Tecnicas Reunidas : Confirmation of the recovery
>Outperform rating and target price of € 17 maintained - Post-publication and conference call, we have lowered our EPS estimates for 2024 given the higher tax rate than expected (now at 35% for the full year after 38% in H1 2024 vs 28% forecast for the previous year). Conversely, our EBIT sequence for 2024/26 is unchanged. We reiterate our Outperform rating with a target price of € 17. The group displays a discount of 50% vs its peers (based on 2025e EV/EBIT), wh...Tecnicas Reunidas is a general contractor company based in Spain. Co. engages in the engineering, design, and construction of industrial facilities for refining and petrochemical, oil and gas, power, and infrastructure and industries sectors worldwide. Co. constructs nuclear plants, conventional thermal plants, and renewable energy and cogeneration facilities for power sector; refineries and facilities for petrochemicals; water treatment, desalination, waste management, air, land, and marine transport facilities; and liquefaction, and storage facilities, as well as oil and gas fields and pipelines. Co. also provides engineering, management and operating services for industrial plants.
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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