Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TECNICAS REUNIDAS SA. We currently have 7 research reports from 1 professional analysts.
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TECNICAS REUNIDAS SA
TECNICAS REUNIDAS SA
Solid bidding activity, “more normalised” capex environment
28 Feb 17
Q4 revenues were €1.36bn (+15% yoy); EBIT came in at €53m (vs. a €62m loss in Q4 15 due to the one-off losses on the Alberta project), beating consensus. Net profit after discontinued operations (€11m write-downs) was €28m (vs. a €55m loss in Q4 15), slightly below consensus. The order intake was €1.4bn in Q4 (vs. €3.0bn during the exceptional Q4 15).
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.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
GMP FirstEnergy ― UK Energy morning research package
17 Mar 17
Pacific Exploration & Production1,6 (PEN CN); BUY, C$72.00: 4Q16 results and improving outlook | Serinus Energy (SEN CN)1, 3; Speculative Buy, C$0.65: FY16 results | IGas Energy (IGAS LN) (not covered): Final terms of a previously announced proposed capital restructuring | Tullow Oil (TLW LN): HOLD, £3.10: Right Issue at a discount & CNOOC exercises pre-emption rights in Uganda
The Momentum Continues - 2017 to be a Good Year
16 Mar 17
Welcome to IIR’s second “Blue Book” for Junior Resource Companies. This publication covers over 60 resource companies that were present at the 121 Group’s 2017 Cape Town Conference, held at Welgemeende in the Gardens district on February 6-7, 2016. The summaries in the book have been prepared with the assistance of the 121 Group based in London/ Hong Kong and Gavin Wendt from Minelife in Sydney, with the introduction being prepared by Mark Gordon and Gavin Wendt. The company information is accurate as at the time of the conference – and further information on the companies can be provided upon request.
Bang to rights
21 Mar 17
Tullow unexpectedly announced a US$750m rights issue on Friday at a 45.2% discount to the previous close. While this step confirms our investment thesis, the scale of the discount and the timing look like a slap in the face for investors and/or indicative of a weaker financial position than we are modelling. We publish revised estimates to reflect the impact of the issue and cut our Target Price to 215p per share (from 245p). We maintain our Hold recommendation.
Panmure Morning Note 22-03-2017
22 Mar 17
Acacia Mining and Endeavour Mining confirmed merger talks have now ended with Endeavour claiming an inability to “create adequate value for Endeavour shareholders”, most likely, we believe, given the disappointing ruling from the Tanzanian government on copper-gold concentrate sales. We were positive on the merger and believed a credible London listed Pan-African producer capable of challenging Randgold, would have been established. We make no change to our Hold recommendation today, and expect the shares to be marked lower in early trade.