Tenaris Posts Mixed First Quarter; Our Fair Value Estimate Is Unchanged
Tenaris posted a mixed first quarter, with revenue down 11% sequentially, but adjusted operating margins increased slightly to 13.8% from 13.7% previously. Management issued a cautious outlook for 2019, with flat results in the first half owing to stalling North America activity but perhaps growth in the second half as international activity picks up. Our fair value estimate and no-moat rating are unchanged for now.In the company's largest segment, Tubes, revenue fell 11% due to a 13% decrease ...
Tenaris manufactures and supplies seamless steel pipe products for the global oil and gas industry, as well as other industrial applications. Co. operates an integrated worldwide network of steel pipe manufacturing, research, finishing, and service facilities with industrial operations in the Americas, Europe, Asia, and Africa. Co. produces pipes for boilers, heat exchangers, hydraulic cylinders, automotive, structural and other industrial applications and supplies welded steel pipes for oil and gas pipelines in the South American region. Its principal products include casing, tubing, line pipe, and mechanical and structural pipes. Co.'s organizes its business around one segment: Tubes.
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.
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