exchange for $800 million of existing FMC Technologies, Inc. senior notes. At the same time, Moody's affirmed FMC Technologies' P-2 commercial paper rating and...

FMC Technologies, Inc.: Merger benefits with Technip tempered by challenging industry conditions

CORPORATES ISSUER COMMENT 13 January 2017 RATINGS FMC Technologies, Inc. Long Term Rating Baa2 Outlook Negative Source: Moody's Investors Service Contacts Amol Joshi, CFA 212-553-7267 VP-Senior Analyst [email protected] Steven Wood 212-553-0591 MD-Corporate Finance [email protected] FMC Technologies, Inc. Merger benefits with Technip tempered by challenging

Emmanuel Matot

ODDO BHF Small & MIDCAP MORNING NEWS - 10/19/2020

Carbios is an innovative cleantech that is a pioneer in the introduction of enzymes for the recovery of plastics that have reached the end of their useful lives. Carbios’ goal is to become a global benchmark player in the recycling and biodegradation of plastics. To this end, the company benefits from the support of strategic partners (Novozymes, L’Oréal, Nestlé Waters, PepsiCo, etc.). We initiate coverage of the company with a target price of € 41.5. - ...

Emmanuel Matot

ODDO BHF Small & MIDCAP MORNING NEWS - 19/10/2020

Carbios est une cleantech innovante pionnière dans l’introduction d’enzymes pour valoriser les plastiques en fin de vie. L’objectif de la société est de devenir un acteur de référence mondiale dans le recyclage et la biodégradation des plastiques. Pour cela, elle bénéficie du soutien de partenaires stratégiques (Novozymes, L’Oréal, Nestlé Waters, PepsiCo…). Nous initions le suivi à l’Achat avec un OC de 41.5 €. - ...

Thanks to a better fundamental star rating, TECHNIPFMC PLC sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to TECHNIPFMC PLC (FR), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date July 24, 2020, the closing price was EUR 6.78 and its expected value was estimated at EUR 6.74.

Ford Equity US Rating and Forecast Report

Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.

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