Tecnicas Reunidas : Sand in the wheels
>Outperform target price of € 10 - We maintain our outperform recommendation even though we are well aware that this recommendation is on a medium-term view and that the group will have to provide proof of its recovery.The high concentration of projects in the Middle East in the current health context is acting as a drag on margins. However, the geographic diversification of risk is taking shape with many successes outside this area since the beginning of the yea...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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