TechnipFMC's yakatsiga maodha uye kukura kwekuyerera kwemari kunogona kukwezva vanoisa mari (NYSE: FTI)

Bhizinesi idzva reTechnipFMC (FTI) rinonyanya kubva kuchikamu chesubsea, uko yakaita mari yakakosha mumakore mashoma apfuura. Munguva pfupi yapfuura, vamwe vevatengi vayo vakakura vakatanga kushandisa Subsea 2.0 uye iEPCI tekinoroji. Vachiona kupora, manejimendi ekambani nguva pfupi yadarika akakwidza mari ya2021 nemari yekushandisa. kugadzirwa kukuru kwehydrogen kubva kumhepo inogona kudzokororwa. FTI ichiri kutarisana nemamwe matambudziko: kusavimbika kurimo munzvimbo yazvino, izvo zvakanonotsa kutorwa kwehunyanzvi hwayo, uye kudzoka kwekoronavirus kurwiswa kunogona kuderedza kudiwa kwesimba.Zvisinei, zvinhu zvekukura zvichatonga, izvo zvinofanirwa kutungamira mukuvandudza mari yemahara. flow in fiscal 2021.Kuwedzera, kambani inoda deleverage yayo balance sheet.Panhanho iyi, kukosha kwemari kunonzwisisika.Ndinofunga kuti vepakati-temu vatengesi vangave vachitsvaga kutenga iyi mari yekudzoka kwakasimba. Naizvozvo, maitiro makuru ekudzidza bhizinesi guru reFTI muna 2021 ndiko kutarisa kwekambani kune iEPCI (Integrated Engineering, Procurement, Construction and Installation) mapurojekiti, kunyanya muchikamu chepasi pegungwa. kukura kwakabva pakuwedzera kugamuchirwa kweEPCI uye kuenderera mberi kwesimba rezvirango paLNG uye mapurojekiti epasi.Mushure mechikamu chechipiri che2021, inenge 81% yemirairo yekambani inopinda ($ 1.6 bhiriyoni) yakabva kuchikamu ichi.Iyi kota, yakaita yayo yekutanga. iEPCI muBrazil.Yakazivisawo mubairo waEquinor wemunda weKristin Sør.Chirongwa ichi chinosanganisira ngarava dzakadzika dzeArctic uye chichaderedza kuburitswa kwegasi rinopisa.Chakagamuchirawo mibairo yemidziyo yekugadzira, mabasa ekuisa uye rutsigiro rwekupindira rwakapihwa nePetrobras (PBR). fiscal 2021, kambani inotarisira kuti Subsea mirairo inosvika mabhiriyoni mana emadhora, zvichireva kuti inotarisira kuona kuwedzera kwe $ 1.2 bhiriyoni mumaodha ekupinda mukati mechikamu chechipiri che2021. MuSurface technology, inbound orders yakasimuka 32% mukota yechipiri. mumisika yepasi rose yaive yakakwira sezvo basa rekupedzwa rakatanga kuitika muna 2021, richitungamirwa neSaudi Arabia, United Arab Emirates, Bahrain neQatar.Kunyange North Sea, America neChina zvakaona kuvandudzwa.Kupedzwa kwese muUS kwakawedzera 19% chikamu chechipiri kana chichienzaniswa nekota yapfuura.Kambani inotarisira kuti mirairo iwedzere kuwedzera muchikamu chechipiri cha2021 zvichienzaniswa nehafu yekutanga ye2021.Kuwedzera kwekuita kwemusika, kupinda mumusika wematekinoroji matsva, uye kuwedzera kwekugadzira kwayo muSaudi Arabia. zvinogona kutungamirira kukukura kwepamusoro munzvimbo dziri kuuya. FTI yanga ichigadzirisa musanganiswa wayo webhizinesi nekutengesa uye kuwana bhizinesi kana masheya evaridzi.Mushure mekutengesa chikamu chakawanda mune chimwe chezvikamu zvayo zvakakosha, Technip Energies, muna Kubvumbi 2021, yakatengesa chimwe chikamu che9% mukambani muna Chikunguru. , yakawana chikamu chakasara che 49% muTIOS AS, mubatanidzwa pakati peTechnipFMC neIsland Offshore.TIOS inopa zvakakwana kusanganiswa kwechiedza chisina chiedza chakanaka kupindira mabasa.Uyezve, muna July, yakabatana neLoke Marine Minerals kuti igadzire tekinoroji yekuchera mineral. Marine mineral inogona kusangana nekukura kwekuda kwesimbi inoshandiswa mumabhatiri emotokari yemagetsi uye yakachena simba technologies.Naizvozvo, kugadzirisazve nzira kuchabatsira FTI kutora iyo inogona kushandiswazve simba boom. Mugore rapfuura, kusvika muna Chivabvu 2021, mitengo yekunze yeUS LNG yakakwira ingangosvika 18%, sekureva kweEIA data.LNG mitengo yakakwira mumakore mashoma apfuura sezvo kudiwa kweethane kwakawedzera mukati uye nekunze.Avhareji yekutakura kubva kuLNG kunze kwenyika yakawedzera munguva pfupi yapfuura.Ndinofunga kuti LNG mitengo icharamba yakasimba munguva pfupi. Kufanana nemamwe makambani mazhinji emagetsi, FTI iri kusiyanisa kuita simba rinowanikwazve kuti irambe ichikwikwidza.Its Deep Purple solution inopa kuvandudza tekinoroji uye kugona kwekubatanidza kushandura simba rinogoneka kuita hydrogen.Most nguva pfupi yadarika, yakazivisa kudyidzana nePortugal simba rekushandisa EDP kugadzira imwe offshore itsva. mhepo yesimba rekugadzira hydrogen kugadzirwa.Sezvo kambani ine hunyanzvi muinjiniya yepasi pegungwa, inoronga kuisanganisa nesimba rinogonekazve uye kugadzira zvigadziriso zvakamisikidzwa zvekugadzirwa kwehaidhirojeni hombe kubva kumhepo inovandudzwazve. FTI's subsea segment income yakaramba isina kuchinjika muchikamu chechipiri cha2021 zvichienzaniswa nekota yekutanga ya2021.Zvisinei, mari yekushanda yechikamu ichi yakawedzera zvakapetwa kaviri panguva ino.Kuiswa kwepamusoro uye basa rebasa uye kuwedzera kwese kwemari yepurofiti kwakatungamira kune mari yekushandisa. Kukura, nepo basa repurojekiti rakaderera richidzikamisa kukura kwemari.Sezvakataurwa, kukura kwakasimba kwehurongwa kunoratidza kukura kwakasimba kwemari kuoneka kwechikamu ichi muchikamu chechipiri chegore ra2021. Quarter.International rig counts yanga ichidzikama kubvira Chikumi, kunyangwe yakakwira 13% kubva kutanga kwa2021.Zvisinei nekufambira mberi, tinogona zvakare kunetsekana nekutangazve kweiyo coronavirus-yakarova kwegore rose, izvo zvinogona kudzikisira simba. kuda kukura. Muchikamu chechipiri, manejimendi akasimudza kutungamira kwemari ye2021 kusvika ku5.2 bhiriyoni kusvika kumadhora 5.5 bhiriyoni, zvichienzaniswa neyakagadzikwa nhungamiro yemadhora mazana mashanu kusvika ku5.4 bhiriyoni. Nekudaro, kambani inotarisirawo kuwedzera kwemari yemubereko uye mutero wegore, izvo zvinogona kukanganisa mambure mumari ya2021. Chikamu cheFTI's Surface Technologies chaive nechikamu chechipiri chakasimba che2021. inenge 12%, nepo mari yekushandisa yakakwira 57%.Kuwedzera kweNorth America chiitiko chakawedzera masevhisi epasirese, nepo chirongwa chakasimba chekuuraya chakabatsira mumari uye mari yekukura.Mirairo yemukati yechikamu ichi yakawedzerawo sekudiwa kuMiddle East, North Sea neNorth. America yakawedzera. Kubuda kwemari kweFTI (kana CFO) kwakavandudzika zvakanyanya kubva kuCFO yakashata gore rapfuura ndokudzokera kune yakanaka ($162 miriyoni) muhafu yekutanga ya2021.Zvisinei nekukura kwemari mukati menguva iyi, vachibatsirwa nekusiyana kwenguva mumabasa makuru uye nekuvandudza mari yekushanda. kutungamira kwakakonzera kuwedzera kweCFOs.Pamusoro peizvi, kushandiswa kwemari kwakadererawo, zvichikonzera kuwedzera kukuru kwekusununguka kwemari muhafu yekutanga ye2021 zvichienzaniswa negore rapfuura.Mumari 2021, inotarisira kuti kushandiswa kwemari kuve kushoma. kupfuura $250 miriyoni, kana kanenge 14% yakaderera pane yemari 2020. Saka nekuwedzera kweCFO uye kuderedzwa kwecapex, ndinotarisira kuti FCF ichavandudza mumari ya2021. Chikwereti cheFTI-ku-equity ratio (0.60x) yakaderera kupfuura vezera rayo '(SLB, BKR, HAL) avhareji ye 1.12x. Kambani yakaderedza chikwereti chakazara mushure mekuwana mari inosvika mamiriyoni mazana maviri nemakumi mashanu emadhora kutengesa humiri hwayo muTechnip Energies.Pamusoro pezvo, yakadzorera mari ye $200 miriyoni yakanga yasara pakutenderera kwayo. zvikwereti zvechikwereti.Pakazere, chikwereti chekambani chakaderera nemadhora 155 miriyoni mukota yechipiri zvichienzaniswa nekota yekutanga.Musi waAugust 31, kambani yakatengazve $250 miriyoni yechikwereti chenguva refu, yakatsigirwa nemari iripo. FTI's mberi EV kune EBITDA kuwanda kwekuwedzera kunonyanya kutaurwa kupfuura yakagadziridzwa 12-mwedzi EV / EBITDA sezvo EBITDA yayo inotarisirwa kuderera zvakanyanya kupfuura vezera rayo gore rinouya.Izvi zvinowanzoguma neEV / EBITDA yakaderera yakawanda kana ichienzaniswa nevezera. EV / EBITDA yakawanda (3.9x) yakaderera kudarika vezera rayo (SLB, BKR, uye HAL) yevhareji ye13.5x. Inofananidzwa nevezera rayo, ndinofunga kuti mari yacho inokosheswa zvinonzwisisika pazinga iri. Zvinoenderana nedata rakapihwa neSeking Alpha, vanoongorora gumi vakatara FTI se "kutenga" (kusanganisira "very bullish") muna Nyamavhuvhu, nepo gumi vakakurudzira "kubata" kana "kusarerekera." Muongorori mumwe chete wekutengesa akaiti "kutengesa. “Mutengo wakabvumiranwa i$10.5, ichipa mubairo we~60% pamitengo yazvino. Pamusoro pezvikamu zvishomanana zvakapfuura, FTI yakaita mari yakawanda muSubsea 2.0 uye iEPCI technologies.Kunyange zvazvo tekinoroji idzi dzine simba, kusava nechokwadi mumusika wemagetsi kwakanonoka kutorwa kwavo kukuru mumusika.Zvisinei, mukati mechikamu chechipiri, takaona kuti vatengi vakakura. seEquinor nePetrobras vatanga kuita tekinoroji. Mazhinji emakambani ekutumira maodha anobva kumapurojekiti esubsea.FTI yanga ichigadzirisa musanganiswa webhizinesi rayo nekutengesa uye kuwana bhizinesi kana masheya evaridzi.Mushure mekutengesa masheya mazhinji muTechnip Energies, yakawana kufarira mune imwe mubatanidzwa.Kuita foray kupinda iyo renewable energy indasitiri, yakabatana neimwe kambani kugadzira zvegungwa zvicherwa zvemigodhi tekinoroji.Yakasimudza mari yayo ye2021 uye kutungamira kwemari yekushandisa zvishoma zvichienderana nekushanduka kwakanaka kwenzvimbo yesimba kubva kutanga kwa2021. mari yekushandiswa kwemari yakaderera, zvichiratidza kuti FCF yayo yakagadziridzwa mumari 2021. Mushure mokunge Technip Energies yakatengeswa, chikwereti chayo chekwereti chakawira sezvo kambani yakatarisa kuderedza zvikwereti zvayo. Kuzivisa: Ini / Hatina zvigaro mumatanda, zvingasarudzwa kana zvimwe zvakabva kune imwe yemakambani akataurwa, uye handirongi kutanga chero nzvimbo dzakadaro mukati memaawa anotevera 72. Ndakanyora chinyorwa ichi pachangu uye chinoratidza maonero angu. hapana muripo (kunze kweKutsvaga Alpha).Handina hukama hwebhizimisi nekambani ipi zvayo ine migove inotaurwa munyaya ino.