TechnipFMC : FMC: market capitalisation too low = impairment charge of $ 2.4bn
>Reduce recommendation maintained with a target price of € 15.1 - The group which is preparing for a spin off in H1 2020 has just announced that it is to register impairments of $ 2.4bn (i.e. 32% of its current market capitalisation) essentially driven by its poor stock market performance (y-o-y performance -22.9%) and changes to the outlook in the North American market. In our recent study “2020: desensitisation to the US market …at the beginning of the yearâ€, we not...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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