España
A mí me parece algo de sentido común y no jugar con los accionistas (los Lladó son mayoritarios), para que van a pagar dividendos teniendo la carga en mínimos y con los márgenes igual.
Lo dicho muy buena empresa, bien gestionada y que no matan el valor de los accionistas a largo.
En este negocio tener caja y solvencia es fundamental.
No encuentro ningúna noticia en la red confirmando que vayan a eliminar ese dividendo de Junio 2018.
Es raro porque es algo relevante.
La caja se va reduciendo a marchas forzadas.
Freedom is driven by determination
No prefieres entrar después del dividendo para evitar pasar por caja en hacienda y así entrar, por otro lado, más abajo?
Para mi Técnicas es la única que merece la pena del Ibex, y aunque cotice aquí, poca actividad desarrolla en España... Es perfecta para mantenerla en la fase del ciclo que estamos, una auténtica vaca lechera, robusta y tranquila. No da sustos, te permite dormir tranquilo, y sabes que solo tiene un camino... hacia delante. Compartí opiniones con un colega que opinaba que, comprada a buen precio, puede incluso servir para seguir una perspectiva de B&H.
Hombre no creo que TRE sea lo único que merece la pena, Elecnor por ejemplo comprada a los precios de hace un tiempo era otro bombazo de acción, todo depende del precio y de la calidad de la empresa.
Sube la bolsa de tel-aviv y icl
Estaba leyendo las transcripciones de la earning call de Técnicas reunidas de Noviembre 2017 cuando comunicó el profit warning. El propio Director General considera el problema como coyuntural y que los márgenes volverán por encima del 4% en 2019 (con visibilidad progresiva en los diferentes quarters de 2018.
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Juan Llado Arburua, Técnicas Reunidas, S.A. - 1St Vice Chairman [7]
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I think, I did hear your question. If I don't answer correctly, just please just shout at me. We're starting the jobs. We have seen cancellations and new jobs which is starting now. I mean starting in December and January, EUR 5 billion having to do with gas and having to do with refining. All of them in the Middle East. The starting of new jobs will help us to slowly recover our margins through 2018. And the important thing is we do believe that in 2019, we'll go back to normal margins above 4%. I cannot be very much precise if that recovery is going to be in month 5 or in month 12, but we're going to see a progressive recovery as Bahrain, Oman jobs are launched to engineering first and [then full] that is to proceed later which translates into downpayments and cash and more margins. And the jobs in Saudi Arabia which has been awarded, but not signed, it was announced by the customer yesterday, but not signed. But surely, we'll have to start in December, end of week. So all those together will allow us to go back in 2019 at levels of margins above 4% that's the message. And we will -- so we will have to see that improvement of margins through the whole year of 2018. Okay that goes with margins. You were asking me with extra costs. We have a backlog. We [started] backlog for sure of [EUR 10.5 billion] job. 50% of the backlog are old contracts -- whole advance pace of construction. All our jobs today are under control but they are under construction. We finish new jobs and we're finishing jobs, we start seeing extra cost. They are very big. Extra cost very often with our best customers. And in today's market, the level of certainty of recovering those extra cost is much smaller than what we had 3 or 4 years ago, much smaller. So that allows to see less certainty in the recovery and accounting-wise, we have to be therefore more conservative. And be more conservative if less margins. I'm not saying losses, I'm saying less margins. I mean, when you see. We do not believe that we have less certainty of recovery cost [in of the] projects then you have to be more prudent. And prudency is the name of the game. We have to be prudent in recognizing costs, and also we have, we have to be prudent. We have been in maintaining strong engineering capacity to launch new ones. And those are the 2 things we've done, especially this year, 2017.
And the third question, Maria-Laura, has to do with dividend. You asked me about dividends. Let me see. The message is today, we don't see any issue with the feasibility of TR. We don't see any issue with the capacity of TR in delivering this new jobs. And we don't see any issue with the capacity to TR in generating cash and profit. And therefore, we don't see any uncertainty to change our dividend policy. I don't know, if that was the question.
@Luis70, aquí dicen que no esperan cambiar la política de pago de dividendos.
Freedom is driven by determination
Estoy echándole un vistazo a la presentación y a la web de la empresa y me parece que esa valoración se queda corta, además del 20% de Cerro Verde, tienen otras 7 u 8 minas de oro, plata, zinc, manganeso, cobre, hidroeléctricas, potencialmente tiene un upside de más del 110% que dicen en la presentación, valor oculto por un tubo.