Tecnicas Reunidas : On track
>Outperform recommendation, target price € 10 - We reiterate our Outperform recommendation on the stock (target price of € 10). This Q1 publication was reassuring and gives the impression that the “difficult” contracts are now a thing of the past. Our earnings forecasts are unchanged and we continue to favour the group which is now on track from a financial viewpoint and also in terms of execution. The stock has outperformed the E&C segment since the beginning of...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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