Tecnicas Reunidas : A good Q1 pending an acceleration in orders
>Outperform, newsflow a support to play a re-rating - We are sticking with our Outperform recommendation on the stock with our target price unchanged (€ 14.5). Contract attribution should help to fuel newsflow over the coming months and, in this respect, the group is confident on its attributions as well as the calendar. Despite a YTD performance of +16%, the stock remains strongly discounted to European peers: discount of close to 50% based on the 2021e P/E mult...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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