Tecnicas Reunidas : Rise in margins likely to take time
>Reduce recommendation maintained - target price adjusted to € 24 - The H1 results were in line with forecasts with low order intake and tension in discussions with clients continuing to take their toll on margins. We have revised down our sequence of earnings estimates for after 2018 to reflect a slower rise in margins than initially forecast. Our target price, based on 12m forward multiples (average P/E and EV/EBITDA), now works out at € 24. Reduce recommendation ma...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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