Maoda osasunthika a TechnipFMC komanso kukula kwa ndalama zitha kukopa osunga ndalama (NYSE: FTI)

Bizinesi yatsopano ya TechnipFMC (FTI) imachokera ku gawo la subsea, komwe idapanga ndalama zambiri zaka zingapo zapitazi. Posachedwapa, ena mwa makasitomala ake akuluakulu ayamba kugwiritsa ntchito ukadaulo wa Subsea 2.0 ndi iEPCI. Ndikuyembekeza kuyika kwakukulu ndi ntchito zautumiki. Poona kuchira, oyang'anira kampani posachedwapa adakweza ndalama zawo mu 2021 ndi njira zopezera ndalama zogwirira ntchito. kupanga kwakukulu kwa haidrojeni kuchokera ku zinthu zongowonjezwdwa zamphepo. FTI ikukumanabe ndi zovuta zina: kusatsimikizika komwe kukuchitika masiku ano, komwe kwachedwetsa kutengera ukadaulo wake, komanso kuyambiranso kwa ziwopsezo za coronavirus zomwe zitha kuchepetsa kufunikira kwa mphamvu. flow in fiscal 2021.Kuonjezera apo, kampaniyo ikufuna deleverage balance sheet.Pa mlingo uwu, mtengo wamtengo wapatali ndi wololera.Ndikuganiza kuti osunga ndalama apakati apakati angakhale akuyang'ana kugula katunduyu kuti abwererenso zolimba. Chifukwa chake, njira yayikulu yophunzirira bizinesi yayikulu ya FTI mu 2021 ndikuyang'ana kwakampani pama projekiti a iEPCI (Integrated Engineering, Procurement, Construction and Installation), makamaka m'gawo la subsea. Kukula kunachokera pakuwonjezeka kwa iEPCI ndi kupitirizabe mphamvu za chilango pa LNG ndi mapulojekiti otsika. Pambuyo pa gawo lachiwiri la 2021, pafupifupi 81% ya malamulo olowera mkati mwa kampani ($ 1.6 biliyoni) adachokera ku gawo ili. iEPCI ku Brazil.Inalengezanso mphoto ya Equinor ya munda wa Kristin Sør.Ntchitoyi ikuphatikizapo zombo zakuya za Arctic ndipo idzachepetsa mpweya woipa wa mpweya.Inalandiranso mphoto ya zipangizo zopangira, ntchito zoikamo ndi thandizo lothandizira loperekedwa ndi Petrobras (PBR).In fiscal 2021, kampaniyo ikuyembekeza kuti malamulo a Subsea afikire $ 4 biliyoni, kutanthauza kuti akuyembekeza kuwona kuwonjezeka kwa $ 1.2 biliyoni muzolemba zolowera mkati mwa gawo lachiwiri la 2021. M'misika yapadziko lonse lapansi idakwera pomwe ntchito yomaliza idayamba kuchitika mu 2021, motsogozedwa ndi Saudi Arabia, United Arab Emirates, Bahrain ndi Qatar. Ngakhale North Sea, America ndi China zidasintha. Theka lachiwiri poyerekeza ndi kotala yapita. Kampani ikuyembekeza kuti malamulo akule kwambiri mu gawo lachiwiri la 2021 poyerekeza ndi theka loyamba la 2021. zomwe zingayambitse kukula kwadongosolo m'madera omwe akubwera. FTI yakhala ikusintha mabizinesi ake pogulitsa ndi kupeza masheya abizinesi kapena umwini. Itatha kugulitsa magawo ambiri m'gulu lake lalikulu, Technip Energies, mu Epulo 2021, idagulitsanso 9% ya kampaniyo mu Julayi. , idapeza gawo lotsala la 49% ku TIOS AS, mgwirizano pakati pa TechnipFMC ndi Island Offshore.TIOS imapereka chithandizo chokwanira chopanda kuwala kopanda kuwala kwabwino. mchere wa m'madzi ukhoza kukwaniritsa kukula kwa zitsulo zomwe zimagwiritsidwa ntchito mu mabatire a galimoto yamagetsi ndi teknoloji yoyera yamagetsi.Chotero, kukonzanso kungathandize FTI kugwiritsira ntchito mphamvu zowonjezera mphamvu zowonjezera. M'chaka chatha, mpaka Meyi 2021, mitengo yotumiza kunja kwa US LNG yakwera pafupifupi 18%, malinga ndi data ya EIA.LNG mitengo yakwera m'zaka zingapo zapitazi pomwe kufunikira kwa ethane kwakwera kwambiri mdziko muno komanso kutumiza kunja. zawonjezeka posachedwapa.Ndikuganiza kuti mitengo ya LNG idzakhalabe yolimba pakanthawi kochepa. Monga makampani ena ambiri amagetsi, FTI ikusintha kukhala mphamvu zongowonjezwdwa kuti ikhalebe yopikisana.Its Deep Purple solution imapereka chitukuko chaukadaulo ndi luso lophatikizana kuti lisinthe mphamvu zongowonjezwdwa kukhala hydrogen.Posachedwapa, idalengeza za mgwirizano ndi EDP yopangira mphamvu yaku Portugal kuti ipange malo atsopano akunyanja. Mphepo yamagetsi yamagetsi obiriwira a haidrojeni.Monga momwe kampaniyo ili ndi ukatswiri pa uinjiniya wa subsea, ikukonzekera kuphatikizira ndi mphamvu zongowonjezwdwa ndikupanga njira zofananira zopangira ma hydrogen ambiri kuchokera kuzinthu zongowonjezwdwa zamphepo. Ndalama za FTI za gawo la subsea sizinasinthe m'gawo lachiwiri la 2021 poyerekeza ndi gawo loyamba la 2021. Kukula, pomwe kutsika kwa projekiti kunachepetsa kukula kwa ndalama. Monga tafotokozera, kukula kwadongosolo kukuwonetsa kuwoneka kolimba kwa ndalama zagawoli mgawo lachiwiri la 2021. Ziwerengero zapadziko lonse lapansi zakhala zolimba kuyambira Juni, ngakhale zidakwera 13% kuyambira koyambirira kwa 2021. kufunikira kwa kukula. Mu gawo lachiwiri, oyang'anira adakweza chiwongolero chake chandalama cha 2021 ku $ 5.2 biliyoni mpaka $ 5.5 biliyoni, poyerekeza ndi chiwongolero chokhazikitsidwa kale cha $ 500 mpaka $ 5.4 biliyoni. Malangizo osinthidwa a EBITDA pagawo adakwezedwa mpaka 10% mpaka 12%. Komabe, kampaniyo ikuyembekezanso kukwera kwa chiwongola dzanja ndi msonkho wa chaka, zomwe zitha kuwononga ndalama zonse mu 2021. Gawo la FTI's Surface Technologies linali ndi gawo lachiwiri lamphamvu la 2021. Kotala lapitalo, ndalama zomwe gawoli zidakwera. pafupifupi 12%, pomwe ndalama zogwirira ntchito zidakwera 57%.Kuwonjezeka kwa ntchito za ku North America kunachulukitsa ntchito zapadziko lonse lapansi, pomwe kuphatikizika kwamapulogalamu mwamphamvu kunathandizira pakukula kwa ndalama ndi ndalama. America yawonjezeka. Mayendedwe a ndalama za FTI (kapena CFO) adayenda bwino kwambiri kuchokera ku CFO yoyipa chaka chapitacho ndikubwerera ku zabwino ($162 miliyoni) mu theka loyamba la 2021. Kuwongolera kunapangitsa kuti ma CFO achuluke.Pamwamba pa izi, ndalama zogulira ndalama zidatsikanso, zomwe zidapangitsa kuti pakhale kuwonjezeka kwakukulu kwa ndalama zaulere mu theka loyamba la 2021 poyerekeza ndi chaka chapitacho.Mundalama wa 2021, ikuyembekeza kuti ndalama zazikuluzikulu zizikhala zochepa. kuposa $250 miliyoni, kapena osachepera 14% kutsika poyerekeza ndi ndalama za 2020. Chifukwa chake ndi kuwonjezera kwa CFO ndi kuchepetsedwa kwa capex, ndikuyembekeza kuti FCF ichita bwino muchuma cha 2021. Chiŵerengero cha ngongole za FTI (0.60x) ndichotsika kuposa avareji ya anzawo (SLB, BKR, HAL) 1.12x. Kampaniyo idachepetsa ngongole yonse pambuyo pa ndalama zokwana madola 258 miliyoni kuti igulitse umwini wake pang'ono mu Technip Energies. Kuphatikiza apo, idabweza ndalama zotsala za $200 miliyoni zomwe zidalipo pakuzungulira kwake. Ngongole yonse ya kampaniyo idatsika ndi $ 155 miliyoni mgawo lachiwiri poyerekeza ndi gawo loyamba. Pa Ogasiti 31, kampaniyo idagulanso $ 250 miliyoni yangongole yayitali, yothandizidwa ndi ndalama zomwe zidalipo. FTI ya kutsogolo kwa EV kupita ku EBITDA kukulitsa kangapo kumawonekera kwambiri kuposa EV / EBITDA yomwe idasinthidwa miyezi 12 pomwe EBITDA yake ikuyembekezeka kutsika kwambiri kuposa anzawo chaka chamawa. EV/EBITDA angapo (3.9x) ndi otsika kuposa anzawo (SLB, BKR, ndi HAL) pafupifupi 13.5x. Poyerekeza ndi anzawo, ndikuganiza kuti katunduyo ndi wofunika kwambiri pamlingo uwu. Malinga ndi zomwe zaperekedwa ndi Seeking Alpha, openda 10 adavotera FTI ngati "kugula" (kuphatikiza "bearish kwambiri") mu Ogasiti, pomwe 10 adalimbikitsa "kugwiritsitsa" kapena "kusalowerera ndale." Ndi katswiri m'modzi yekha wogulitsa yemwe adavotera "kugulitsa. "Mtengo wogwirizana ndi $ 10.5, kubweretsa ~ 60% kubwerera pamitengo yamakono. Pazaka zingapo zapitazi, FTI yapanga ndalama zambiri mu teknoloji ya Subsea 2.0 ndi iEPCI. Ngakhale kuti matekinolojewa ali amphamvu, kusatsimikizika pamsika wamagetsi kwachedwetsa kukhazikitsidwa kwawo kwakukulu pamsika. monga Equinor ndi Petrobras ayamba kugwiritsa ntchito ukadaulo. Maoda ambiri akampani amachokera ku ntchito za subsea.FTI yakhala ikusintha kusakanizikana kwake kwamabizinesi pogulitsa ndikupeza magawo abizinesi kapena umwini.Itagulitsa magawo ambiri mu Technip Energies, idapeza chidwi ndi mabizinesi ena. The renewable energy industry, it partnered with another company to develop povertyd mineral mining technology.It adakweza ndalama zake za 2021 ndi chitsogozo chogwira ntchito pang'ono poganizira kusintha kwabwino kwa chilengedwe cha mphamvu kuyambira kumayambiriro kwa 2021. ndalama zogwiritsira ntchito ndalama zatsika, zomwe zikusonyeza kuti FCF yake yakhala bwino mu ndalama za 2021. Technip Energies itagulitsidwa, ngongole yake yonse inagwa pamene kampaniyo inkayang'ana kuchepetsa ngongole zake. Kuwulura: Ine / Ife tiribe maudindo m'matangadza, zosankha kapena zofanana zofanana ndi makampani omwe atchulidwa, komanso sindikukonzekera kuyambitsa maudindo oterowo mkati mwa maola otsatirawa a 72. Ndinalemba nkhaniyi ndekha ndipo ikufotokoza maganizo anga. sindinalandire chipukuta misozi (kupatulapo Kufunafuna Alpha).