Tecnicas Reunidas : Refinancing operation completed, focus on implementation
>Reinitiating coverage: Neutral recommendation with a target price of € 10 - Following the completion of the capital increase, we resume coverage of the stock with a Neutral recommendation and a target price of € 10 (based on the equity/share). There are still many more attractive stocks in the sector with leading positions in key markets and with a higher upside (upside in E&C companies: 40%). Financially, Tecnicas Reunidas (TR) is in good shape and has a strong...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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