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Guillaume Delaby

Senior Analyst at Alliancebernstein L.P.

Guillaume Delaby is a Senior Analyst at Bernstein, specializing in European Oil Services and the broader Basic Materials sector with coverage of 14 stocks across the US, France, UK, and Italy markets. He covers specific companies such as Gaztransport et Technigaz and is recognized for a consistent track record, achieving a 59% success rate and an average return of 6.7% per rating from 2019 to 2025. Delaby began his senior analyst role at Bernstein after gaining over a decade of industry experience, and he is ranked among the top 2,700 Wall Street analysts on platforms like TipRanks. He holds relevant professional credentials for research analysts, with a reputation for thorough sector analysis and independent investment insight.

Guillaume Delaby's questions to Technip Energies (THNPY) leadership

Question · Q1 2025

Guillaume Delaby posed two questions about the TPS segment: first, if the strong Q1 margin suggests future margins could significantly exceed the 2028 target once the product mix improves, and second, whether a current slowdown in technology and products could signal a future slowdown in the early-cycle services business.

Answer

CEO Arnaud Pieton and CFO Bruno Vibert addressed this. Pieton agreed that a richer Technology & Products (T&P) mix would improve margins, reinforcing the strategy to invest in this area. Vibert clarified that demand for services and studies remains very strong, dispelling fears of a slowdown. The Q1 top-line dip was attributed to the tail-end of large ethylene projects, while the margin was boosted by their profitable completion and strong services performance.

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Question · Q1 2025

Guillaume Delaby posed two questions: First, if the strong Q1 TPS margin suggests potential to exceed the 2028 target as the product mix shifts. Second, if the current slowdown in Technology & Products should raise concerns about a future slowdown in the early-cycle services business.

Answer

CEO Arnaud Pieton reiterated the strategy to enrich the Technology & Products (T&P) portfolio, which would increase margin potential. CFO Bruno Vibert addressed the second point, stating that demand for services remains very strong and that the TPS top-line dip was mainly due to a lower contribution from ethylene projects, a reflection of the broader petrochemical cycle. He noted new offerings in SAF and carbon capture are expected to drive future growth.

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Question · Q1 2024

Guillaume Delaby sought confirmation that the €1 billion-plus figure for Net-Zero Teesside was Technip Energies' share, asked about the company's comfort level in reaching its 2024 order intake target, and inquired about the future run-rate for minority interests.

Answer

Executive Arnaud Pieton confirmed the Teesside figure is Technip Energies' share and stated that with the current building blocks, he is confident the company will achieve a full-year book-to-bill ratio at or well above 1. Executive Bruno Vibert advised that the Q1 minority interest level is a good proxy for the coming quarters, as the contribution from Arctic LNG 2 is decreasing.

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