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TechnipFMC: Initiation Of Coverage – Technological Innovation For Efficiency & 3 Key Drivers


This is our first report on oil and gas services provider, TechnipFMC. The company’s strong results in 2023 were marked by operational momentum and growth, with total company inbound for the year rising to $11 billion. Subsea orders, in particular, increased by 45% compared to the prior year, reaching $9.7 billion. It benefited from a record level of integrated Engineering, Procurement, Construction, and Installation (iEPCI) awards during the period. Total company revenue for the year also grew by 17% to $7.8 billion. Adjusted EBITDA excluding the impact of foreign exchange improved by 40% year-on-year to $939 million. The company also generated free cash flow of $468 million during the year and returned nearly $250 million to shareholders.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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