Tenaris Divests Electric Conduit Business and Receives Favorable Ruling on Tavsa Expropriation
We've updated our Tenaris valuation model to reflect the company's sale of Republic Conduit and the receipt of an award related to Venezuela's seizure and nationalization of its Tavsa and Comsigua assets in 2009. We've also modestly raised our enterprise value to EBITDA exit multiple to 8.0 times from 7.2 times to more accurately capture our expectations for the company's efficiency in converting EBITDA to free cash flow in a midcycle environment. As a result of these adjustments, our fair value...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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