Tecnicas Reunidas : Visibility at the end of the hood….especially due to phasing
>Buy recommendation, target price of € 12 (vs € 20) - After the Q3 2020 results publication (and the conference call), we have lowered our earnings forecasts (-37% on our 2020-2022 EBIT forecasts) to integrate a ramp-up of margins that is proving slower than initially expected (full impact as of 2022+). Our revised target price is € 12 and is based on a 2021e P/E of 10x (a discount of 33% versus its historic average in the light of guidance repeatedly revised dow...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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