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TECHNIP : Perfect timing for a technical rebound

02/12/2013 | 04:58am
Opinion : Bullish above EUR 77.45
Target price : EUR 82.8
Stop loss: EUR 75.8
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In the past few sessions, Technip shares have suffered from a sharp fall and is now coming back on significant level support.

From a fundamental viewpoint, the security is cheap with a PER of 17.18x for 2012 and 13.45x for 2013. Besides, EV/Sales is low with a ratio at 1.01x for this year.

Technically, in daily data, even if moving averages are still in a downtrend, a positive reaction in the EUR 77.45 area should stop this trend and allow a technical rebound towards EUR 82.75. Moreover, technical indicators show a significant oversold condition which strengthens this bullish scenario.

Therefore, the proximity of the EUR 77.45 support is an opportunity to take a long position in Technip. The first goal is a return in the EUR 82.75 resistance area. In fact, the security has to cross this area in order to re-establish a bullish trend in the short term. A stop loss order can be placed under the support currently tested.

TECHNIP : TECHNIP : Perfect timing for a technical rebound

© 2013

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Financial Ratios

Size 2015e 2016e
Capitalization 6 676 M€ -
Entreprise Value (EV) 5 715 M€ 5 582 M€
Valuation 2015e 2016e
PER (Price / EPS) 10,3x 11,5x
Capitalization / Revenue 0,59x 0,62x
EV / Revenue 0,51x 0,52x
EV / EBITDA 4,47x 4,77x
Yield (DPS / Price) 3,51% 3,53%
Price to book (Price / BVPS) 1,41x 1,32x
Profitability 2015e 2016e
Operating Margin (EBIT / Sales) 8,90% 8,27%
operating Leverage (Delta EBIT / Delta Sales) 4,00x -2,43x
Net Margin (Net Profit / Revenue) 5,95% 5,66%
ROA (Net Profit / Asset) 5,33% 4,81%
ROE (Net Profit / Equities) 14,3% 12,0%
Rate of Dividend 36,3% 40,5%
Balance Sheet Analysis 2015e 2016e
CAPEX / Sales   3,35% 3,22%
Cash Flow / Sales (Taux d'autofinancement) 8,26% 7,13%
Capital Intensity (Assets / Sales) 1,12x 1,18x
Financial Leverage (Net Debt / EBITDA) -0,75x -0,93x
Income Statement Evolution
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