Tecnicas Reunidas : The low point now seems to be behind us
>Outperform rating maintained - We maintain our Underperform rating on a medium-term perspective. Since its last publication (H1 2021), the share price has gained +15%. The low point in terms of margins now appears to be behind us, the replenishing of the backlog is also a positive point. We have adjusted our expectations for 2021 to integrate a weaker contribution in Q4 and we maintain our earnings forecasts thereafter. Our target price remains unchanged at € ...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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