Technip Has Quality at Discount, Positives Being Ignored: HSBC
2014-07-29 07:34:30.480 GMT
By James Cone
July 29 (Bloomberg) -- Technip showed at 2Q that it’s
operationally back on track, well positioned to outperform
challenged sector, but positives are being ignored, HSBC says in
note.
* HSBC: roadshow revealed co. better than EU20b record backlog
inferred; continues to take steps to improve cost base, has
competitive edge from early stage projects, technology
* Co. being selective on new work, order backlog though is
unlikely to change significantly
* Continues to see attractive risk/reward even with wider
industry, geopolitical uncertainties
* 2014/15 top line est. raised 3%/4%, EPS ests. cut 4% for
both yrs on onshore/offshore margin expectations;
2016/17 top line ests. up 10%/14% with EPS ests. raised
7%/15%
* Maintains overweight rating, PT unchanged at EU95; sees
return to premier rating, has attractive entry point
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To contact the reporter on this story:
James Cone in London at +44-20-7673-2572 or
jcone@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
2014-07-29 07:34:30.480 GMT
By James Cone
July 29 (Bloomberg) -- Technip showed at 2Q that it’s
operationally back on track, well positioned to outperform
challenged sector, but positives are being ignored, HSBC says in
note.
* HSBC: roadshow revealed co. better than EU20b record backlog
inferred; continues to take steps to improve cost base, has
competitive edge from early stage projects, technology
* Co. being selective on new work, order backlog though is
unlikely to change significantly
* Continues to see attractive risk/reward even with wider
industry, geopolitical uncertainties
* 2014/15 top line est. raised 3%/4%, EPS ests. cut 4% for
both yrs on onshore/offshore margin expectations;
2016/17 top line ests. up 10%/14% with EPS ests. raised
7%/15%
* Maintains overweight rating, PT unchanged at EU95; sees
return to premier rating, has attractive entry point
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
James Cone in London at +44-20-7673-2572 or
jcone@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net