Tecnicas Reunidas : The rejuvenation of the backlog can already be seen in margins
>Top pick to play the rebound in onshore margins - We maintain our Buy rating (target price € 27 vs € 29) on the share.The margin recovery was confirmed once again with a target of at least 3% in sight, which is looking increasingly realistic notably thanks to the renewal of the backlog. We adjusted our EBIT sequence by -7% on average and marginally adjusted our EPS forecasts given the higher-than-expected net cash in 2019. In the end, after the adjust...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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