Report
Baptiste Lebacq

Tecnicas Reunidas : « Esperar »

>Opinion Alléger maintenue et OC ajusté à 21 € - Nous maintenons notre recommandation prudente sur le titre malgré la correction boursière de près de 22% depuis le début de l’année. Certes, le groupe est bien positionné au Moyen-Orient mais les faibles prises de commandes passées ainsi que les négociations plus tendues avec les clients vont continuer de peser sur la dynamique de remontée des marges. Au final, le fort ajustement à la baisse de notre BPA 2018 s’expliqu...
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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Klaus Ringel
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