Lowering Tenaris' FVE to Incorporate Bearish Deepwater Oil & Gas Outlook
We are slightly lowering our fair value estimate for Tenaris from $27 per ADR share (EUR 13 per share) to $25 per ADR share (EUR 10.50 per share). This reflects a lower long-term assessment of Tenaris’ profitability in its sales of oil country tubular goods (OCTG) such as casing to oil & gas producers, particularly in erstwhile high-margin markets like deepwater.Certainly, Tenaris is continuing to benefit in the near term from a swiftly recovering U.S. shale end market, as the company noted...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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