Tenaris Reports Uninspiring 4Q Results, but We Anticipate Much Improved Profitability in 2017
Although Tenaris restored profitability at the operating income line in the fourth quarter, the company's results fell short of our expectations. Regardless, we are confident that the worst is now behind Tenaris with regard to market conditions and we expect materially higher profits in 2017. Having updated our valuation model, our fair value estimates for Tenaris are unchanged at $27 per ADR and EUR 13 per share. Our no-moat rating is also intact, as we don't believe traces of switching costs w...
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