Amid challenging market conditions, we expect Tenaris to remain free cash flow positive.
Tenaris' first-quarter results were roughly in line with our expectations, as the company's recovery stayed on track. Having updated our valuation model, our forecasts are largely unchanged. We maintain our fair value estimate of $27 per ADR and EUR 13 per share, as well as our no-moat rating.Although shipment volumes increased 14% year on year, average selling prices fell, leading to a modest revenue decline. Although management had guided that first-quarter EBITDA would be in line with that o...
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.
We have operations in 27 countries.
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