Few surprise to come, focus on 2016 and after
Few surprise to come ; Technip gave precise guidance
Q4 publication should not bring many surprises in terms of earnings, as
Technip reiterated its guidance in January when it launched its synthetic
bond (revenues were seen slightly above initial guidance). The subsea
segment is expected to post more strong results, with an EBITDA margin of
20%, while the Onshore/Offshore EBIT margin should continue to recover
and reach 4.8%.
Watch the cash
In January, Technip said its adjusted net cash position will significantly
exceed the position reported at the end of Q3 (EUR1.3bn). We will monitor it
closely; as it could have a positive impact on our SOP valuation (a link to net
contract advances or year-end phasing of WCR will have no effect on it.)
2016 message?
Technip should also give guidance for 2016, and its message on the
environment and any potential expectation of recovery will be important.