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Técnicas Reunidas

BME:TRE
Snowflake Description

Reasonable growth potential with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TRE
BME
€1B
Market Cap
  1. Home
  2. ES
  3. Energy
Company description

Técnicas Reunidas, S.A., a general contractor, engages in the engineering, design, and construction of various industrial facilities primarily in refinery, gas, and power sectors worldwide. The last earnings update was 48 days ago. More info.


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TRE Share Price and Events
7 Day Returns
1.4%
BME:TRE
-0.4%
Europe Energy Services
0.7%
ES Market
1 Year Returns
10.8%
BME:TRE
-8.7%
Europe Energy Services
-2.1%
ES Market
TRE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Técnicas Reunidas (TRE) 1.4% 13.2% 19.5% 10.8% -6.2% -36%
Europe Energy Services -0.4% 2% 12.4% -8.7% -31.7% -82.8%
ES Market 0.7% 1.5% 6.6% -2.1% 8.2% -11.3%
1 Year Return vs Industry and Market
  • TRE outperformed the Energy Services industry which returned -8.7% over the past year.
  • TRE outperformed the Market in Spain which returned -2.1% over the past year.
Price Volatility
TRE
Industry
5yr Volatility vs Market

Value

 Is Técnicas Reunidas undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Técnicas Reunidas to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Técnicas Reunidas.

BME:TRE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.6%
Perpetual Growth Rate 10-Year ES Government Bond Rate 1.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BME:TRE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year ES Govt Bond Rate 1.5%
Equity Risk Premium S&P Global 8.2%
Energy Services Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.068 (1 + (1- 25%) (33.9%))
1.228
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.23
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.53% + (1.228 * 8.18%)
11.57%

Discounted Cash Flow Calculation for BME:TRE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Técnicas Reunidas is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

BME:TRE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 11.57%)
2019 99.00 Analyst x3 88.74
2020 104.39 Analyst x9 83.86
2021 105.35 Analyst x6 75.86
2022 75.00 Analyst x1 48.41
2023 71.46 Est @ -4.72% 41.34
2024 69.42 Est @ -2.85% 36.00
2025 68.36 Est @ -1.54% 31.77
2026 67.94 Est @ -0.62% 28.30
2027 67.95 Est @ 0.03% 25.37
2028 68.28 Est @ 0.48% 22.85
Present value of next 10 years cash flows €482.49
BME:TRE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €68.28 × (1 + 1.53%) ÷ (11.57% – 1.53%)
€690.29
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €690.29 ÷ (1 + 11.57%)10
€231.01
BME:TRE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €482.49 + €231.01
€713.50
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €713.50 / 53.69
€13.29
BME:TRE Discount to Share Price
Calculation Result
Value per share (EUR) From above. €13.29
Current discount Discount to share price of €26.82
= -1 x (€26.82 - €13.29) / €13.29
-101.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Técnicas Reunidas is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Técnicas Reunidas's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Técnicas Reunidas's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BME:TRE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.22
BME:TRE Share Price ** BME (2019-04-17) in EUR €26.82
Europe Energy Services Industry PE Ratio Median Figure of 27 Publicly-Listed Energy Services Companies 21.58x
Spain Market PE Ratio Median Figure of 132 Publicly-Listed Companies 17.95x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Técnicas Reunidas.

BME:TRE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BME:TRE Share Price ÷ EPS (both in EUR)

= 26.82 ÷ 0.22

120.31x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Técnicas Reunidas is overvalued based on earnings compared to the Europe Energy Services industry average.
  • Técnicas Reunidas is overvalued based on earnings compared to the Spain market.
Price based on expected Growth
Does Técnicas Reunidas's expected growth come at a high price?
Raw Data
BME:TRE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 120.31x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
43.1%per year
Europe Energy Services Industry PEG Ratio Median Figure of 20 Publicly-Listed Energy Services Companies 1.05x
Spain Market PEG Ratio Median Figure of 75 Publicly-Listed Companies 1.35x

*Line of best fit is calculated by linear regression .

BME:TRE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 120.31x ÷ 43.1%

2.79x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Técnicas Reunidas is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Técnicas Reunidas's assets?
Raw Data
BME:TRE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €6.43
BME:TRE Share Price * BME (2019-04-17) in EUR €26.82
Europe Energy Services Industry PB Ratio Median Figure of 63 Publicly-Listed Energy Services Companies 1x
Spain Market PB Ratio Median Figure of 180 Publicly-Listed Companies 1.83x
BME:TRE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BME:TRE Share Price ÷ Book Value per Share (both in EUR)

= 26.82 ÷ 6.43

4.17x

* Primary Listing of Técnicas Reunidas.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Técnicas Reunidas is overvalued based on assets compared to the Europe Energy Services industry average.
X
Value checks
We assess Técnicas Reunidas's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Energy Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Energy Services industry average (and greater than 0)? (1 check)
  5. Técnicas Reunidas has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Técnicas Reunidas expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
43.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Técnicas Reunidas expected to grow at an attractive rate?
  • Técnicas Reunidas's earnings growth is expected to exceed the low risk savings rate of 1.5%.
Growth vs Market Checks
  • Técnicas Reunidas's earnings growth is expected to exceed the Spain market average.
  • Técnicas Reunidas's revenue growth is positive but not above the Spain market average.
Annual Growth Rates Comparison
Raw Data
BME:TRE Future Growth Rates Data Sources
Data Point Source Value (per year)
BME:TRE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 43.1%
BME:TRE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 1.7%
Europe Energy Services Industry Earnings Growth Rate Market Cap Weighted Average 30.1%
Europe Energy Services Industry Revenue Growth Rate Market Cap Weighted Average 7.5%
Spain Market Earnings Growth Rate Market Cap Weighted Average 9.8%
Spain Market Revenue Growth Rate Market Cap Weighted Average 5.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BME:TRE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BME:TRE Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 4,634 125 110 8
2020-12-31 4,549 122 95 11
2019-12-31 4,486 118 78 9
BME:TRE Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 4,396 108 12
2018-09-30 4,441 9
2018-06-30 4,699 71 -7
2018-03-31 4,841 17
2017-12-31 5,068 -169 40
2017-09-30 5,237 94
2017-06-30 5,117 -194 131
2017-03-31 5,129 146
2016-12-31 4,793 59 140
2016-09-30 4,620 45
2016-06-30 4,608 195 51
2016-03-31 4,333 52

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Técnicas Reunidas's earnings are expected to grow significantly at over 20% yearly.
  • Técnicas Reunidas's revenue is expected to grow by 1.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BME:TRE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Técnicas Reunidas Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BME:TRE Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2.03 2.67 1.57 6.00
2020-12-31 1.76 2.06 1.36 8.00
2019-12-31 1.47 1.73 1.10 7.00
BME:TRE Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.22
2018-09-30
2018-06-30 -0.13
2018-03-31
2017-12-31 0.74
2017-09-30
2017-06-30 2.44
2017-03-31
2016-12-31 2.60
2016-09-30
2016-06-30 0.94
2016-03-31

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Técnicas Reunidas is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Técnicas Reunidas's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Técnicas Reunidas has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Técnicas Reunidas performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Técnicas Reunidas's growth in the last year to its industry (Energy Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Técnicas Reunidas's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Técnicas Reunidas's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Técnicas Reunidas's 1-year earnings growth is negative, it can't be compared to the Europe Energy Services industry average.
Earnings and Revenue History
Técnicas Reunidas's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Técnicas Reunidas Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BME:TRE Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 4,396.33 11.97 648.55
2018-09-30 4,440.94 9.18 657.88
2018-06-30 4,699.45 -7.05 652.07
2018-03-31 4,841.24 16.88 655.98
2017-12-31 5,067.94 39.53 655.48
2017-09-30 5,237.31 94.27 638.80
2017-06-30 5,116.64 131.43 649.54
2017-03-31 5,129.01 146.47 644.90
2016-12-31 4,792.61 139.87 636.90
2016-09-30 4,619.79 45.46 626.93
2016-06-30 4,608.21 50.55 620.05
2016-03-31 4,333.29 51.56 607.93
2015-12-31 4,187.89 59.36 597.23
2015-09-30 3,857.38 151.39 583.63
2015-06-30 3,554.14 143.06 574.73
2015-03-31 3,326.78 141.29 556.63
2014-12-31 3,149.18 135.59 541.63
2014-09-30 3,038.73 125.45 525.43
2014-06-30 2,930.32 127.80 512.10
2014-03-31 2,883.73 125.15 497.43
2013-12-31 2,846.23 127.65 483.33
2013-09-30 2,814.29 133.72 466.43
2013-06-30 2,773.28 137.15 451.88
2013-03-31 2,720.59 135.92 438.53
2012-12-31 2,654.09 133.42 422.53
2012-09-30 2,568.67 131.35 407.56
2012-06-30 2,522.23 128.25 403.09

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Técnicas Reunidas has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Técnicas Reunidas used its assets less efficiently than the Europe Energy Services industry average last year based on Return on Assets.
  • Técnicas Reunidas's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Técnicas Reunidas's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Energy Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Técnicas Reunidas has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Técnicas Reunidas's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Técnicas Reunidas's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Técnicas Reunidas is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Técnicas Reunidas's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Técnicas Reunidas's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 6.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Técnicas Reunidas Company Filings, last reported 3 months ago.

BME:TRE Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 358.59 488.25 746.52
2018-09-30 380.40 532.80 741.60
2018-06-30 382.06 516.08 742.63
2018-03-31 413.30 478.60 697.60
2017-12-31 463.30 384.72 638.39
2017-09-30 491.10 417.50 635.20
2017-06-30 517.99 384.80 632.59
2017-03-31 459.60 323.70 736.30
2016-12-31 441.83 240.54 752.93
2016-09-30 487.10 137.70 626.20
2016-06-30 437.25 183.23 703.80
2016-03-31 428.70 147.30 688.20
2015-12-31 397.52 239.94 774.14
2015-09-30 467.00 175.70 523.40
2015-06-30 441.97 103.51 539.30
2015-03-31 394.80 30.80 600.70
2014-12-31 455.83 27.79 700.22
2014-09-30 466.90 28.60 689.40
2014-06-30 467.98 29.01 701.11
2014-03-31 434.80 27.90 560.10
2013-12-31 438.52 30.37 658.69
2013-09-30 478.60 31.70 593.30
2013-06-30 427.61 32.51 681.40
2013-03-31 440.40 34.30 762.50
2012-12-31 443.69 34.46 680.24
2012-09-30 437.80 31.60 742.70
2012-06-30 374.91 36.69 759.52
  • Técnicas Reunidas's level of debt (136.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (6.9% vs 136.2% today).
  • Debt is well covered by operating cash flow (22.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 9.7x coverage).
X
Financial health checks
We assess Técnicas Reunidas's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Técnicas Reunidas has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Técnicas Reunidas's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Técnicas Reunidas dividends. Estimated to be 3.63% next year.
If you bought €2,000 of Técnicas Reunidas shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Técnicas Reunidas's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Técnicas Reunidas's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BME:TRE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Europe Energy Services Industry Average Dividend Yield Market Cap Weighted Average of 17 Stocks 3.2%
Spain Market Average Dividend Yield Market Cap Weighted Average of 75 Stocks 4.3%
Spain Minimum Threshold Dividend Yield 10th Percentile 1.1%
Spain Bottom 25% Dividend Yield 25th Percentile 1.9%
Spain Top 25% Dividend Yield 75th Percentile 5.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BME:TRE Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.05 9.00
2020-12-31 1.04 12.00
2019-12-31 0.85 11.00
BME:TRE Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-28 0.000 0.000
2018-02-27 0.930 3.729
2017-02-28 1.390 4.653
2016-07-29 1.396 4.025
2016-03-01 1.396 5.162
2015-05-13 1.396 3.696
2015-02-27 1.396 3.484
2015-02-26 1.396 3.751
2014-12-18 1.396 3.876
2014-05-14 1.396 3.387
2014-02-28 1.396 3.395
2013-03-04 1.396 3.771
2012-05-11 1.355 3.873
2011-11-15 1.340 4.663
2011-02-28 1.340 4.239
2010-12-21 1.340 2.983
2010-03-01 1.340 3.197
2010-02-26 1.340 3.225
2009-04-20 1.290 3.619

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Técnicas Reunidas has not reported any payouts.
  • Unable to verify if Técnicas Reunidas's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Técnicas Reunidas's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Técnicas Reunidas has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.2x coverage).
X
Income/ dividend checks
We assess Técnicas Reunidas's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Técnicas Reunidas afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Técnicas Reunidas has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Técnicas Reunidas's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
  • Técnicas Reunidas has no CEO, or we have no data on them.
Management Team

Eduardo San Miguel Gonzalez De Heredia

TITLE
Chief Financial Officer

Felipe Revenga Lopez

TITLE
General Director of Operations

Enrique Ruben Alsina Massana

TITLE
General Director of Corporate Development

Francisco Martinez-Bordiu De Cubas

TITLE
Human Resources Director

Jose Luis Gutierrez Rexach

TITLE
Head of Upstream & Gas Division

Laura Bravo Ramasco

TITLE
Secretary of the Board

Miguel Paradinas Marquez

TITLE
Assistant Managing Director
Board of Directors Tenure

Average tenure and age of the Técnicas Reunidas board of directors in years:

12.4
Average Tenure
77.5
Average Age
  • The average tenure for the Técnicas Reunidas board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

José Lladó Fernández-Urrutia

TITLE
Chairman of the Board
COMPENSATION
€668K

Juan Lladó Arburúa

TITLE
First Vice Chairman of the Board
COMPENSATION
€1M

Fernando de Asúa Álvarez

TITLE
Third Vice Chairman of the Board
COMPENSATION
€133K
AGE
86

Juan Antoñanzas Pérez-Egea

TITLE
Second Vice Chairman of the Board
COMPENSATION
€98K

Pedro Luis Santamarina

TITLE
Director
COMPENSATION
€113K
TENURE
7.8 yrs

Francisco Gómez-Navarro Navarrete

TITLE
Director
COMPENSATION
€93K
AGE
73
TENURE
12.9 yrs

Javier Alarcó Canosa

TITLE
Director
COMPENSATION
€98K
TENURE
11.8 yrs

Alvaro García-Agulló Lladó

TITLE
Director
COMPENSATION
€98K
TENURE
12.9 yrs

José Lladó Arburúa

TITLE
Director
COMPENSATION
€93K
AGE
82
TENURE
12.9 yrs

Bill Richardson

TITLE
Director
COMPENSATION
€330K
AGE
71
TENURE
7.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
14. Jun 18 Sell Fernando de Asúa Álvarez Individual 05. Jun 18 05. Jun 18 -15,000 €25.67 €-385,050
14. Jun 18 Buy Fernando de Asúa Álvarez Individual 05. Jun 18 05. Jun 18 15,000 €25.84 €386,316
X
Management checks
We assess Técnicas Reunidas's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Técnicas Reunidas has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Do Institutions Own Shares In Técnicas Reunidas, S.A. (BME:TRE)?

If you want to know who really controls Técnicas Reunidas, S.A. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … Técnicas Reunidas has a market capitalization of €1.4b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

Volatility 101: Should Técnicas Reunidas Shares Have Dropped 36%?

(BME:TRE) shareholders should be happy to see the share price up 12% in the last quarter. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During the five years over which the share price declined, Técnicas Reunidas's earnings per share (EPS) dropped by 23% each year.

Simply Wall St -

Does Market Volatility Impact Técnicas Reunidas, S.A.'s (BME:TRE) Share Price?

Volatility is considered to be a measure of risk in modern finance theory. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

Read This Before Judging Técnicas Reunidas, S.A.'s (BME:TRE) ROE

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Técnicas Reunidas, S.A. … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.037 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Need To Know: Técnicas Reunidas SA (BME:TRE) Insiders Have Been Buying Shares

We often see insiders buying up shares in companies that perform well over the long term. … So before you buy or sell Técnicas Reunidas SA (BME:TRE), you may well want to know whether insiders have been buying or selling. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'.

Simply Wall St -

Do Institutions Own Técnicas Reunidas SA (BME:TRE) Shares?

The big shareholder groups in Técnicas Reunidas SA (BME:TRE) have power over the company. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … With a market capitalization of €1.2b, Técnicas Reunidas is a decent size, so it is probably on the radar of institutional investors.

Simply Wall St -

What Investors Should Know About Técnicas Reunidas SA's (BME:TRE) Financial Strength

Técnicas Reunidas SA (BME:TRE) is a small-cap stock with a market capitalization of €1.3b. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Evaluating financial health as part of your investment thesis is

Simply Wall St -

With An ROE Of 6.75%, Has Técnicas Reunidas SA's (BME:TRE) Management Done Well?

Técnicas Reunidas SA (BME:TRE) delivered an ROE of 6.75% over the past 12 months, which is relatively in-line with its industry average of 6.53% during the same period. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden. … View our latest analysis for Técnicas Reunidas

Simply Wall St -

Who Owns Most Of Técnicas Reunidas SA (BME:TRE)?

In this article, I will take a quick look at Técnicas Reunidas SA’s (BME:TRE) recent ownership structure – an unconventional investing subject, but an important one. … Ownership structure of a company has been found to affect share performance over time. … BME:TRE Ownership Summary July 24th 18

Simply Wall St -

Is Técnicas Reunidas SA (BME:TRE) A Financially Sound Company?

While small-cap stocks, such as Técnicas Reunidas SA (BME:TRE) with its market cap of €1.46b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Evaluating financial health as part of your investment thesis is

Simply Wall St -

Company Info

Description

Técnicas Reunidas, S.A., a general contractor, engages in the engineering, design, and construction of various industrial facilities primarily in refinery, gas, and power sectors worldwide. The company operates through Oil and Gas, Power, and Infrastructure and Industry segments. It designs and constructs basic refining units, conversions, octane enhancement units, and other refining and treatment units in the refining sector; processing and chemical units and plants in the petrochemicals sectors; and gas treatment and fractionation plants, and oil and gas pipelines and compressor stations, as well as natural gas liquefaction, regasification, and storage plants. The company also provides consulting, engineering, supply, and construction services for a range of electricity generating plants, such as conventional thermal plants, combined cycle power plants, gasification integrated with combined cycle, nuclear plants, co-generators, solar power plants, fossil fuel power plants, and treatment and/or recovery of biomass and waste power plants; supplies turnkey plants; and performs plant operation and maintenance services. In addition, it executes project works in infrastructure and environmental areas, including water desalination, drinking water supply and treatment, urban and industrial waste water treatment, urban and industrial solid waste treatment, treatment and revalorization of special wastes, and other activities; airports and air transport; architecture, buildings, and urbanism; roads and railways; and ports and coasts. Further, the company offers proprietary know-how services in the fertilizers and nitric acid; and hydrometallurgy and electrochemistry areas. The company was formerly known as Lummus Española, S.A. and changed its name to Técnicas Reunidas, S.A. in 1972. Técnicas Reunidas, S.A. was founded in 1960 and is headquartered in Madrid, Spain.

Details
Name: Técnicas Reunidas, S.A.
TRE
Exchange: BME
Founded: 1960
€1,440,089,467
53,694,611
Website: http://www.tecnicasreunidas.es
Address: Técnicas Reunidas, S.A.
Cl. Arapiles 13 – 14,
Madrid,
Madrid, 28015,
Spain
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BME TRE Ordinary Shares Bolsas y Mercados Espanoles ES EUR 21. Jun 2006
OTCPK TNIS.F Ordinary Shares Pink Sheets LLC US USD 21. Jun 2006
DB T5R Ordinary Shares Deutsche Boerse AG DE EUR 21. Jun 2006
LSE 0MKT Ordinary Shares London Stock Exchange GB EUR 21. Jun 2006
WBAG TRE Ordinary Shares Wiener Boerse AG AT EUR 21. Jun 2006
BMV TRE N Ordinary Shares Bolsa Mexicana de Valores MX MXN 21. Jun 2006
BATS-CHIXE TREE Ordinary Shares BATS 'Chi-X Europe' GB EUR 21. Jun 2006
Number of employees
Current staff
Staff numbers
8,971
Técnicas Reunidas employees.
Industry
Oil and Gas Equipment and Services
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/17 21:21
End of day share price update: 2019/04/17 00:00
Last estimates confirmation: 2019/04/12
Last earnings filing: 2019/02/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.