(Telestock) – Equity has increased to 8.5 euros per share (+4%) the target price on MAIRE a group listed on Euronext Milan and active in the transformation of natural resources, confirming the recommendation “Buy” on the title and stating that the negative reaction of the stock after the publication of the accounts could represent an opportunity.
In the results call, Maire showed herself confident about the awarding of some projects in North Africa and the Middle East and an acceleration in volumes is expected in 2H24 (implied in the guidance).
“We believe that Maire is well positioned to achieve ambitious growth targets supported by a good executive track record, a broad technology portfolio, increased engineering capacity (over 30% from 2022) and a very strong balance sheet – the research states – The investment cycle continues to look favorable in energy with average project value expected to expand from an average of $3.2 billion in 2024 to $4.3 billion in 2028. Thecompetitive environment becomes less challengingwith few engineering firms capable of developing projects of large size and complexity”.