Técnicas Reunidas (XMAD:TRE, Financial) (~8%): It could be affected by the lower capex of the oil companies in the future, but the company has an order book at record highs that covers the next 2 years of sales, and it has not had cancellations even in projects that it has just won and that the client could have cancelled with no problem. In addition, the com-pany has a net cash position of nearly €400 Mn and access to credit lines, so we think the impact on valua-tion should be moderate.
From Francisco Garcia Parames (Trades, Portfolio)' Cobas Asset Management Iberian Portfolio first-quarter 2020 commentary.
