Maintaining Tenaris FVE Despite Positive 3Q Results; Shares Look Slightly Overvalued
Tenaris posted solid third-quarter results, with tubes sales rising 5% sequentially on the back of a 16% increase in North America. The strength in North America was offset by weakness in the Middle East and Africa, but we agree with management that the latter market will rebound in coming quarters from currently weak levels. Overall company profitability also continued to improve, with EBITDA margins increasing 120 basis points to 17.3% owing to increased volume as well as cost reductions in la...
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