Tecnicas Reunidas : Normalisation of the situation = upturn in margins = confidence regained
>Outperform recommendation maintained - We reiterate our Outperform recommendation on the stock (target price of € 10). Following the Q3 results release and conference call, we have adjusted our earnings guidance (including better profitability over 2023-2024) and continue to favour the group, which is now in good shape from a financial and execution point of view. Indeed, the recovery in margins in Q3 confirms the return to a "more normal" situation. Newsflow ov...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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