Analysts like growth story, but cautious on near term

摘要

"ENCOURAGING" and "impressive" were the adjectives used by two analysts to describe their views on Technip Energies following last month's capital markets day (CMD). Mick Pickup at Barclays said in a research note that the "encouraging CMD confirmed our long-held belief that, if the energy transition is to succeed, it will need a variety of tools to do so and that the process engineering skills of the engineering and construction sector could play a significant role." Technip Energies, he wrote, highlighted a raft of technologies that it has helped develop, "all of which could have a meaningful role as the world decarbonises and underpin what it expects to be a medium-term, top line growth story". Pickup noted the company expects margins to grow from "trough" conditions in 2020, while stressing it may "still face some challenges with investors (because) the exceptional Yamal (liquefied natural gas project) contract is winding down and the expected margin improvement is likely more a 2023 event".