Tecnicas Reunidas : Une visibilité au bout du capot….surtout à cause du phasing
>Recommandation Achat OC 12 € vs 20 € - A la suite de la publication du T3 (et de la conférence call), nous avons révisé en baisse notre séquence de résultats (-37% sur notre séquence d’EBIT 2020/22) afin d’intégrer un ramp-up plus lent qu’escompté initialement des marges (effet à plein sur 2022+). Notre nouvel OC ressort à 12 € et est basé sur un multiple de PE 2021e de 10x (décote de 33% versus sa moyenne historique compte tenu d’une guidance maintes fois révis...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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