Tecnicas Reunidas : The Middle East is no mirage
>Buy recommendation, target price adjusted to € 20 (vs € 23) - We are sticking with our Buy recommendation on the stock with a target price of € 20 (vs € 23, obtained via an average of peer comparison, EV/EBIT and P/BV). Following the publication and the conference call, we have made a downward revision to our forecast for 2020-2022 EBIT of 13% to factor in costs linked to COVID-19 (impact of 25bp on our estimates of an EBIT margin now at 2.75%). In order to rema...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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