Javier Echevarria of Invexcel Patrimonio presented his in-depth investment thesis on Tecnicas Reunidas (Spain: TRE) at Best Ideas 2025.

Thesis summary:

Técnicas Reunidas is a world-leading engineering company focused on energy industrial projects, mainly natural gas, refining, and petrochemical. It is a family-controlled Spanish company with a solid record of 60+ years designing and building 1,000+ complex industrial plants in more than 50 countries, which makes it a trusted partner for the top energy companies worldwide.

After a painful and unprecedented long period of low investments in the oil and gas sector, the largest investment cycle ever seen is now developing. TRE is well-positioned to take advantage not only of the traditional oil and gas capex, but also of the decarbonization needs for varied industries — an area where it has developed strong capabilities.

In a business with barriers to entry, capacity constraints and a disciplined competitive landscape (many players are still struggling after the low part of the cycle), TRE stands with a solid track record, a recovered balanced sheet, and a valuable pool of engineers. The share price does not yet recognize the recovery in revenues, margins and pipeline, all of which are improving.

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About the instructor:

Javier Echevarria serves as Chief Investment Officer of Invexcel Patrimonio. He has specialized in Equity Investments and Wealth Management since 2007. He worked in Bestinver’s sales team from 2007-2009. He coordinated the Anatha charity project in Cambodia in 2009. He joined Excel Corporación as Markets Analyst in 2009 and Invexcel Patrimonio in 2010. He holds a Degree in Law from the Universidad Complutense de Madrid and a Master’s Degree in Stocks and Financial Markets from Instituto de Estudios Bursátiles.