Tecnicas Reunidas : The fundamentals are there, recovery of margins will be gradual
>Neutral recommendation maintained (target price of € 10) - Following Tecnicas Reunidas’ share price performance since the publication of its Q3 2022 results (+50% to the end of January 2023), we had revised down our recommendation to Neutral. We have only marginally adjusted our 2023/2025 EPS estimates and reiterate our recommendation on the stock. These figures confirm that the recovery is underway. However, we prefer players in the sector that are active in li...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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