FUGRO : A fresh balance sheet for a new ESG star(t)?
Re-examining our investment case (with a base, bull and bear scenario), we increase our TP to € 4.75 as the average of our SOTP and DCF base case. With an upside of 26% on the current share price, we upgrade from Hold to Buy. Hit hard by Covid-19, Fugro is cleaning house by completing a comprehensive refinancing operation. Although it came at a cost in terms of dilution and fees, it is in our view the right course of action to set the company up for a new start. As it is now capturing a sizable part of a booming offshore wind market, with further potential support from public infrastructure spend and possibly offshore oil & gas recovering after 2021, there is reason to believe the green shoots of improving margins will continue to grow in the coming years.Fugro collects and interprets data related to the earth's surface, soils, and rocks beneath. Co. provides advice to oil and gas, mining, and construction industries. Co. provides the people, equipment and technology that support the exploration, development, production and transportation of the world's natural resources. Co. also provides its clients with the technical data and information required to design, construct and maintain structures and infrastructure in a safe, reliable and efficient manner. Co. operates in three divisions: Geotechnical, Survey, and Geoscience.
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