Tecnicas Reunidas : Exiting the trough
>Buy recommendation maintained, our scenario of an increase in margins is underpinned - We maintain our Buy recommendation on the stock. The publication of the 2018 results underpins our acceleration of the momentum with a further increase in the order book and a rise in EBIT margins (thanks to more effective phasing in the order book). We have slightly increased our 2019-2020 EPS forecasts and maintain our target price at € 29 (average for peers, EV/EBIT and P/BV). ...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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