Updating TechnipFMC FVE for Exchange Rate Movements; Basic Outlook Unchanged
We are updating our TechnipFMC model for the recent appreciation in the euro against the U.S. dollar, with our fair value estimate moving from EUR 27 (USD 29) to EUR 25 (USD 29). Our basic outlook on the narrow-moat oilfield service company remains unchanged, with a mix of positive factors in the Subsea segment balancing out negative factors affecting the Onshore/Offshore segment.In the company’s Subsea segment (accounting for about 40% of 2017 estimated company revenue), we see plenty of reas...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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