Ama-oda aqinile we-TechnipFMC kanye nokukhula kokugeleza kwemali kungase kuhehe abatshalizimali (NYSE: FTI)

Ibhizinisi elisha le-TechnipFMC (FTI) liphuma ikakhulukazi emkhakheni ongaphansi kolwandle, lapho yenze khona utshalomali olukhulu eminyakeni embalwa edlule. Muva nje, amanye amakhasimende ayo amakhulu aqale ukusebenzisa ubuchwepheshe be-Subsea 2.0 kanye ne-iEPCI. Ngilindele ukufakwa okuphezulu nomsebenzi wesevisi kanye namamajini ngokuvamile aphezulu ukuze kuqhutshekwe nokuyizuzisa esikhathini esiseduze. Bezwa ukululama, abaphathi benkampani basanda kukhulisa imali yabo engenayo yezimali ka-2021 kanye nesiqondiso semali engenayo yokusebenza. Ihlanganyele nezinye izinkampani ukuze kuthuthukiswe amandla ayo avuselelekayo futhi kuthuthukiswe izixazululo ezilinganiselwe ze ukukhiqizwa kwe-hydrogen enkulu kusuka kumithombo yomoya evuselelekayo. I-FTI isabhekene nezinselelo ezithile: ukungaqiniseki okukhona endaweni yamanje, okubambezele ukwamukelwa ngobuningi kobuchwepheshe bayo, kanye nokuvela kabusha kokuhlasela kwe-coronavirus okunganciphisa isidingo samandla. Noma kunjalo, izici zokukhula zizobusa, okufanele ziholele ekuthuthukisweni kwemali yamahhala. flow in fiscal 2021.Ukwengeza, inkampani ifuna ukusebenzisa ishidi layo lebhalansi.Kuleli zinga, ukulinganisa kwesitoko kunengqondo.Ngicabanga ukuthi abatshalizimali bamaphakathi nonyaka bangase babheke ukuthenga lesi sitoko ukuze bathole imbuyiselo eqinile. Ngakho-ke, inkambiso enkulu yokufunda ibhizinisi eliyinhloko le-FTI ngo-2021 ukugxila kwenkampani kumaphrojekthi we-iEPCI (Integrated Engineering, Procurement, Construction and Installation), ikakhulukazi emkhakheni we-subsea. ukukhula kuqhamuke ekwenyukeni kokwamukelwa kwe-iEPCI kanye namandla aqhubekayo ezinswinyo ku-LNG namaphrojekthi awela phansi.Ngemuva kwekota yesibili ka-2021, cishe u-81% wama-oda angenayo enkampani (amaRandi ayizigidi eziyizinkulungwane ezingu-1.6) avela kulesi sigaba.Le kota, yenze okokuqala I-iEPCI eBrazil.Iphinde yamemezela umklomelo ka-Equinor wenkundla ye-Kristin Sør.Le phrojekthi ihilela umkhumbi wemikhumbi ojulile e-Arctic futhi izonciphisa ukukhishwa kwesisi esibamba ukushisa.Iphinde yathola imiklomelo yemishini yokukhiqiza, izinsiza zokufaka kanye nokwesekwa kokungenelela okuhlinzekwa ngabakwaPetrobras (PBR).In ngokwezimali ka-2021, inkampani ilindele ukuthi ama-oda e-Subsea afinyelele ku-$4 billion, okusho ukuthi ilindele ukubona ukwenyuka kwama-oda angenayo ngo-$1.2 billion engxenyeni yesibili ka-2021. Kubuchwepheshe be-Surface, ama-oda angenayo akhuphuke ngo-32% kwikota yesibili. ezimakethe zamazwe ngamazwe wawuphakeme njengoba umsebenzi wokuphothula waqala ukusebenza ngo-2021, eholwa yiSaudi Arabia, i-United Arab Emirates, i-Bahrain neQatar.Ngisho neNorth Sea, i-Americas kanye ne-China yaba nentuthuko.Ukuqedwa sekukonke e-US kukhuphuke ngo-19% ikota yesibili uma kuqhathaniswa nekota edlule.Inkampani ilindele ukuthi ama-oda azokhula kakhulu engxenyeni yesibili ka-2021 uma kuqhathaniswa nengxenye yokuqala ka-2021.Ukwanda komsebenzi wemakethe, ukungena ezimakethe kobuchwepheshe obusha, nokwanda komthamo wayo wokukhiqiza eSaudi Arabia. okungenzeka kuholele ekukhuleni okuphezulu ezindaweni ezizayo. I-FTI ibilokhu ilungisa inhlanganisela yebhizinisi layo ngokuthengisa kanye nokuthola iziteki zebhizinisi noma zobunikazi. Ngemva kokuthengisa ingxenye enkulu kwesinye sezigaba zayo ezibalulekile, i-Technip Energies, ngo-April 2021, yathengisa enye ingxenye engu-9% enkampanini ngoJulayi. , ithole ingxenye esele engu-49% ku-TIOS AS, okuyibhizinisi elihlanganyelwe phakathi kwe-TechnipFMC kanye ne-Island Offshore.I-TIOS inikeza izinsiza ezihlanganisiwe ngokugcwele zokukhanya okukhanyayo okungaphumi kahle.Ukwengeza, ngo-July, ibambisene ne-Loke Marine Minerals ukuthuthukisa ubuchwepheshe bokumba izimbiwa olwandle.Lokhu amaminerali asolwandle angahlangabezana nesidingo esikhulayo sezinsimbi ezisetshenziswa kumabhethri ezimoto zikagesi kanye nobuchwepheshe bamandla ahlanzekile.Ngakho-ke, inqubo yokuhlela kabusha izosiza i-FTI ukuthi ithinte amandla anamandla avuselelekayo. Onyakeni odlule, ngoMeyi 2021, amanani okuthekelisa e-US LNG akhuphuke cishe ngo-18%, ngokusho kwedatha ye-EIA.Izintengo ze-LNG zikhuphuke eminyakeni embalwa edlule njengoba isidingo se-ethane sikhule kakhulu ngaphakathi nangaphandle. zinyukile muva nje.Ngicabanga ukuthi amanani e-LNG azohlala eqinile esikhathini esifushane. Njengezinye izinkampani eziningi zamandla, i-FTI ishintshashintsha ibe amandla avuselelekayo ukuze ihlale inokuncintisana.Isixazululo se-Its Deep Purple sihlinzeka ngokuthuthukiswa kobuchwepheshe kanye namakhono okuhlanganisa ukuze kuguqulwe amandla avuselelekayo abe yi-hydrogen. Kamuva nje, imemezele ukubambisana ne-Portuguese energy utility EDP ukuthuthukisa indawo entsha yolwandle. uhlelo lwamandla omoya lokukhiqiza i-hydrogen eluhlaza.Njengoba inkampani inobungcweti kwezobunjiniyela be-subsea, ihlela ukukuhlanganisa namandla avuselelekayo amandla futhi ithuthukise izixazululo ezijwayelekile zokukhiqizwa kwe-hydrogen enkulu emithonjeni yomoya evuselelekayo. Imali engenayo yengxenye yolwandle engaphansi kwe-FTI ihlale ingashintshile engxenyeni yesibili ka-2021 uma kuqhathaniswa nekota yokuqala ka-2021. Nokho, imali engenayo yokusebenza kwengxenye iphindeke ngaphezu kokuphindwe kabili ngalesi sikhathi. ukukhula, kuyilapho umsebenzi ophansi wephrojekthi udambise ukukhula kwemali engenayo. Njengoba kushiwo, ukukhula kwe-oda okuqinile kubonisa ukubonakala okuqinile kokukhula kwemali engenayo kule ngxenye engxenyeni yesibili ka-2021. Kuze kube manje, isibalo sama-rig ase-US sikhuphuke ngo-8% uma kuqhathaniswa nokuphela kwesibili. Izibalo ze-quarter.International rig izibalo bezilokhu ziqinile kusukela ngoJuni, nakuba zikhuphuke ngo-13% kusukela ekuqaleni kuka-2021. Naphezu kwenqubekelaphambili, singase futhi sikhathazeke ngokuqala kabusha kwe-coronavirus-hit unyaka wonke, okungase kwehlise amandla. funa ukukhula. Ngekota yesibili, abaphathi bakhuphule umhlahlandlela wabo wemali engenayo ka-2021 waba amaRandi ayizigidi eziyizinkulungwane ezingu-5.2 kuya ku-$5.5 wezigidigidi, uma kuqhathaniswa nebanga lokuqondisa elalisethwe ngaphambilini lika-$500 kuya ku-$5.4 wezigidigidi.Isiqondiso se-EBITDA esilungisiwe sengxenye siphakanyiselwe ku-10% kuya ku-12%. Kodwa-ke, inkampani iphinde ilindele ukwenyuka kwezindleko zenzalo kanye nezinhlinzeko zentela zonyaka, okungase kwehlise umkhawulo ku-2021. Ingxenye ye-FTI's Surface Technologies ibe nekota yesibili eqinile ka-2021. Ikota edlule, imali engenayo yengxenye ibikhuphukile cishe u-12%, kuyilapho imali engenayo yokusebenza ikhuphuke ngo-57%.Ukwenyuka komsebenzi waseNyakatho Melika kukhuphule izinsizakalo zamazwe ngamazwe, kuyilapho ukuqaliswa kwezinhlelo eziqinile kube negalelo ekukhuleni kwemali engenayo kanye nenzuzo engenayo.Ama-oda angenayo ale ngxenye nawo akhule njengesidingo eMpumalanga Ephakathi, North Sea naseNyakatho. IMelika inyukile. Ukugeleza kwemali okusebenzayo kwe-FTI (noma i-CFO) kube ngcono kakhulu ukusuka ku-CFO engalungile ngonyaka odlule futhi kwabuyela emuva kokuhle (amaRandi ayizigidi ezingu-162) engxenyeni yokuqala ka-2021. Naphezu kokukhula okuncane kwemali engenayo phakathi naleso sikhathi, kuhlomula umehluko wesikhathi kumaphrojekthi oyingqopha-mlando kanye nemali yokusebenza ethuthukisiwe. ukuphatha kuholele ekwenyukeni kwama-CFO.Phezu kwalokho, ukusetshenziswa kwezimali ezinkulu nakho kwehlile, okuholele ekwenyukeni okukhulu kwemali engenayo yamahhala engxenyeni yokuqala ka-2021 uma kuqhathaniswa nonyaka odlule. ngaphezu kwezigidi ezingu-250 zamaRandi, noma okungenani ngo-14% ngaphansi kwezimali zika-2020. Ngakho-ke ngokwengezwa kwe-CFO kanye nokwehliswa kwe-capex, ngilindele i-FCF ukuthi ithuthuke ngo-2021 wezimali. Isilinganiso se-FTI-to-equity ratio (0.60x) siphansi kunesilinganiso sontanga bayo (i-SLB, BKR, HAL) esingu-1.12x. Inkampani yehlise isamba sesikweletu ngemuva kokungena kwensalela kwezigidi ezingu-$258 ukuze idayise ubunikazi bayo obuyingxenye ku-Technip Energies.Ngaphezu kwalokho, ibuyisele imali esele esele eyizigidi ezingu-200 ekujikelezweni kwayo. isikhungo sezikweletu.Sekukonke, isamba sesikweletu senkampani sehle ngezigidi ezingu-155 zamaRandi engxenyeni yesibili uma kuqhathaniswa nekota yokuqala.Ngomhla zingama-31 kuNcwaba, inkampani yathenga kabusha amaRandi ayizigidi ezingama-250 esikweletu sesikhathi eside, esixhaswe ngemali ekhona. Ukunwetshwa okuningi kwe-FTI kuya ku-EBITDA kugqame kakhulu kune-EV/EBITDA yayo elungisiwe yezinyanga eziyi-12 njengoba i-EBITDA yayo kulindeleke ukuthi yehle kakhulu kunoontanga bayo ngonyaka ozayo. Lokhu ngokuvamile kuphumela ekuncipheni kwe-EV/EBITDA uma kuqhathaniswa nontanga. I-EV/EBITDA eningi (3.9x) iphansi kunesilinganiso sontanga bayo (SLB, BKR, ne-HAL) esingu-13.5x. Uma siqhathaniswa nontanga bayo, ngicabanga ukuthi isitoko sibaluleke ngokufanele kuleli zinga. Ngokusho kwedatha enikezwe i-Seeking Alpha, abahlaziyi abangu-10 balinganisele i-FTI ngokuthi "ukuthenga" (okuhlanganisa "i-bearish kakhulu") ngo-Agasti, kuyilapho abangu-10 batusa "ukubamba" noma "ukungathathi hlangothi." Umhlaziyi oyedwa kuphela olinganisela ukuthi "thengisa. “Intengo yokuvumelana yi-$10.5, okuletha imbuyiselo engu-~60% ngamanani amanje. Kulezi zigaba ezimbalwa ezedlule, i-FTI yenze ukutshalwa kwezimali okubalulekile kubuchwepheshe be-Subsea 2.0 kanye ne-iEPCI. Nakuba lobu buchwepheshe bunamandla, ukungaqiniseki emakethe yamandla kubambezele ukutholwa kwabo ngobuningi emakethe. Nokho, phakathi nekota yesibili, siqaphele ukuthi amakhasimende amakhulu njenge-Equinor kanye nePetrobras sebeqalile ukusebenzisa ubuchwepheshe. Iningi lama-oda angenayo enkampani avela kumaphrojekthi angaphansi kolwandle.I-FTI ibilungisa inhlanganisela yebhizinisi layo ngokuthengisa futhi ithole iziteki zebhizinisi noma zobunikazi.Ngemva kokuthengisa ingxenye enkulu ye-Technip Energies, ithole intshisekelo kwelinye ibhizinisi elihlanganyelwe.Ukwenza imali imboni yamandla avuselelekayo, ibambisene nenye inkampani ukuthuthukisa ubuchwepheshe bezimayini zamaminerali olwandle.Inyuse imali yayo yezimali ka-2021 kanye nesiqondiso semali engenayo yokusebenza kancane ngenxa yezinguquko ezinhle endaweni yamandla kusukela ekuqaleni kuka-2021. Ukuhamba kwemali kwenkampani kuye kwaba ngcono, kuyilapho izindleko ezinkulu zehlile, okubonisa ukuthi i-FCF yayo isithuthuke ngokwezimali zika-2021. Ngemva kokuthi i-Technip Energies ithengisiwe, isikweletu sayo siphelele sehle njengoba inkampani ibheka ukwehlisa amazinga ezikweletu zayo. Esikhathini esimaphakathi, ngilindele ukubuyiselwa kwentengo yesitoko kuzoqina. Ukudalula: Mina/Asinazo izikhundla ezitokisini, izinketho noma okuphuma okufanayo kunoma yiziphi izinkampani ezishiwo, futhi angihleli ukuqalisa noma yiziphi izikhundla ezinjalo phakathi namahora angu-72 alandelayo. Ngibhale lesi sihloko ngokwami ​​futhi siveza umbono wami. angitholanga sinxephezelo (ngaphandle kokuthi Ukufuna i-Alpha).Anginabo ubudlelwano bebhizinisi nanoma iyiphi inkampani okukhulunywa ngayo amasheya ayo kulesi sihloko.