I-Técnicas Reunidas: ibuyile okanye itshintshe imeko?

Iindlela eziqokelelweyo Luluvo ngokubanzi kwicandelo leqela elilungileyo labahlalutyi bezemali ukuba kukho izizathu ezaneleyo zesalathiso esikhethiweyo sezabelo zaseSpain, i-Ibex 35, ngaphezulu kwama-9.000 amanqaku. Ngale ndlela, bacebisa ukuba iimeko ezibi kakhulu kwimarike yemasheya sele ziphunguliwe. Into enzima kakhulu ukuyichaza xa ukuvunywa kohlahlo-lwabiwo mali ngokubanzi yi-Itali kulindelwe. Eyona nto iphambili kukususa ukuvela kwezabelo zeyona nkampani zibalulekileyo kwimarike yezemali yaseYurophu.

Enye into ekufuneka ithathelwe ingqalelo kukuba iinkampani ezidwelisiweyo ziya kubonisa inzuzo encinci kwiziphumo zeshishini ezilandelayo kunangoku. Ngale ndlela, enye yeenkampani elandelwa kakhulu ngabatyali zimali abancinci nabaphakathi ngaphandle kwamathandabuzo iTénicnicas Reunidas. Ibi esinye sezona zohlwaywa Kwiminyaka yakutshanje ngokwehla kwexabiso layo ngaphezu kokufanelekileyo. Esi sesinye sezizathu zokuba ukuxabiseka kwayo kunokuba phezulu ukusukela ngoku.

Ewe, ngaphandle kokungaziphathi kakuhle, inenkwenkwezi kwi-rebound ebaluleke ngaphezu kweemarike zokulingana zikazwelonke. I-Técnicas Reunidas ithumele ukonyuka kwemihla ngemihla ngaphezulu kwe-3% kwiveki ephelileyo, emva kokuhlengahlengisa amaxabiso ayo kakhulu. Kodwa iindaba ezimnandi kubatyali mali abafuna ukukhetha esi siphakamiso semarike yemasheya kukuba izikhundla zabo ziye zaqiniswa ngabanye babahlalutyi ababalulekileyo kwezemali kwimarike yemasheya. Njengakwiimeko ezithile ze UMorgan Stanley kunye noJP Morgan abo baneembono ezahlukeneyo kwinkampani yobunjineli.

I-Tecnicas Reunidas kwi-euro ezingama-22

xabiso Izabelo zale nkampani ye-Ibex 35 kungoku nje zibaluleke kakhulu kwixabiso lazo. Kuba kule veki iphelileyo ikwazile ukubuyisa inqanaba lama-22 euros ngesabelo ngasinye. Eli iya kuba linyathelo lokuqala lokufikelela kwiindawo eziphakamileyo, ubuncinci kunyaka olandelayo okanye nokuba yeyesintu ivelisiwe Rally yenkomo leeholide zeKrisimesi. Akunakulityalwa ukuba ayimninzi iminyaka idlulileyo okoko ixabiso layo lalikumanqanaba angaphezu kwama-30 euros. Ukuba, nangayiphi na imeko, yenye yexabiso elithandwayo ngabahlalutyi abohlukeneyo bezezimali.

Le nkampani, nangona kunjalo, iqale inqwelomoya yokubaleka yabathengi kwaye ekhokelele kwinto yokuba kwisithuba esifutshane kakhulu sexesha phantse isinye kwisithathu sishiyiwe yexabiso lakho. Kule meko ngokubanzi, kubaluleke kakhulu ukukhankanya ukuba ukunyuka kwemihla yokugqibela kwenza isaphulelo esinye kwaye akukho nto iyenye okanye, ngokuchaseneyo, lutshintsho olubalulekileyo kwindlela. Kuzo naziphi na iimeko, kuya kubakho ukulinda iintsuku ezimbalwa ukuze siqiniseke phantse konke malunga nokwenzekayo ngezihloko zabo ngalo mzuzu.

Amaxabiso ekujoliswe kuwo aphezulu kunexabiso lawo

Iindaba ezimnandi kubatyali mali abancinci nabaphakathi zixhomekeke kwinto yokuba ezi bhanki zikhankanyiweyo, ngelixa behlise ixabiso lenkampani, lisengaphezulu koqingqo-maxabiso lwale mihla. Ngokujolisa kwixabiso ekujoliswe kulo elijikeleza phakathi kwe-25 ukuya kwi-30 ye-euro ngesabelo ngasinye. Oku kuthetha ukuba izabelo zeTecnicas Reunidas zinomdla onokubakho onomdla. Nokuba uhlaziyo olusezantsi abalufumene kuMorgan Stanley kunye noJP Morgan. Ukuza kuthi ga kwinqanaba lokuba abanye babatyali mali abarhabaxa kwimarike sele bethathe izikhundla kwixabiso lokwenza imali kwiimali zabo.

Ukuya kuthi ga kwinqanaba elikhulu, ukonyuka kweentsuku zakutshanje kubangelwe kukunyuka kwexabiso leoyile. Nangona oku kwiseshoni yokugqibela kwehle phantse nge-3% njengesiphumo se- iisetingi ezintsha kumthetho wonikezelo kunye nebango kule mpahla ibalulekileyo. Kungenxa yokuba nantoni na eyonyukayo kwixabiso leoyile ekrwada iya kuba luncedo kakhulu kwimidla yenkampani edweliswe kwisalathiso esikhethiweyo sentengiso yesizwe. Yonke into ibonakalisa ukuba iyabasebenzela, kuxhomekeke ekubhejeni kwabahlalutyi bezemali kunye nolona khetho luphambili kwiimarike zezemali.

Idityaniswe kwixabiso leoyile ekrwada

ezingcolileyo Ukuwa kweentsuku zokugqibela kufunyenwe emva Umbutho waMazwe aThumela iiPetroli (OPEC) iqinisekisile ukuba kwinyanga ephelileyo imveliso yeoyile ekrwada inyukile. Ayothusi into yokuba ukuxhomekeka kukaTénicnic Reunidas kule asethi yemali ibalulekileyo kunokuba kufanelekile, njengoko kubonisiwe kule minyaka idlulileyo. Ngaphaya kokunye ukuqwalaselwa kobuchwephesha kwaye mhlawumbi nakwindawo yokujonga esisiseko. Kungenxa yokuba imkile ekubeni yenye yezona zinto zinzima zamaSpeyin equities yaba yenye yeziphoxi zalo nyaka eziza kuphela.

Ngale ndlela, kungenxa yexabiso lokungazinzi kwale marike yezemali kwaye kukhokelele ekubeni ngoku ibalulekile ukumelana nexesha eliphakathi nelide ezikumanqanaba ee-euro ezingama-23 kwisabelo ngasinye. Ngaphandle kokuba ukwanela okuthile kugqithisile kwimimandla ekufutshane kakhulu ne-21,72. Ngokwenyani oku kuthetha ukuba ihamba phantsi kweentshukumo ezimxinwa kakhulu malunga nokuxabisa amaxabiso. Ngesi sizathu, kunzima kakhulu ukuqikelela ukuba kulungile ukungena okanye ukuphuma kwizikhundla ngeli xabiso le-Ibex 35.

Amaqhinga ngoku

Ngayiphi na imeko, akukho mathandabuzo ukuba iTénicnicas Reunidas yenye yezokhuseleko ezintsonkothileyo ukusebenza kuyo yonke imiqathango ebonelelwe yikhalenda: imfutshane, iphakathi kwaye inde. Phakathi kwezinye izizathu zokuba kutheni ixhasa kunye nokumelana bakwiindawo ezingekude omnye komnye. Ukuya kwinqanaba lokuba kulula kakhulu ukwenza impazamo engaqhelekanga kwizicwangciso onokuthi uziphuhlise ukusukela ngoku. Umahluko phakathi kobona buninzi bobona xabiso liphezulu kunye nelona xabiso liphezulu kakhulu kwaye kuyo nayiphi na imeko ingaphezulu kunaleyo ibonelelwa ngamanye amaxabiso wentengiso kazwelonke eqhubekayo.

Kwelinye icala, iziphumo zekota zamva nje zenkampani zenza ukuba isilumkiso sesona siqhelo sikhulu kuninzi lwakho izicwangciso zotyalo mali. Akumangalisi ukuba bathambekele ekubeni baphambuke kakhulu ukusuka kwikota enye ukuya kwenye, into engenzekiyo kwezinye izindululo zemarike yemasheya ethiwe thaca yimali yaseSpain. Ngelixa ngokuchaseneyo, amathuba okungalunganga ayabonakala ngokuqinisekileyo, njengoko oko kungangqina kwinxalenye enkulu yabatyali mali abancinci nabaphakathi. Kwiziganeko ezibini ezikhulu zobugcisa eziboniswe yenye yeenkampani zobunjineli kuqoqosho lwaseSpain.

Iziphumo zamashishini zamva nje

data Ngokumalunga nedatha yoluntu yakutshanje yale nkampani, kufanele kuqatshelwe ukuba enye yezona zinto zibaluleke kakhulu yile ibonisa ukuba le nkampani ibonisa ukwehla okukhulu kwenzuzo engaphezulu nje kwe-90% kwiinyanga ezilithoba zokuqala zonyaka, ngokunxulumene nexesha elifanayo kunyaka ophelileyo. Enye yezinto ezibangela ezi ziphumo zidanisayo kungenxa ye- Isiphumo semali, Ngokukodwa ngenxa yokwehla okunamandla kwe-lira yaseTurkey kwaye oku kuye kwachaphazela ukuba le micimbi yolamlo ayikhange iqiniseke kwiimarike zezemali.

Kwelinye icala, akukho nto incinci iphoxekileyo kuye ingeniso yokusebenza iyonke (Ebitda) kwaye ngeli xesha ime kwizigidi ezingama-43,5. Oku, xa kusenziwa, kuthetha ukuba yehle malunga ne-60% xa kuthelekiswa nexesha elifanayo ngo-2017. Kuzo naziphi na iimeko, ezi ziedatha eziwele kakubi kakhulu kwiimarike ze-equity kunye nesiphumo sokuhla kwexabiso. Ukuya kwinqanaba lokuba lelinye lawona manqanaba asezantsi kule minyaka idlulileyo.

Umgangatho ngexabiso

Ngayiphi na imeko, inye into apho uninzi lwabahlalutyi luyavuma kwaye le nkampani inexabiso ngokubhekisele kwi ixesha eliphakathi nelide. Ngale ndlela, ukusika kunokusetyenziselwa ukuthatha isikhundla phambi kwale mihla ibekiweyo. Ngelungelo elixabiseke kakhulu kwaye loo nto kukuba imisebenzi inokwenziwa ngexabiso elinokhuphiswano ngakumbi kunangaphambili. Ngaphaya kokunye ukuqwalaselwa kobuchwephesha kwaye nangona ngoku ingekho kwelona nqanaba likowuteshini libalaseleyo. Kuba awungekhe ulibale ukuba ibiyenye yeendlela ekubhejelwa ngayo imarike yemasheya ekhethwe ngabalamli bezezimali.

Ukusuka kolu luvo, iTénicnicas Reunidas kufuneka okungenani isebenze ukuyigcina kwiradar yokusebenza njengonyaka olandelayo. Kungenxa yokuba nangaliphi na ixesha unokuqalisa kwakhona ukunyuka okuphezulu ngaphambi kokuvela kweekhontrakthi ezintsha kubunjineli boluntu kwiminyaka embalwa ezayo. Ke, ixabiso lakho ekujoliswe kulo linokuphakanyiswa kwizikhundla zakho zangoku. Nangona inezixhasi ezinamandla phambi kwayo ezinokuthi zinciphise ukunyuka kwayo ukuya phezulu.


Umxholo wenqaku uyabambelela kwimigaqo yethu imigaqo yokuziphatha yokuhlela. Ukuxela impazamo cofa apha.

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