TechnipFMC (Buy, TP: USD34.00) - Set to be a relative winner
Q1 adj. EBITDA was 3% above our estimate and 7% above consensus, helped by accounting effects in the Onshore/Offshore segment. Adjusted for this, the result was 2% below our estimate and 2% above consensus. We have made some small estimate revisions and are broadly in line with consensus for 2018–2020e. We see valuation support for TechnipFMC at current levels, and as the negative earnings revision cycle looks to be approaching an end, we have upgraded TechnipFMC from HOLD to BUY with a USD34 (33) target price.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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.