Report
Tenaris : Confidence in its distribution model
>Underperform rating and target price (€ 14) unchanged - Following the CMD, we are leaving our EPS estimates unchanged and maintaining our Underperform rating on the stock. The group’s financial situation is solid, but a potential M&A move (with a fundamental transformative impact in our view) cannot be ruled out; this would impact on shareholder returns. Sector fundamentals remain robust (tubes are not limited to drilling but are also used in businesses such as O&G ...
Underlying
TENARIS S.A.
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Baptiste Lebacq
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