Técnicas Reunidas TRE.MC
Técnicas Reunidas is a Spanish engineering company that designs and builds energy, oil, gas, and petrochemical plants for international clients, with a business model based on EPC (engineering, procurement, and construction) contracts. Técnicas Reunidas trades at a P/E of 13.23 and an EV/EBITDA of 6.74, with 45.2% earnings growth and net cash (Net Debt/EBITDA of -0.93). The operating margin is very low (1.91%), which limits business quality, but the valuation is attractive and the energy investment backdrop is favorable.
Detailed metrics
Market and fundamental data as of the analysis date.
Full AI report
Generated automatically from the metrics, the macro context and the company's news.
Técnicas Reunidas is a Spanish engineering company that designs and builds energy, oil, gas, and petrochemical plants for international clients, with a business model based on EPC (engineering, procurement, and construction) contracts. Técnicas Reunidas trades at a P/E of 13.23 and an EV/EBITDA of 6.74, with 45.2% earnings growth and net cash (Net Debt/EBITDA of -0.93). The operating margin is very low (1.91%), which limits business quality, but the valuation is attractive and the energy investment backdrop is favorable.
Score by category
| Category | Score |
|---|---|
| Financial health | 5.8 |
| Quality / Moat | 4.7 |
| Valuation | 8.0 |
| Growth | 7.1 |
| Dividend | 1.5 |
| Momentum | 2.5 |
| Risk & Context | 3.9 |
OVERALL SCORE: 5.2/10
Context and risks
The rise in crude oil and tensions in the Middle East (Ormuz) may boost investment in oil and gas capacity, benefiting Técnicas Reunidas' order book. However, geopolitical uncertainty and volatility in energy prices add risk to project execution and demand for new contracts.
News considered in the analysis
- Assessing Técnicas Reunidas (BME:TRE) Valuation After A Strong Multi Year Share Price Recovery — Análisis de valoración sin información nueva; no afecta a la tesis de inversión.
- Tecnicas Reunidas SA (WBO:TRE) Full Year 2025 Earnings Call Highlights: Record Sales and ... — Resultados récord en ventas, aunque el margen operativo sigue siendo muy bajo (1,91%); refuerza la tesis de crecimiento de ingresos.
- Oil and gas contracts value reports increase in Q4 2025 — El aumento del valor de los contratos de petróleo y gas es positivo para la cartera de pedidos de una EPC como Técnicas Reunidas.
- St George Mining starts pilot-scale test work to advance Araxá niobium and rare earths flowsheet in Brazil — Noticia sobre una minera australiana sin relación con Técnicas Reunidas.
- St George Mining taps Boston Metal for next-gen niobium processing at Araxá — Noticia sobre otra empresa; irrelevante para Técnicas Reunidas.
Verdict: Hold or buy on dips; the valuation is attractive and the balance sheet is solid, but the low operating margin and negative momentum (-9.6%) require patience.
Main risk: The operating margin is extremely low (1.91%), leaving the company highly exposed to cost overruns on its EPC contracts and to volatility in commodity and energy prices.
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