Tecnicas Reunidas : Feuille de route tenue en ce début d’année
>Recommandation Neutre OC relevé à 10 € - Post publication et conférence call, nous avons maintenu notre séquence de BPA 2024/26. Nous relevons notre OC à 10 € (vs 9 €) et réitérons notre recommandation Neutre sur le titre. Le redressement de la marge d’EBIT semble se confirmer et nous réduisons la décote retenue sur les multiples des pairs. A 10 €, le PE implicite ressort à 6.5x soit une décote de près de 50% versus notre échantillon européen (que nous justifio...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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