Tenaris S.A.

Tenaris manufactures and supplies seamless steel pipe products for the global oil and gas industry, as well as other industrial applications. Co. operates an integrated worldwide network of steel pipe manufacturing, research, finishing, and service facilities with industrial operations in the Americas, Europe, Asia, and Africa. Co. produces pipes for boilers, heat exchangers, hydraulic cylinders, automotive, structural and other industrial applications and supplies welded steel pipes for oil and gas pipelines in the South American region. Its principal products include casing, tubing, line pipe, and mechanical and structural pipes. Co.'s organizes its business around one segment: Tubes.
  • TickerTW11
  • ISINLU0156801721
  • SectorIndustrial Metals & Mining
  • CountryLuxembourg
Alain William

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/06/2020

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Alain William

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/08/2020

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Baptiste Lebacq

Tenaris : The contraction in volumes remains too strong for a sustainability of the margins

>Reduce rating maintained - We are sticking with our Reduce recommendation on the stock. The accelerated adjustments and the initial effects are perceptible in terms of SG&A. The very weak volumes will likely weigh on margins in Q3. Our target price of € 5.0 is based on a 2020e EBITDA multiple of 5x).Conference call at 2.00pm CET.Q2 2020 restated EBITDA margin falls below the 10% threshold - Sales are down 30% on a sequential basis following...

Baptiste Lebacq

Tenaris : La contraction des volumes reste trop forte pour une soutenabilité des marges

>Recommandation Alléger maintenue - Nous maintenons notre recommandation prudente sur le titre. Les ajustements se font à marche forcée et les premiers effets sont perceptibles du côté des SG&A. Les très faibles volumes devraient peser sur les marges du T3. Notre objectif de cours de 5 € est basé sur un multiple d’EBITDA 2020e de 5x.Conf call @ 14h CET.Marge d’EBITDA retraitée T2 passe sous le seuil de 10% - Les ventes sont en repli de 30% e...

Tenaris – AGM 2 june 2020

Item 5 (AGM) While we generally have no issues with this resolution, we have governance concerns: the lack of independence on the board as well as the board's election procedure (slate election). Additionally, we have further concerns regarding the lack of transparency on the CEO's remuneration.   Item 6 (AGM) While we support the re-election of board members on a yearly basis, we believe that shareholders should have the opportunity to vote separately on each re-election separately, as opposed to electing the board as a slate.   Item 7 and 8 (AGM) In general, disclosure of executive's rem...

Jérôme VINERIER

Short term view - TENARIS SA : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €12.383, then €11.537. Passing €15.300 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - TENARIS SA : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 12,383 €, puis 11,537 €. Le franchissement de 15,300 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse court terme - TENARIS SA : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 12,383 €, puis 11,537 €. Le franchissement de 15,300 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - TENARIS SA : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €12.383, then €11.537. Passing €15.300 would question the continuation of the fall.

Jérôme VINERIER

Medium term view - TENARIS SA : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

A director sold 275,000 shares at 251.015MXN and

A director at Tenaris S.A. sold 275,000 shares at 251.015MXN and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Baptiste Lebacq

Tenaris : The contraction in volumes remains too strong for a sustainability of the margins

>Reduce rating maintained - We are sticking with our Reduce recommendation on the stock. The accelerated adjustments and the initial effects are perceptible in terms of SG&A. The very weak volumes will likely weigh on margins in Q3. Our target price of € 5.0 is based on a 2020e EBITDA multiple of 5x).Conference call at 2.00pm CET.Q2 2020 restated EBITDA margin falls below the 10% threshold - Sales are down 30% on a sequential basis following...

Baptiste Lebacq

Tenaris : La contraction des volumes reste trop forte pour une soutenabilité des marges

>Recommandation Alléger maintenue - Nous maintenons notre recommandation prudente sur le titre. Les ajustements se font à marche forcée et les premiers effets sont perceptibles du côté des SG&A. Les très faibles volumes devraient peser sur les marges du T3. Notre objectif de cours de 5 € est basé sur un multiple d’EBITDA 2020e de 5x.Conf call @ 14h CET.Marge d’EBITDA retraitée T2 passe sous le seuil de 10% - Les ventes sont en repli de 30% e...

Baptiste Lebacq ...
  • Jean-François Granjon

ODDO : Houston, we have a problem!

Like a phoenix rising from its ashes, the US shale industry weathered the 2014 crisis and even continued to gain market share. Five years on, the sector has to contend with a veritable slump in WTI prices and this time around, there will be “a problem in Houston”. This time shale output is likely to fall and drilling equipment manufacturers will not escape completely unscathed, notably because of the risk of asset impairments. Once again, resilience will be measured by the abilit...

Baptiste Lebacq ...
  • Jean-François Granjon

ODDO : Allo Houston….nous avons un problème ? Non, le problème est ...à Houston

Tel le phénix qui renait de ses cendres, l’industrie du schiste américain avait survécu à la crise 2014 et même continué à gagner des parts de marché. 5 années plus tard, le secteur doit faire face à un véritable crash des cours du WTI et cette fois-ci, il y aura « un problème du côté de Houston ». La production du schiste devrait baisser et les équipementiers de forage n’en sortiront pas complètement indemnes, avec notamment un risque de dépréciations d’actifs. Une nouvelle fois...

Baptiste Lebacq

Tenaris : Strong adjustments

>Reduce rating maintained, caution still called for - We maintain our Reduce rating on the stock, and following the publication and conference call, we lower our EBITDA sequence by an average of 25% for 2020-2022. The EBITDA margin this year is likely to fall below that seen in the previous crisis (13.9% vs 15.4% in 2016). Our target price (based on a 2020e EBITDA multiple of 5x) is unchanged, as the expected improvements in cash generation offsets the negative ...

Alain William

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/06/2020

...

Alain William

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/08/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/04/2020

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Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/05/2020

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2020

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Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Tenaris – AGM 2 june 2020

Item 5 (AGM) While we generally have no issues with this resolution, we have governance concerns: the lack of independence on the board as well as the board's election procedure (slate election). Additionally, we have further concerns regarding the lack of transparency on the CEO's remuneration.   Item 6 (AGM) While we support the re-election of board members on a yearly basis, we believe that shareholders should have the opportunity to vote separately on each re-election separately, as opposed to electing the board as a slate.   Item 7 and 8 (AGM) In general, disclosure of executive's rem...

Expert Corporate Governance Service (ECGS)

Tenaris, 29 July 2019

Under ITEM 1, it is proposed that the shares be delisted from the Buenos Aires Stock Exchange ("BYMA") through a voluntarily withdrawal from listing pursuant to the rules of the Argentine National Securities Commission which permits the Company to delist from BYMA without making a delisting public tender offer. Shareholders who either vote against the proposed delisting from BYMA or are absent from the meeting will be entitled to exercise the right to have their shares repurchased by the company under the conditions of ITEM 2.Following the proposed delisting from BYMA, the company’s shares wil...

Expert Corporate Governance Service (ECGS)

Tenaris - AGM 06 May 2019

As in previous years, we continue to have concerns regarding the overall governance of the Company. First of all, there is a lack of disclosure regarding executive compensation. Furthermore, we note that non-executives receive a fixed fee that does not appear to be linked with attendance, nor are the meetings and attendance rates at board meetings disclosed. Hence, we recommend shareholders to OPPOSE to ITEM 7 (approval to set the board of directors’ compensation). There is a lack of independent members and gender diversity on the board. ECGS considers 2 of the 11 directors to be independent...

Tenaris – Proxinvest Corporate Governance Rating ® : E

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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