Tenaris Remains Unprofitable in Third Quarter Amid Weak Volumes and Pricing; Fair Value Unchanged
Tenaris struggled again in the third quarter as low oil prices continued to weigh on OCTG demand. In turn, the company's volumes and average realized selling prices remained disappointing. We reduced our 2016 profit forecasts, lowering our adjusted EBITDA estimate to $638 million from $723 million. Our long-term forecasts are unchanged. The impact of lower near-term profits is offset by time value of money effects and, therefore, our fair value estimates for Tenaris are unchanged at $23 per ADR ...
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