Research, Charts & Company Announcements
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.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.