Tecnicas Reunidas : Une remontée des marges qui prendra du temps
>Opinion Alléger maintenue – OC ajusté à 24 € - Les résultats du semestre étaient en ligne avec les attentes, les faibles prises de commandes passées et les discussions plus tendues avec les clients continuent de peser sur les marges. Nous avons ajusté à la baisse notre séquence de résultats post 2018 afin d’intégrer une remontée des marges plus lente qu’initialement escompté. Notre objectif de cours basé sur des multiples 12 mfwd (moyenne PE et VE/EBITDA) ressort dés...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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