Tecnicas Reunidas : Focus maintained
>Outperform rating and target price of € 17 - Following the publication and conference call, we maintain our earnings forecasts 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), whilst the measures announced at the CMD (cf. our flash of 7 June 2024: An optimistic CMD in a region harbouring strong potential (Abu Dhabi) is a guarantee of visibility on the future recovery...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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