Report
Baptiste Lebacq

Tecnicas Reunidas : Roadmap on track at the start 2024

>Neutral rating maintained, target price raised to € 10 - Based on the release and conference call, we are leaving our 2024-2026 EPS forecasts unchanged. We have raised our target price to € 10 (vs € 9) and maintain our Neutral rating on the stock. The group seems to have confirmed its EBIT margin recovery and we have lowered the discount applied to the peer multiples. At € 10, the implied P/E works out at 6.5x or a discount of close to 50% to our European sampl...
Underlying
Tecnicas Reunidas SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Baptiste Lebacq

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