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    Richard Dawson

    Senior Equity Research Analyst at Berenberg

    Richard Dawson is a Senior Equity Research Analyst at Berenberg, specializing in the energy and industrials sectors with focused coverage on companies such as Hunting PLC, Gaztransport & Technigaz (GTT), and Schoeller-Bleckmann Oilfield Equipment AG. He has consistently delivered strong buy recommendations, maintaining a buy/sell ratio of approximately 92% buys and holding an overall analyst ranking of 1229 on TipRanks, reflecting robust performance. Beginning his analyst career prior to joining Berenberg, Dawson has established himself as a key commentator in the European energy and industrials markets, with recent career milestones including high-visibility ratings in 2024 and 2025. He holds the CFA designation, evidencing advanced professional credentials in financial analysis.

    Richard Dawson's questions to Technip Energies (THNPY) leadership

    Richard Dawson's questions to Technip Energies (THNPY) leadership • Q1 2025

    Question

    Richard Dawson asked if project contingencies from upcoming completions could support margins or if they would be offset by project ramp-ups. He also asked for details on the reduction in the commercial pipeline from EUR 75 billion to EUR 70 billion.

    Answer

    CEO Arnaud Pieton explained the pipeline reduction is primarily due to moving major projects like Net Zero Teesside and the CFI blue ammonia plant from the pipeline to the backlog. CFO Bruno Vibert addressed margins, stating that the ramp-up of early-stage projects is currently more impactful than completions, leading to the margin normalization seen in Q1, but the path to margin improvement by 2028 remains on track.

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    Richard Dawson's questions to Technip Energies (THNPY) leadership • Q1 2025

    Question

    Richard Dawson asked if upcoming project completions could lead to contingency releases that support margins, and questioned why the commercial pipeline had decreased to €70 billion from over €75 billion previously.

    Answer

    CEO Arnaud Pieton explained the commercial pipeline reduction is not due to cancellations but rather the conversion of major prospects, like Net Zero Teesside and CFI, into backlog. CFO Bruno Vibert added that while some projects are reaching completion, the margin impact is more than offset by the ramp-up of new, early-phase projects, leading to the guided margin normalization for 2025.

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    Richard Dawson's questions to Technip Energies (THNPY) leadership • Q1 2024

    Question

    Richard Dawson asked about the balance between customer cost discipline and contractor bidding discipline in the LNG market, referencing the delayed Papua New Guinea LNG project, and requested details on the potential $200 million DOE funding for the LanzaTech project.

    Answer

    Executive Arnaud Pieton explained that recent awards like Marsa and Ruwais demonstrate the company's ability to find viable solutions for clients while maintaining profitability. He noted the PNG project has not yet reached the right price point. Regarding the DOE funding for a CO2-to-ethylene plant with LanzaTech, he clarified the total investment would likely be north of $400 million, with an FID expected later and the plant potentially coming on stream in 2026.

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