TechnipFMC: Oddo adjusts target after spin-off
(CercleFinance.com) - Oddo confirms its outperform rating on the stock, with an adjusted price target of 10.
7 euros (vs. 12.5 euros).
The analyst says that they thought that this spin-off would enable investors to play a rerating role in the share. Part of the path has already been covered, although the broker believes there is still significant upside potential.
Technip Energies' first listing is taking place today with settlement and delivery on 23 February. There will be 179.8 million Technip Energies shares in issue.
TechnipFMC (post-spin off) is trading at a 23% discount relative to its peers. In its target price, the broker includes the effects of this spin off (5 TechnipFMC shares = 1 Technip Energies share), i.e. a target price of 10.7 euros (12.5 euros -(1/5)* 9 euros = 10.7 euros, Oddo adds.
Hot property on Tuesday morning, the Technip Energies share is up a staggering 32% an hour-and-a-half into trading, while the TechnipFMC share is down about 3%...
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
7 euros (vs. 12.5 euros).
The analyst says that they thought that this spin-off would enable investors to play a rerating role in the share. Part of the path has already been covered, although the broker believes there is still significant upside potential.
Technip Energies' first listing is taking place today with settlement and delivery on 23 February. There will be 179.8 million Technip Energies shares in issue.
TechnipFMC (post-spin off) is trading at a 23% discount relative to its peers. In its target price, the broker includes the effects of this spin off (5 TechnipFMC shares = 1 Technip Energies share), i.e. a target price of 10.7 euros (12.5 euros -(1/5)* 9 euros = 10.7 euros, Oddo adds.
Hot property on Tuesday morning, the Technip Energies share is up a staggering 32% an hour-and-a-half into trading, while the TechnipFMC share is down about 3%...
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.