Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TECHNIP SA. We currently have 14 research reports from 2 professional analysts.
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TechnipFMC: completion of merger on 16 January 2017
22 Dec 16
The High Court of Justice of England and Wales has approved the merger between Technip and TechnipFMC. FMC Technologies and a subsidiary of TechnipFMC will merge immediately after the merger between Technip and TechnipFMC on 16 January 2017.
Strong Q3 and upbeat outlook for 2017
27 Oct 16
Q3 results: order intake stood at €1.5bn, o/w €0.5bn in Subsea and €1.0bn in Onshore/Offshore. The backlog stood at €12.3bn (€17.5bn in Q3 15). The adjusted revenue came in at €2.9bn (-6% yoy), above consensus estimates. The operating profit was €285m (-3% yoy), beating consensus. The underlying net income was €203m (+10% yoy), also above consensus. Cost-cutting: €900m to be delivered in 2016, in line with previous guidance; the total programme is €1.0bn. The guidance 2016 on Subsea has been increased: - Subsea: adjusted revenues €5.0bn (vs. €4.7-5.0bn; consensus: €5.1bn), operating income at around €700m (vs. €680m; consensus at €692m); - Onshore/Offshore: adjusted revenues €5.7-6.0bn, a confirmation (consensus: €5.8bn), and operating income at €280m, in line with consensus. The outlook for 2017 has been released for the first time: - Subsea: roughly stable adjusted margins (consensus expected slightly lower), lower adjusted revenues; - Onshore/Offshore: higher adjusted profit and margins (consensus: lower profit and stable margins), slightly lower revenues.
Time to turn positive on Oil Services
20 Sep 16
Technip Guidance for 2016 is EUR 960 Mln of Ebit (EUR 680 in Subsea + EUR 280 Mln in On/Off-Shore) to compare with EUR 1’069 Mln in 2015. Company expects World Oil Production to be similar in 2017 from 2016, decreasing from 2018 over 2019-2021 period Subsea Ebit Margin reached 14.6% in Q2 2016 while On/Off-Shore Ebit Margin was 5% - Technip Order Book was EUR 13.5 Bln by end of H1 2016 (from EUR 17.5 Bln at end of 2015 and EUR 21 Bln at end of 2014 !). Order Intake was EUR +2.5 Bln in H1 2016 Cost-Cutting current plan is EUR -1.1 Bln to be shared EUR -900 Mln in 2016 and EUR -200 Mln in 2017 (-7’000 people to leave Company over 2016-2017 period). Initial Plan was for EUR -600 Mln in 2016 and EUR -130 Mln in 2017 - Capex will be down to EUR 220 Mln this year (from EUR 300 Mln in 2015)
Operating income 2016 raised to higher end of range
28 Jul 16
Q2 results: order intake was €1.5bn, o/w €0.9bn in Subsea and €0.6bn in Onshore/Offshore. The backlog stood at €13.5bn (€18.8bn in Q2 15). The adjusted revenue came in at €2.8bn (-9% yoy), broadly in line with consensus estimates. The operating profit came in at €260m (-8% yoy), beating consensus. The underlying net income was €175m (-4% yoy), also above consensus (although the reported figure was slightly below). Cost-cutting: €900m to be delivered in 2016 (vs. previous guidance of €700m; the total programme is €1.0bn). The guidance on operating income 2016 has been increased: - Subsea: adjusted revenues €4.7-5.0bn (consensus: €5.1bn), operating income at around €680m (vs. €640-680m previously; consensus: €672m); - Onshore/Offshore: adjusted revenues €5.7-6.0bn (consensus: €5.8bn), operating income at €280m (vs. €240-280 previously; consensus: €264m).
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.