Increasing Tenaris' FVE Slightly on Revised U.S. Trade Outlook; Still Looking Very Overvalued
We’re increasing our fair value estimate for Tenaris to $27 (EUR 11.50) per share from $26 (EUR 10.50) owing chiefly to an updated outlook on U.S. trade policy. Our no-moat rating remains in place. Despite the revision, we reiterate our view that Tenaris looks very overvalued, with shares currently trading about 40% above our fair value estimate. We think investors are still overrating the long-term benefit Tenaris will derive from U.S. steel products trade restrictions as well as the ongoing gl...
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