TechnipFMC : Q2 results > expectations, consensus set to be revised upwards by 7% on first analysis
>Reduce rating reiterated, TP € 6.8 - We remain at Reduce on the stock. The group’s results came out higher than expected and the new guidance details are likely to prompt an upward revision of around 7% to consensus forecasts. Our € 6.8 target price is based on a SOP model (post spin-off) (€ 4.5 for TechnipFMC and € 2.3 for Technip Energies). The risk / reward profile is still not attractive despite the correction in the share price since 01/01/2020 (-66% YtD). ...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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