Low Oil Prices Continue to Weigh on Tenaris' Shares in Second Quarter
Amid lower volumes and weaker average selling prices, Tenaris was unprofitable at the operating income line in the second quarter. Shares are unlikely to rebound until we see higher oil prices inspire incremental drilling activity which, in turn, would drive healthier demand for Tenaris' tubular products.We've updated our valuation model to reflect weaker near-term profits after light second-quarter results. However, we've also raised our midcycle enterprise value/EBITDA multiple to 7.2 times f...
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