SAVE THE DATE - Hypoport AG

Tecnicas Reunidas
Spain/Oil Services Analyser
Tecnicas Reunidas (Buy)
Buy
Recommendation unchanged
Share price: EUR
closing price as of 07/05/2012
Target price: EUR
Target Price unchanged
Reuters/Bloomberg
29.34
37.00
TRE.MC/TRE SM
Market capitalisation (EURm) 1,640
Current N° of shares (m) 56
Free float 52%
Daily avg. no. trad. sh. 12 mth 519,719
Daily avg. trad. vol. 12 mth (m) 15
Price high 12 mth (EUR) 42.00
Price low 12 mth (EUR) 22.12
Abs. perf. 1 mth -2.48%
Abs. perf. 3 mth -1.68%
Abs. perf. 12 mth -29.92%
Key financials (EUR) 12/11 12/12e 12/13e
Sales (m) 2,613 2,751 2,966
EBITDA (m) 160 166 176
EBITDA margin 6.1% 6.0% 5.9%
EBIT (m) 151 158 168
EBIT margin 5.8% 5.7% 5.7%
Net Profit (adj.)(m) 130 141 149
ROCE -32.3% -57.9% -86.8%
Net debt/(cash) (m) (740) (650) (661)
Net Debt/Equity -2.1 -1.6 -1.3
Debt/EBITDA -4.6 -3.9 -3.7
Int. cover(EBITDA/Fin. int) (25.5) (13.4) (14.3)
EV/Sales 0.3 0.4 0.3
EV/EBITDA 5.1 6.0 5.6
EV/EBITDA (adj.) 5.1 6.0 5.6
EV/EBIT 5.4 6.3 5.9
P/E (adj.) 12.0 11.6 11.0
P/BV 4.6 4.0 3.4
OpFCF yield 21.4% -0.3% 5.7%
Dividend yield 4.6% 4.6% 4.8%
EPS (adj.) 2.32 2.53 2.67
BVPS 6.09 7.28 8.61
DPS 1.34 1.34 1.40
42 vvdsvdvsdy
40
38
36
34
32
30
28
26
24
22
Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12
Source: Factset
TECNICAS REUNIDAS IBEX 35 (Rebased)
Shareholders: Lladó Family 37%; BBVA 8%;
Analyst(s):
Iñigo Recio Pascual, Bankia Bolsa
irecio@bankia.com
+34 91 436 7814
1Q’12 results preview
The facts: Técnicas Reunidas will release 1Q‟12 results on May 11th. We
estimate:
TECNICAS REUNIDAS : 1Q12 ESTIMATES
1Q11 %sles 1Q12e %sles %11/10 4Q11
Sales 686.3 100% 624.0 100% -9.1% 620.5
EBITDA 41.1 6.0% 37.9 6.1% -7.7% 37.7
Depreciation -1.9 -0.3% -2.1 -0.3% 10.5% -2.1
EBIT 39.2 5.7% 35.8 5.7% -8.6% 35.6
Financial results -3.9 -0.6% 1.5 0.2% 5.5
Associates 0.5 0.1% 0.0 0.0% -2.5
EBT 35.8 5.2% 37.3 6.0% 4.3% 38.6
Income tax -5.1 -0.7% -5.2 -0.8% 2.5% -2.8
Net profit 30.7 4.5% 32.1 5.1% 4.6% 35.8
Source: Bankia bolsa estimates
Our analysis: In this 1Q‟12 we estimate EBITDA to drop 7.7% although EBT will
grow 4.3%, due to the estimated higher financial results vs. 1Q‟11. In our view,
these results could be in line with 4Q‟11.
No relevant contracts have been announced in 1Q‟12, except USD100m with
Repsol for the second phase of a gas treatment plant in the Margarita field
(Bolivia). Due to the low contracting levels in 1Q‟12, we expect net cash to also
drop vs. 2011, although it will remain high.
Conclusion: The focus points are the pointers the company may give regarding
tenders attended and those possibly awarded.
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