Tecnicas Reunidas

Tecnicas Reunidas is a general contractor company based in Spain. Co. engages in the engineering, design, and construction of industrial facilities for refining and petrochemical, oil and gas, power, and infrastructure and industries sectors worldwide. Co. constructs nuclear plants, conventional thermal plants, and renewable energy and cogeneration facilities for power sector; refineries and facilities for petrochemicals; water treatment, desalination, waste management, air, land, and marine transport facilities; and liquefaction, and storage facilities, as well as oil and gas fields and pipelines. Co. also provides engineering, management and operating services for industrial plants.
  • TickerTRE
  • ISINES0178165017
  • ExchangeMadrid Stock Exchange
  • SectorOil Equipment, Services & Distribution
  • CountrySpain
Expert Corporate Governance Service (ECGS)

Tecnicas Reunidas – AGM 25 June 2020

We have concerns over the lack of independent representation on the Board (47% according to the Company and 40% as per ECGS guidelines). Therefore, we oppose the re-elections of executive Director in item 8.1, proprietary in item 8.5, other external in item 8.6 and the re-election of Mr. Lajous in item 8.4, whose independence is compromised by the fees that are nearly 4 times the fees paid to the other non-executive Directors.In item 5, the two statutory auditors are proposed for FY 2020. No concerns arise over the tenure nor the level of non-audit fees paid to Deloitte. However, non-audit fee...

Anis Zgaya ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Hana Maalej
  • Jean-François Granjon
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 05/26/2020

...

Baptiste Lebacq

Tecnicas Reunidas : The Middle East is no mirage

>Buy recommendation, target price adjusted to € 20 (vs € 23) - We are sticking with our Buy recommendation on the stock with a target price of € 20 (vs € 23, obtained via an average of peer comparison, EV/EBIT and P/BV). Following the publication and the conference call, we have made a downward revision to our forecast for 2020-2022 EBIT of 13% to factor in costs linked to COVID-19 (impact of 25bp on our estimates of an EBIT margin now at 2.75%). In order to rema...

Anis Zgaya ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Hana Maalej
  • Jean-François Granjon
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 26/05/2020

...

Baptiste Lebacq

Tecnicas Reunidas : Le Moyen-Orient n’est pas un mirage

>Recommandation Achat, OC ajusté à 20 € (vs 23 €) - Nous maintenons notre recommandation Achat sur le titre avec un objectif de cours de 20 € (vs 23 €, obtenu par moyenne des comparables, VE/EBIT et P/BV). A la suite de cette publication et de la conférence téléphonique, nous avons ajusté à la baisse notre séquence d’EBIT 2020/22 de 13% afin d’intégrer les coûts liés au COVID-19 (impact de 25 bp sur nos attentes de marge d’EBIT désormais à 2.75%). Afin de rester ...

Jérôme VINERIER

Analyse court terme - TECNICAS REUNIDAS SA : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 21,76 €. La tendance baissière serait remise en cause au-dessus de 27,20 €.

Jérôme VINERIER

Short term view - TECNICAS REUNIDAS SA : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €21.76. The bearish trend would be challenged above €27.20.

Jérôme VINERIER

Short term view - TECNICAS REUNIDAS SA : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €21.76, then €18.63. Passing €27.20 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - TECNICAS REUNIDAS SA : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 21,76 €, puis 18,63 €. Le franchissement de 27,20 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Medium term view - TECNICAS REUNIDAS SA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €19.10, then €16.40. Passing €29.60 would question the continuation of the fall.

Baptiste Lebacq

Tecnicas Reunidas : The Middle East is no mirage

>Buy recommendation, target price adjusted to € 20 (vs € 23) - We are sticking with our Buy recommendation on the stock with a target price of € 20 (vs € 23, obtained via an average of peer comparison, EV/EBIT and P/BV). Following the publication and the conference call, we have made a downward revision to our forecast for 2020-2022 EBIT of 13% to factor in costs linked to COVID-19 (impact of 25bp on our estimates of an EBIT margin now at 2.75%). In order to rema...

Baptiste Lebacq

Tecnicas Reunidas : Le Moyen-Orient n’est pas un mirage

>Recommandation Achat, OC ajusté à 20 € (vs 23 €) - Nous maintenons notre recommandation Achat sur le titre avec un objectif de cours de 20 € (vs 23 €, obtenu par moyenne des comparables, VE/EBIT et P/BV). A la suite de cette publication et de la conférence téléphonique, nous avons ajusté à la baisse notre séquence d’EBIT 2020/22 de 13% afin d’intégrer les coûts liés au COVID-19 (impact de 25 bp sur nos attentes de marge d’EBIT désormais à 2.75%). Afin de rester ...

Javier Esteban

TÉCNICAS REUNIDAS: MENSAJES DE LA CONFERENCE CALL RDOS. 1T’20 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. 1T’20 destacamos en general optimismo por eso echamos de menos mayor cuantificación de impactos del Covid-19:  A la espera de que se normalice la situación por el Covid- 19, dejan en suspenso temporal el guidance’20: ~5.350 M euros de ventas y >3% de margen EBIT lo que implica 160 M euros vs 161 BS(e) vs 141 consenso. En cualquier caso la compañía confía en la buena evolución de las ventas y los márgenes en 2020 gracias a estar ejecutando proyectos nuevos con mayores márgenes y sobre todo a medidas de eficiencia. Presentará nuevo guidance en próximas presentac...

Javier Esteban

TÉCNICAS REUNIDAS: 1Q’20 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'20 vs. 1Q'19 Results Sales: € 1.181 Bn (+29.1% vs. +20.3% expected and +19.0% expected by the market consensus); EBITDA: € 35.4 M (+77.9% vs. +65.8% expected and n/a expected by the market consensus); EBIT: € 23.7 M (+123.6% vs. +117.0% expected and +98.1% expected by the market consensus); Net Profit: € 7.1 M (+77.5% vs. +215.0% expected and +125.0% expected by the market consensus). The results were seemingly better than expected due to higher sales (+29.1% vs. +20.3% BS(e) and +19.0% consensus) but they were very much in line on the margin level (slightly above the consensus estimate): 2...

Javier Esteban

TÉCNICAS REUNIDAS: RDOS. 1T’20 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'20 vs 1T'19: Ventas: 1.181 M euros (+29,1% vs +20,3% BS(e) y +19,0% consenso); EBITDA: 35,4 M euros (+77,9% vs +65,8% BS(e) y n/a consenso); EBIT: 23,7 M euros (+123,6% vs +117,0% BS(e) y +98,1% consenso); BDI: 7,1 M euros (+77,5% vs +215,0% BS(e) y +125,0% consenso). Rdos. aparentemente mejores de lo esperado por mayores ventas (+29,1% vs +20,3% BS(e) y +19,0% consenso) pero muy alineados en márgenes (ligeramente mejores vs consenso): 2,01% EBIT vs 2,09% BS(e) y 1,93% consenso; hecho que valoramos positivamente dada la desaceleración de la ejecución sufrida por el Covid- 19. Por deb...

Anis Zgaya ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Hana Maalej
  • Jean-François Granjon
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 05/26/2020

...

Anis Zgaya ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Florent Laroche-Joubert
  • Hana Maalej
  • Jean-François Granjon
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 26/05/2020

...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Geoffroy Michalet
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/20/2020

...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Geoffroy Michalet
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 20/04/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Anis Zgaya
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 03/24/2020

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TECNICAS REUNIDAS SA sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of TECNICAS REUNIDAS SA (ES), active in the Heavy Construction industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date May 8, 2020, the closing price was EUR 13.13 and its target price was estimated at EUR 11.33.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Tecnicas Reunidas – AGM 25 June 2020

We have concerns over the lack of independent representation on the Board (47% according to the Company and 40% as per ECGS guidelines). Therefore, we oppose the re-elections of executive Director in item 8.1, proprietary in item 8.5, other external in item 8.6 and the re-election of Mr. Lajous in item 8.4, whose independence is compromised by the fees that are nearly 4 times the fees paid to the other non-executive Directors.In item 5, the two statutory auditors are proposed for FY 2020. No concerns arise over the tenure nor the level of non-audit fees paid to Deloitte. However, non-audit fee...

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