TechnipFMC itumiza neza hamwe no kuzamuka kwamafaranga bishobora gukurura abashoramari (NYSE: FTI)

Ubucuruzi bushya bwa TechnipFMC (FTI) buturuka ahanini mu murenge wo mu nyanja, aho bwashoye imari ikomeye mu myaka mike ishize. Vuba aha, bamwe mu bakiriya bayo benshi batangiye gushyira mu bikorwa ikoranabuhanga rya Subsea 2.0 na iEPCI.Ndateganya ko ibikorwa byinshi byo gushyiraho no gutanga serivisi kandi muri rusange urwego rwo hejuru kugirango rukomeze kubyungukiramo mugihe cya vuba.Kubona ko byagarutsweho, ubuyobozi bwikigo buherutse gukusanya amafaranga yinjira mu ngengo yimari 2021 no kuyobora amafaranga yinjira.Yifatanije nandi masosiyete kunoza ubushobozi bw’ingufu zishobora kongera ingufu no guteza imbere ibisubizo bisanzwe kuri umusaruro munini wa hydrogène ukomoka ku mutungo w’umuyaga ushobora kuvugururwa. FTI iracyafite imbogamizi zimwe na zimwe: kutamenya neza ibidukikije biriho ubu, byatinze kwifashisha ikoranabuhanga ryayo, ndetse no kongera kwibasirwa na coronavirus bishobora kugabanya ingufu zikenerwa.Nyamara, ibintu byiyongera biziganje, bigomba gutuma habaho amafaranga yubusa gutembera mu ngengo y’imari 2021. Byongeye kandi, isosiyete irashaka kugabanya impapuro ziringaniye. Kuri uru rwego, igiciro cy’imigabane gifite ishingiro. Ndatekereza ko abashoramari bo mu gihe giciriritse bashobora kuba bashaka kugura iyi stock kugirango babone inyungu zikomeye. Kubwibyo, inzira nyamukuru yo kwiga ubucuruzi bukuru bwa FTI mumwaka wa 2021 nukwibanda kumasosiyete yibikorwa bya iEPCI (Integrated Engineering, Procurement, Construction and Installation), cyane cyane mumirenge yinyanja.Mu ngingo yanjye y'ubushize, naganiriye kuri byinshi mubiteganya isosiyete ya 2019 iterambere ryaturutse ku kongera iEPCI no gukomeza imbaraga z’ibihano kuri LNG n’imishinga yo hasi. Nyuma y’igihembwe cya kabiri cya 2021, hafi 81% by’ibicuruzwa byinjira mu kigo (miliyari 1.6 $) byaturutse muri iki gice. Muri iki gihembwe, cyakoze icya mbere iEPCI muri Berezile.Yatangaje kandi igihembo cya Equinor kumurima wa Kristin Sør.Umushinga urimo amato maremare ya Arctique kandi azagabanya ibyuka bihumanya ikirere. Yabonye kandi ibihembo kubikoresho byo kubyaza umusaruro, serivisi zishyirwaho ndetse n’inkunga yatanzwe na Petrobras (PBR) .Mu ingengo y’imari 2021, isosiyete iteganya ko ibicuruzwa bya Subsea bigera kuri miliyari 4 z'amadolari, bivuze ko iteganya ko haziyongeraho miliyari 1,2 y’amadolari y’ibicuruzwa byinjira mu gice mu gihembwe cya kabiri cya 2021. Mu ikoranabuhanga rya Surface, ibicuruzwa byinjira byiyongereyeho 32% mu gihembwe cya kabiri.Iterambere ku masoko mpuzamahanga yari menshi kuko ibikorwa byo kurangiza byatangiye gutangira mu 2021, iyobowe na Arabiya Sawudite, Leta zunze ubumwe z’Abarabu, Bahrein na Qatar. Ndetse n’inyanja y'Amajyaruguru, Amerika n'Ubushinwa byagaragaye ko byateye imbere. Muri rusange muri Amerika hiyongereyeho 19% muri igihembwe cya kabiri ugereranije n’igihembwe cyashize. Isosiyete iteganya ko amabwiriza azagenda yiyongera mu gihembwe cya kabiri cya 2021 ugereranije n’igice cya mbere cya 2021.Kongera ibikorwa by’isoko, kwinjiza isoko mu ikoranabuhanga rishya, no kwagura ubushobozi bw’inganda muri Arabiya Sawudite ni birashoboka kuganisha kumurongo wo hejuru murwego rwo hejuru. FTI yagiye ihindura imvururu zayo mu kugurisha no kubona ubucuruzi cyangwa imigabane nyir'ubwite.Nyuma yo kugurisha imigabane myinshi muri kimwe mu bice byayo by'ingenzi, Technip Energies, muri Mata 2021, yagurishije imigabane 9% muri sosiyete muri Nyakanga.Muri Nyakanga , yaguze imigabane 49% isigaye muri TIOS AS, umushinga uhuriweho na TechnipFMC na Island Offshore. amabuye y'agaciro yo mu nyanja ashobora guhaza ibyifuzo bikenerwa muri bateri zikoresha amashanyarazi hamwe n’ikoranabuhanga rifite ingufu. Kubera iyo mpamvu, gahunda yo kuvugurura izafasha FTI gukuramo ingufu zishobora kongera ingufu. Mu mwaka ushize, kugeza muri Gicurasi 2021, ibiciro byoherezwa muri Amerika LNG byazamutse hafi 18%, nk'uko imibare ya EIA ibigaragaza. Ibiciro bya LNG byazamutse mu myaka mike ishize kuko icyifuzo cya Ethane cyazamutse haba mu gihugu ndetse no kohereza ibicuruzwa hanze. Ibicuruzwa biva mu mahanga biva mu mahanga bya LNG byiyongereye vuba.Ndibwira ko ibiciro bya LNG bizakomeza gukomera mugihe gito. Kimwe n’andi masosiyete menshi y’ingufu, FTI iratandukanye mu mbaraga zishobora kongera ingufu kugira ngo ikomeze guhatanwa.Ibisubizo byimbitse byijimye bitanga iterambere ry’ikoranabuhanga n’ubushobozi bwo guhuza imbaraga z’amashanyarazi muri hydrogène. Vuba aha, yatangaje ubufatanye n’ingufu zikoreshwa n’ingufu za Porutugali EDP mu rwego rwo guteza imbere inyanja nshya. amashanyarazi yumuyaga kubyara hydrogène yicyatsi.Nkuko isosiyete ifite ubuhanga mubuhanga bwo mu nyanja, irateganya kuyihuza nubushobozi bw’ingufu zishobora kubaho no guteza imbere ibisubizo bisanzwe by’umusaruro munini wa hydrogène ukomoka ku mutungo w’umuyaga ushobora kuvugururwa. Amafaranga yinjira mu gice cya FTI yo mu nyanja ntiyigeze ahinduka mu gihembwe cya kabiri cya 2021 ugereranije n’igihembwe cya mbere cya 2021. Nyamara, amafaranga yinjira mu gice yikubye inshuro zirenga ebyiri muri iki gihe. ubwiyongere, mugihe ibikorwa byumushinga muto byagabanije kwiyongera kwinjiza.Nkuko byavuzwe, ubwiyongere bukomeye bwerekana ko ubwiyongere bukomeye bwinjira muri iki gice mu gihembwe cya kabiri cya 2021. Kugeza ubu, umubare w’ibicuruzwa byo muri Amerika wazamutseho 8% ugereranije n’iherezo rya kabiri gihembwe. Ibarura mpuzamahanga ryagaragaye cyane kuva muri Kamena, nubwo ryiyongereyeho 13% guhera mu ntangiriro za 2021. Nubwo iterambere ryagerwaho, dushobora kongera guhangayikishwa no kongera kwiyongera kwa coronavirus yibasiwe n’umwaka wose, bishobora kugabanya ingufu kwiyongera. Mu gihembwe cya kabiri, ubuyobozi bwazamuye ingengo y’imari y’ingengo y’imari 2021 bugera kuri miliyari 5.2 kugeza kuri miliyari 5.5, ugereranije n’ubuyobozi bwashyizweho mbere y’amadolari 500 kugeza kuri miliyari 5.4. Icyakora, isosiyete irateganya kandi ko izamuka ry’inyungu n’inyungu ziteganijwe mu mwaka, zishobora kugabanya inyungu mu ngengo y’imari ya 2021. Igice cya Surface Technologies FTI cyari gifite igihembwe cya kabiri gikomeye cya 2021. Mu gihembwe gishize, igice cyinjiza cyariyongereye hafi 12%, mugihe ibikorwa byinjira byariyongereyeho 57% .Kwiyongera mubikorwa byo muri Amerika ya ruguru byongereye serivisi mpuzamahanga, mugihe ishyirwa mubikorwa rya gahunda ryagize uruhare mu kwinjiza no kuzamuka kwinjiza. Amerika yariyongereye. Imikorere ya FTI (cyangwa CFO) yateye imbere cyane kuva muri CFO itari nziza umwaka ushize ihindukira igera ku byiza (miliyoni 162 $) mu gice cya mbere cya 2021.Nubwo ubwiyongere bwinjiza bworoheje muri kiriya gihe, bungukirwa no gutandukanya ibihe mu bihe by’imishinga no kuzamura imari shingiro. imiyoborere yatumye CFO yiyongera. Hejuru y'ibyo, amafaranga yakoreshejwe nayo yagabanutse, bituma ubwiyongere bukabije bw’amafaranga yinjira mu gice cya mbere cya 2021 ugereranije n’umwaka ushize. Mu ngengo y’imari 2021, iteganya ko amafaranga yakoreshejwe azaba make arenga miliyoni 250 z'amadolari, cyangwa byibuze 14% ugereranije no mu ngengo y’imari ya 2020.Nuko rero hiyongereyeho CFO no kugabanuka kwa capex, ndizera ko FCF izatera imbere mu ngengo y’imari 2021. Ikigereranyo cy’imyenda ya FTI (0.60x) kiri hasi kurusha urungano rwayo '(SLB, BKR, HAL) impuzandengo ya 1.12x.Isosiyete yagabanije umwenda w’inyungu nyuma yo kwinjiza miliyoni 258 z'amadolari yo kugurisha igice cyayo muri Technip Energies. Byongeye kandi, yishyuye miliyoni 200 z'amadolari y'Amerika asigaye ku kuzenguruka kwayo. ikigo cy’inguzanyo. Muri rusange, umwenda w’isosiyete wagabanutseho miliyoni 155 z'amadolari mu gihembwe cya kabiri ugereranije n’igihembwe cya mbere. Ku ya 31 Kanama, iyi sosiyete yaguze miliyoni 250 z’amadolari y’umwenda muremure, yatewe inkunga n’amafaranga mu ntoki. Imbere ya FTI imbere ya EBITDA kwaguka kwinshi iragaragara cyane kuruta uko yahinduwe amezi 12 ya EV / EBITDA kuko biteganijwe ko EBITDA yayo izagabanuka cyane ugereranije nabagenzi bayo umwaka utaha. Ibi mubisanzwe bivamo EV / EBITDA yo hasi ugereranije nabagenzi.Isosiyete EV / EBITDA nyinshi (3.9x) iri munsi yurungano rwayo '(SLB, BKR, na HAL) impuzandengo ya 13.5x. Ugereranije nabagenzi bayo, ngira ngo ububiko bufite agaciro gakwiye kururu rwego. Dukurikije amakuru yatanzwe na Seeking Alpha, abasesenguzi 10 bavuze ko FTI ari "kugura" (harimo "gutotezwa cyane") muri Kanama, mu gihe 10 basabye "gufata" cyangwa "kutagira aho babogamiye." "Intego y'ibiciro byumvikanyweho ni $ 10.5, itanga inyungu ~ 60% ku biciro biriho. Mu gihembwe gishize, FTI yashora imari ikomeye muri tekinoroji ya Subsea 2.0 na iEPCI.Mu gihe ubwo buhanga bukomeye, gushidikanya ku isoko ry’ingufu byatinze kwakirwa kwabo ku isoko.Nyamara, mu gihembwe cya kabiri, twabonye ko abakiriya benshi nka Equinor na Petrobras batangiye gushyira mubikorwa ikoranabuhanga. Ibyinshi mu bicuruzwa byinjira mu isosiyete biva mu mishinga yo mu nyanja. FTI yagiye ihindura imvange y’ubucuruzi mu kugurisha no kubona imigabane cyangwa imigabane ya nyirayo.Nyuma yo kugurisha imigabane myinshi muri Technip Energies, yabonye inyungu mu kindi kigo gihuriweho.Kugirango tujye mbere. inganda z’ingufu zishobora kuvugururwa, yafatanije n’indi sosiyete guteza imbere ikoranabuhanga mu bucukuzi bw’amabuye y'agaciro yo mu nyanja.Yazamuye ingengo y’imari y’ingengo y’imari 2021 n’ubuyobozi bwinjiza amafaranga make bitewe n’imihindagurikire myiza y’ibidukikije by’ingufu kuva mu ntangiriro za 2021.Isosiyete y’amafaranga yateye imbere, mu gihe amafaranga yakoreshejwe yagabanutse, byerekana ko FCF yayo yateye imbere mu ngengo y’imari 2021.Nyuma ya Technip Energies imaze kugurishwa, umwenda wabyo wagabanutse mu gihe sosiyete yashakaga kugabanya urwego rw’imyenda.Mu gihe giciriritse, ndateganya ko igiciro cy’imigabane kizakomeza gukomera. Kumenyekanisha: I / Ntabwo dufite imyanya mububiko, amahitamo cyangwa ibikomokaho bisa murimwe mubigo byavuzwe, kandi ntabwo nteganya gutangiza imyanya nkiyi mumasaha 72 ari imbere.Nanditse iyi ngingo ubwanjye kandi iragaragaza igitekerezo cyanjye.I nta ndishyi yahawe (usibye Gushaka Alpha) .Ntabwo mfitanye umubano wubucuruzi nisosiyete iyo ari yo yose imigabane ivugwa muriyi ngingo.