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Research Tree provides access to ongoing research coverage, media content and regulatory news on TECNICAS REUNIDAS SA. We currently have 6 research reports from 1 professional analysts.
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TECNICAS REUNIDAS SA
TECNICAS REUNIDAS SA
Confident on the outlook for 2017
10 Nov 16
Q3 revenues were €1.13bn (+1% yoy); EBIT came in at €47m (-13% yoy), slightly above consensus estimates, and a 4.0% margin (80bp lower than in Q3 15). Net profit was €35m (-12% yoy), in line with consensus. The order intake was €0.5bn in Q3 (vs. €1.8bn in Q3 15). Guidance for 2016 raised: - sales at €4.5-4.6bn (vs. €4.3-4.6bn previously); - EBIT margin at around 4%.
Guidance 2016 confirmed and all projects on track
29 Jul 16
Q2 revenues came in at €1.25bn (+28% yoy); EBIT was €50m, flat yoy, and a 4.0% margin (110bp lower than Q2 15), in line with expectations. Net profit was €36m (-3% yoy), broadly in line with our estimate but somewhat above consensus. There were no significant contracts in Q2 and the backlog stood at €10.65bn (+18% yoy). Guidance 2016 confirmed: - Sales at €4.3-4.6bn; - EBIT margin at around 4%.
Backlog execution on track; guidance 2016 confirmed
13 May 16
Q1 revenues were €1.1bn (+16% yoy), in line with consensus estimates. The operating profit came in at €42m (-7% yoy), also in line with consensus, while the net profit, at €30m, was slightly below expectations (at €32m). The order intake was €1.0bn and the backlog stood at €12.0bn (+42% yoy). Guidance 2016 confirmed: - Sales at €4.3-4.6bn; - EBIT margin at around 4%.
Robust backlog supports 2016, despite low EBIT margin
01 Mar 16
Q4 15 has been a negative surprise, despite revenue growth at +39% yoy, to €1.2bn, and a backlog at record levels of €12.1bn (+44% yoy), o/w >60% is in the Middle East. The disappointment comes from one-off incremental costs related to a project in Alberta (Canadian Natural Resources Limited is the client). As a result, the company in the quarter posted a €62m loss at the EBIT level (vs. €42m positive EBIT in Q4 14), and a €55m net loss (vs. €36m net profit in Q4 14), bringing the net profit 2015 down to €60m. Guidance 2016: - Sales at €4.3-4.6bn; - EBIT margin at around 4%.
Q3 positive surprise; orders keep coming while cash inflows take longer
13 Nov 15
Q3 revenues were up 37% yoy, to €1,122m, well above consensus expectations. The backlog stood at €10bn (+14% yoy). EBIT grew by 30%, to €53m (4.8% margin, as in Q2 14), above consensus estimates. Net profit was €40m (+21% yoy), 8% above consensus estimates. In Q3, the company booked the order for the Al Zour refinery in Kuwait (for KNPC). Q4 qtd order intake: 1) EPC contract for Sasol in Louisiana: €150m over 2.5 years; 2) EPC and pre-commissioning for production facilities in Abu Dhabi (ADOC): lump sum turnkey, $310m in less than two years. Net cash was €348m, 47% below last year, reflecting lower advanced payments in more recent projects and longer contract milestones in some large projects being executed.
Q2 15 results, growing Kuwait footprint
31 Jul 15
Q2 revenues were up 30% yoy, to €978m, thanks to the high backlog (at €9bn, +16% yoy) and above consensus expectations. EBIT grew by 32%, to €50m (5.1% margin, as in Q2 14). Net profit was €37m (+9% yoy), slightly above consensus estimates. The order intake in Q2 15 was €1.3bn (EPC for the execution of the fifth Gas Train (GT5) at Mina al-Ahmadi Refinery in Kuwait); the backlog stood at €9bn (+15% yoy), 95% in Oil & Gas. Net cash was €436m, 35% below last year.
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.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
Minor delay but lower cost and better visibility enhance the investment profile
13 Jan 17
First oil at Stella is delayed by about a month, reducing the contribution of Stella to FY17 production by the same period. While this has an impact on FY17e free cash flow, this is negligible to our valuation. More importantly, FY17 opex are estimated at only US$18/boe, below our estimates of US$20/boe. There are opportunities to reduce opex further. Harrier is expected to reach first oil in 2018, one year earlier than we expected and at a cost of US$40 mm lower than we anticipated. The overall development cost is less than US$6.0/boe. Ithaca holds numerous discoveries around Stella that would be developed with a similar cost structure to Harrier.
GMP FirstEnergy ― UK Energy morning research package
10 Jan 17
GeoPark (GPRK-NYSE) 1,6; BUY, US$6.50: 4Q16 operations update and production results | Northern Petroleum (NOP LN)1; SPEC. BUY, £0.10: Results of open offer | Serica Energy (SQZ LN) (not covered): Operations Update | Roxi Petroleum (RXP LN) (not covered): BNG Operational update in Kazakhstan | Tullow Oil (TLW LN); REDUCE, £2.90: Transaction in Uganda frees up cash for Kenya | Eco Atlantic (EOC CN) (not covered): Intention to list on AIM –