(AOF) –
TechnipEnergies
(- 4.21% at 10.00 euros)
The stock of TechnipEnergies fell counter-intuitively against the price of Brent, which rose 1.39% to 101.10 dollars at the end of the day.
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Key points
– World leader in liquefied natural gas, hydrogen and ethylene engineering, created in February 2021 by sale of TechnipFMC, and invested in energy transition;
– Turnover of €6.7 billion divided into 2 areas: engineering for 81% and product, service and technology offers;
– Business model based on 4 pillars: LNG, decarbonization, sustainable chemistry and carbon-free energy solutions;
– Open but blocked capital (HAL Invest, holding company of the Van der Vorm family for +10%, BPI France for 10% and TechnipFMC 7%), Joseph Rinaldi chairing the board of directors of 9 members, Arnaud Pieton being managing director;
– Solid balance sheet with €1.5 billion in equity, net cash of €3.1 billion against €682 million in gross debt at the end of June.
Challenges
– Profitable medium-term growth strategy with an operating margin of around 15% and an increase in R&D investments, 100% dedicated to the energy transition;
– Innovation strategy focused on energy transition through decarbonization and zero carbon projects -BleH2 by T.EN (hydrogen production solutions), blue ammonia, Inocean wind floats, sustainable fuels for aviation: with a fast-growing patent portfolio (+3,000) / based on incubation, the development of breakthrough technologies and R&D-MIT, CEA, IPI partnerships, etc.;
– 3-point environmental strategy – decarbonize, accelerate innovation, improve circularity and biodiversity – and aim for carbon neutrality by 2030;
– Spin-offs from the joint venture created with NIPGAS and partnerships with Petronas and Svante in carbon removal and capture…- and with TotalEnergies – low-carbon solutions;
– Good visibility with €9.8 billion in orders, especially in LNG, despite the order book at €16.4 billion.
Challenges
– Reduced sensitivity to the economic situation of the gas sector;
– Impact of the Russia-Ukraine war: 1.4 billion orders for 2022, €854 million for 2024 and €1.6 billion for 2025, i.e. 23% of the order book;
– 2022 objective: revenues of €5 to 5.5 billion, excluding Russian activities and operating margin of +6.5%.
Growing global demand
The IEA (International Energy Agency) estimates that global demand should stand at 99.4 Mb/d (million barrels per day) for 2022, a level revised slightly upwards due to stronger growth. stronger than expected in March and April. However, this remains 1 Mb/d below 2019 levels. From 2023 the IEA forecasts that global oil demand should exceed pre-Covid pandemic levels, driven by Chinese demand. The latter has been strongly affected by the serious disruptions linked to Covid-19 this year. Next year, the rebound in Chinese demand will more than offset a slowdown in OECD countries. In the medium term, the strong recovery in air traffic is supporting oil demand, with an increasingly evident dynamic in air travel in Europe and North America, underlines the IEA.