Ii-odolo ezizinzileyo ze-TechnipFMC kunye nokukhula kwemali engenayo kunokutsalela abatyali-mali (NYSE: FTI)

Ishishini elitsha le-TechnipFMC (FTI) livela ikakhulu kwicandelo le-subsea, apho lenze utyalo-mali olubalulekileyo kwiminyaka embalwa edlulileyo.Kutshanje, abanye abathengi bayo abakhulu baqalise ukusebenzisa i-Subsea 2.0 kunye ne-iEPCI itekhnoloji.Ndilindele ukufakwa okuphezulu kunye nomsebenzi wenkonzo kwaye ngokubanzi imida ephezulu ukuqhubekeka ukuyinceda kwixesha elikufuphi. Ukubona ukuchacha, abaphathi benkampani kutshanje banyuse ingeniso yabo yemali ka-2021 kunye nesikhokelo sengeniso yokusebenza. Ibambisene nezinye iinkampani ukwandisa amandla ayo ahlaziyekayo kunye nokuphuhlisa izisombululo ezisemgangathweni imveliso enkulu ye-hydrogen esuka kwimithombo yomoya ehlaziyekayo. I-FTI isajongene nemiceli mngeni: ukungaqiniseki okukhoyo kwimeko yangoku, okubambezele ukwamkelwa kobuninzi bobuchwephesha bayo, kunye nokuphindaphinda kohlaselo lwe-coronavirus olunokunciphisa imfuno yamandla. ukuhamba kwi-fiscal 2021.Ukongezelela, inkampani ifuna ukukhupha i-balance sheet.Kweli nqanaba, ixabiso lexabiso lempahla liqikelele.Ndicinga ukuba abatyali-mali bexesha eliphakathi banokujonga ukuthenga esi sitokhwe kwiimbuyekezo eziqinileyo. Ke ngoko, eyona ndlela iphambili yokufunda elona shishini liphambili le-FTI ngo-2021 lugxininiso lwenkampani kwiiprojekthi ze-iEPCI (i-Integrated Engineering, Procurement, Construction and Installation), ikakhulu kwicandelo le-subsea. ukukhula kwavela ekwamkelweni okwandisiweyo kwe-iEPCI kunye nokuqina okuqhubekayo kwesohlwayo kwi-LNG kunye neeprojekthi eziphantsi. I-iEPCI eBrazil.Ikwabhengeze ibhaso lika-Equinor kwintsimi yaseKristin Sør.Le projekthi ibandakanya iinqanawa ezinzulu ze-Arctic kwaye iya kunciphisa ukukhutshwa kwegesi ye-greenhouse.Ikwafumene amabhaso ezixhobo zokuvelisa, iinkonzo zofakelo kunye nenkxaso yokungenelela enikezelwa yiPetrobras (PBR) .In zezimali 2021, inkampani ilindele imiyalelo Subsea ukufikelela $4 billion, okuthetha ukuba ilindele ukubona i $ 1.2 billion ukwanda kwi-odolo inbound yecandelo kwikota yesibini ka 2021. Kwiteknoloji Surface, imiyalelo inbound yavuka 32% kwikota yesibini. kwiimarike zamazwe ngamazwe kwakuphezulu njengoko umsebenzi wokugqitywa waqala ukuthabatha ngo-2021, ekhokelwa yi-Saudi Arabia, i-United Arab Emirates, i-Bahrain kunye ne-Qatar.NakuLwandle lwaseMntla, iMelika kunye ne-China yabona ukuphucuka.Ukugqitywa ngokubanzi e-US kunyuke nge-19% kwikota yesibini xa kuthelekiswa nekota yangaphambili.Inkampani ilindele ukuba ii-odolo zikhule ngakumbi kwikota yesibini ka-2021 xa kuthelekiswa nesiqingatha sokuqala sika-2021.Ukwanda komsebenzi weemarike, ukungena kwimarike yobuchwepheshe obutsha, kunye nokwandiswa komthamo wayo wokuvelisa eSaudi Arabia. okunokwenzeka ukukhokelela ekukhuleni komgangatho ophezulu kwiikota ezizayo. I-FTI ihlengahlengise umxube weshishini ngokuthengisa nokufumana ishishini okanye ubunini iziteki. Emva kokuthengisa isixa esikhulu kwelinye lamacandelo aphambili, iTechnip Energies, ngo-Epreli wama-2021, yathengisa enye i-9% yezabelo kwinkampani ngoJulayi.NgoJulayi. , ifumene i-49% yesabelo esiseleyo kwi-TIOS AS, intsebenziswano phakathi kwe-TechnipFMC kunye ne-Island Offshore.TIOS ibonelela ngeenkonzo zongenelelo ezidibeneyo zokukhanya okungenakukhanyelwa.Ukongezelela, ngoJulayi, ibambisene neLoke Marine Minerals ukuphuhlisa iteknoloji yokukhutshwa kwezimbiwa olwandle. iminerali yaselwandle inokuhlangabezana nemfuno ekhulayo yeentsimbi ezisetyenziswa kwiibhetri zemoto yombane kunye nobuchwepheshe bamandla acocekileyo.Ngoko ke, inkqubo yohlengahlengiso iya kunceda i-FTI icofe i-boom yamandla avuselelekayo. Kulo nyaka uphelileyo, ngoMeyi ka-2021, amaxabiso athunyelwa ngaphandle e-US LNG anyuke malunga ne-18%, ngokwe-EIA data.LNG amaxabiso anyukile kule minyaka imbalwa idlulileyo njengoko imfuno ye-ethane iye yanda ngaphakathi nangaphandle. ziye zanda kutshanje.Ndicinga ukuba amaxabiso e-LNG aya kuhlala omelele kwixesha elifutshane. Njengazo zonke ezinye iinkampani zamandla, i-FTI iyantlukwano ibe ngamandla ahlaziyekayo ukuze ihlale ikhuphisana.Isisombululo sayo se-Deep Purple sibonelela ngophuhliso lwetekhnoloji kunye namandla okudibanisa ukuguqula amandla avuselelekayo abe yi-hydrogen.Kutshanje, ibhengeze intsebenziswano kunye ne-Portuguese utility utility EDP ukuphuhlisa i-offshore entsha inkqubo yamandla omoya yokuvelisa i-hydrogen eluhlaza. Njengoko inkampani inobuchwephesha bobunjineli be-subsea, iceba ukuyidibanisa nesakhono samandla ahlaziyekayo kunye nokuphuhlisa izisombululo ezisemgangathweni zemveliso ye-hydrogen enkulu evela kwimithombo yomoya evuselelekayo. Ingeniso yecandelo le-FTI ye-subsea yahlala ingatshintshanga kwikota yesibini ka-2021 xa kuthelekiswa nekota yokuqala ka-2021. Nangona kunjalo, ingeniso yokusebenza yecandelo iphindwe kabini ngeli xesha. ukukhula, ngelixa umsebenzi ophantsi weprojekthi unciphise ukukhula kwengeniso.Njengoko kukhankanyiwe, ukukhula komyalelo olomeleleyo kubonisa ukubonakala kokukhula kwengeniso eqinileyo kweli candelo kwikota yesibini ka-2021. Ukuza kuthi ga ngoku, ukubalwa kwe-US rig kunyuke nge-8% xa kuthelekiswa nokuphela kwesibini. Ikota. Amanani e-rig kumazwe ngamazwe aye aqina ukusuka kuJuni, nangona enyuke nge-13% ukusuka ekuqaleni kuka-2021. Ngaphandle kwenkqubela phambili, sinokuphinda sibe nexhala malunga nokuphinda sibethwe yi-coronavirus unyaka wonke, enokuthi ithobe amandla. ukukhula kwemfuno. Kwikota yesibini, abaphathi baphakamise isikhokelo sengeniso ye-2021 yemali ukuya kwi-5.2 yeebhiliyoni zeedola ukuya kwi-5.5 yeebhiliyoni zeedola, xa kuthelekiswa noluhlu lwesikhokelo olubekwe ngaphambili lwe-500 ukuya kwi-5.4 yeebhiliyoni zeedola. Nangona kunjalo, inkampani ikwalindele ukonyuka kwenkcitho yenzala kunye nezibonelelo zerhafu zonyaka, ezinokuthi zithintele umda kwimali ka-2021. Icandelo leFTI's Surface Technologies linekota yesibini eyomeleleyo ka-2021. Kwikota edlulileyo, ingeniso yecandelo ibiphezulu. malunga ne-12%, ngelixa ingeniso yokusebenza yayiyi-57%.Ukwandiswa komsebenzi waseMntla Melika kwandiswe iinkonzo zamazwe ngamazwe, ngelixa ukuphunyezwa kwenkqubo eqinile kube negalelo kwingeniso kunye nokukhula kwengeniso.Ii-odolo ezingaphakathi kweli candelo ziye zanda njengemfuno kuMbindi Mpuma, uLwandle lwaseNyakatho kunye noNyakatho. IMelika inyukile. Ukusebenza kwe-FTI (okanye i-CFO) ukuhamba kwemali kuphucuke kabukhali ukusuka kwi-CFO engalunganga kunyaka ophelileyo kwaye yabuyela kwi-positive (i-162 yezigidi zeedola) kwisiqingatha sokuqala sika-2021. Ngaphandle kokukhula okuncinci kwengeniso ngeli xesha, ixhamla kumahluko wexesha kwimiba yeprojekthi kunye nokuphuculwa kwenkunzi yokusebenza. Ulawulo lukhokelele ekunyukeni kweeCFOs.Phezu koko, inkcitho eyinkunzi nayo yehla, nto leyo ebangele ukunyuka okukhulu kwemali ephuma simahla kwisiqingatha sokuqala sika-2021 xa kuthelekiswa nonyaka odlulileyo.Kwimali ka-2021, ilindele ukuba inkcitho yemali ibe ncinci. ngaphezu kwezigidi ezingama-250 zeedola, okanye ubuncinci nge-14% esezantsi kunemali ka-2020. Ngoko ke ngokongezwa kwe-CFO kunye nokunciphisa i-capex, ndilindele ukuba i-FCF iphucule kwi-fiscal 2021. I-FTI's debt-to-equity ratio (0.60x) iphantsi ngaphezu koontanga bayo (SLB, BKR, HAL) umyinge we-1.12x. Inkampani yanciphisa amatyala emva kokungena kwe-258 yezigidi zeedola ukuthengisa ubunini bayo obuyinxenye kwi-Technip Energies.Ukongezelela, ibuyisele i-200 yezigidi zeedola eziseleyo kwi-balance kwi-revolving yayo. isibonelelo setyala.Kulonke, ityala lenkampani lehlile nge-155 yezigidi zeerandi kwikota yesibini xa kuthelekiswa nekota yokuqala.Ngomhla wama-31 ku-Agasti, inkampani iphinde yathenga i-250 yezigidi zeerandi zetyala lexesha elide, elixhaswa ngemali ekhoyo. I-FTI yangaphambili ye-EV ukuya kwi-EBITDA yokwandisa amaninzi ibonakaliswe ngakumbi kune-EV / EBITDA ehlengahlengisiweyo ye-12 yenyanga njengoko i-EBITDA yayo kulindeleke ukuba yehle kakhulu kunoontanga bayo kunyaka ozayo.Oku ngokuqhelekileyo kubangela i-EV / EBITDA ephantsi xa kuthelekiswa noontanga.Inkampani yenkampani I-EV / EBITDA i-multiple (3.9x) ingaphantsi koontanga bayo (i-SLB, i-BKR, kunye ne-HAL) i-avareji ye-13.5x. Xa kuthelekiswa noontanga bayo, ndicinga ukuba isitokhwe sixabiswa ngokufanelekileyo kule nqanaba. Ngokutsho kwedatha enikezelwe ngu-Seeking Alpha, abahlalutyi be-10 balinganisela i-FTI "yokuthenga" (kubandakanya "i-buysh kakhulu") ngo-Agasti, ngelixa i-10 incoma "ukubamba" okanye "ukungathathi hlangothi." Kuphela ngumhlalutyi wecala lokuthengisa omnye ulinganise "ukuthengisa. “Ixabiso lemvumelwano ekujoliswe kuyo yi-10.5 yeedola, livelisa imbuyekezo eyi-60% kumaxabiso angoku. Kwiikota ezimbalwa ezidlulileyo, i-FTI yenze utyalo-mali olubalulekileyo kwi-Subsea 2.0 kunye ne-iEPCI technologies.Nangona obu buchwepheshe bunamandla, ukungaqiniseki kwimarike yamandla kubambezele ukwamkelwa kwabo ngobuninzi kwiimarike.Nangona kunjalo, kwikota yesibini, siqaphele ukuba abathengi abakhulu. ezifana ne-Equinor kunye nePetrobras ziye zaqalisa ukusebenzisa iteknoloji. Uninzi lwee-odolo zangaphakathi zenkampani ziphuma kwiiprojekthi eziphantsi kolwandle.I-FTI iye yahlengahlengisa ukuxubana kweshishini layo ngokuthengisa nokufumana ishishini okanye ubunini bezabelo.Emva kokuthengisa isixa esikhulu se-Technip Energies, ifumene inzala kwelinye ishishini. ishishini lamandla ahlaziyekayo, lisebenzisana nenye inkampani ukuphuhlisa ubuchwephesha bokumbiwa kwezimbiwa elwandle.Inyuse ingeniso yayo yemali ka-2021 kunye nesikhokelo sengeniso yokusebenza kancinci ekukhanyeni kweenguqu ezilungileyo kubume bamandla ukusukela ekuqaleni kuka-2021.Imali yenkampani iye yaphucuka, ngelixa inkcitho ye-capital iyancipha, ebonisa ukuba i-FCF yayo iphuculwe kwi-fiscal 2021. Emva kokuba i-Technip Energies ithengiswe, ityala layo le-net lawa njengoko inkampani ijonge ukunciphisa amanqanaba amatyala. Ukubhengezwa: Mna / Asinayo izikhundla kwi-stocks, iinketho okanye i-derivatives efanayo nakweyiphi na iinkampani ezikhankanyiweyo, kwaye andiceba ukuqalisa nayiphi na izikhundla ezinjalo kwiiyure ezilandelayo ze-72. Ndibhale eli nqaku ngokwam kwaye libonisa uluvo lwam. ayifumananga mbuyekezo (ngaphandle kokufuna uAlpha). Andinabudlelwane boshishino nayo nayiphi na inkampani enezabelo ezikhankanywe kweli nqaku.