Technip Energies (AO) | Buy | Feedback from the CFO Tour

研报英文原文证据摘录

Technip Energies (AO) | Buy | Feedback from the CFO Tour

Technip Energies Buy | Target Price: EUR45.00

Energy-security infrastructure could become a medium-term tailwind.

Management sees three potential waves from the current crisis: near-term repairs, possible GCC investment to reshape export

routes, and broader global diversification of energy supply. Bypass infrastructure may include LNG, petrochemicals or

downstream capacity at destination markets, reducing reliance on flows through the Strait. These projects may cost more, but

diversification and sovereignty have strategic value.

LNG momentum remains strong beyond the Middle East

T.EN continues to benefit from LNG and floating LNG opportunities, with H1 awards including Qatar North Field West (EUR4-5bn), Coral

Norte (USD500m+) and Commonwealth LNG (USD6bn+). Management also referred to existing opportunities such as Abadi-LNG, where

momentum appears to be building, and Rovuma, where the company remains well positioned despite a more direct competitive

dynamic versus Saipem in JV with McDermott and a Chinese contractor. The broader message was that LNG remains central, but T.EN

must continue diversifying beyond LNG and beyond the Middle East.

SAF is a strategic growth pillar for TPS

Management highlighted T.EN’s strong position in SAF, with the company involved in around 60% of global SAF capacity. The latest JV

with Airbus, Safran and Tereos further reinforces the strategy: Tereos brings feedstock and industrial ethanol expertise, while

Safran/Airbus bring aviation-sector pull and Scope 3 relevance. Alcohol-to-jet provides an alternative pathway vs HEFA/cooking oil. The

JV is designed to progress toward FID, likely requiring additional equity partners and project finance, but no FID is expected within the