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
Baptiste Lebacq ...
  • Philippe Ourpatian

ODDO : Are we headed for value convergence in offshore wind?

Increased competitiveness in onshore wind and photovoltaic projects will prompt integrated electricity firms to transition to offshore wind where installed capacity expansion is forecast at 20.7% per year out to 2030 and value creation is still significant. Enhanced renewable energy multiples will also benefit other players in the offshore industry (machine suppliers, cable makers, oil services providers, etc.). Among our Top Picks to play this theme, we would highlight EDF, Engi...

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.

Baptiste Lebacq ...
  • Philippe Ourpatian

ODDO : Are we headed for value convergence in offshore wind?

Increased competitiveness in onshore wind and photovoltaic projects will prompt integrated electricity firms to transition to offshore wind where installed capacity expansion is forecast at 20.7% per year out to 2030 and value creation is still significant. Enhanced renewable energy multiples will also benefit other players in the offshore industry (machine suppliers, cable makers, oil services providers, etc.). Among our Top Picks to play this theme, we would highlight EDF, Engi...

Baptiste Lebacq ...
  • Philippe Ourpatian

ODDO : Va-t-on vers un Yalta de la valeur dans l’éolien maritime ?

La compétitivité accrue sur les projets éoliens terrestres et photovoltaïques va pousser les électriciens intégrés vers l’éolien maritime dont l'accroissement des capacités installées est attendu à 20.7% par an d’ici à 2030 et la création de valeur reste significative. La revalorisation des multiples du renouvelable, va aussi bénéficier aux autres acteurs de la filière maritime (fournisseurs de machines, câbliers, prestataires de services parapétroliers, ...). Parmi nos tops pick...

Baptiste Lebacq

TechnipFMC : More pronounced slowdown at TechnipFMC than Technip Energies

>Reduce rating, target price adjusted to € 6.8 - Following the publication (for further details see our flash of 22/04/2020) and the conference call, we revise our earnings sequence. All told, we revised down our 2020-2022 EBITDA sequence by 13%. Our target price now works out at € 6.8 and is still based on a SOP (post spin-off) (€ 4.5 for TechnipFMC and € 2.3 for Technip Energies). The risk-reward profile is still not attractive despite the recent correction, w...

Baptiste Lebacq

TechnipFMC : Un coup de frein plus prononcé chez TechnipFMC que Technip Energies

>Recommandation Alléger et OC ajusté à 6.8 € - A la suite de la publication (pour plus de détails, cf notre flash du 22/04/2020) et de la conférence téléphonique, nous révisons notre séquence de résultats. Au total, notre séquence d’EBITDA 2020/22 a été revue en baisse de 13%. Notre objectif ressort désormais à 6.8 € et reste toujours basé sur une SOP (post spin-off) (4.5 € pour TechnipFMC et 2.3 € pour Technip Energies). Le risk reward n’est toujours pas attrac...

Martin Huseby Karlsen

Down, down, deeper and down

Following the large negative capex revisions so far this year, offshore E&P spending is set to take another leg down in 2020, representing a sixth (out of seven) years of decline since 2014. So far the oil companies have shown impressive flexibility in their budgets, and we calculate that 29 of those that have offshore exposure have on aggregate cut their spending for 2020 by 26%. Given the now even lower oil prices, we would not be surprised to see further cuts. As highlighted before, we are surprisingly seeing oil companies with pure offshore exposure cutting guidance more than those with bo...

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

Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/24/2020

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Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/04/2020

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Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2020

We estimate that net current cash flow per share for the property companies we cover will be reduced on average by -11.3% in 2020e and -6.0% in 2021e. Retail property companies are likely to be hit the hardest while office and healthcare property groups should prove more resilient. Our Top Picks against this backdrop are Gecina and Colonial in office property, Cofinimmo in healthcare property and Klépierre in retail property. We downgrade Merlin Properties from Buy to Neutral. - ...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2020

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Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Joachim Gunell
  • Martin Arnell
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

TECHNIPFMC PLC. sees a downgrade to Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of TECHNIPFMC PLC. (FR), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date April 21, 2020, the closing price was EUR 6.85 and its target price was estimated at EUR 6.07.

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.

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...

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