Tenaris : 2020 target: IPSCO’s EBITDA margin back in positive territory
>Reduce recommendation maintained, target price € 10 - We maintain our opinion on the stock (target price € 10) in view of a risk/reward trade that lacks appeal, in our view. One of the main challenges for Tenaris in 2020 will be the integration of IPSCO and a return to profitability for the group, while prices at the start of the year on the North American market should remain under pressure. Following the publication, we have adjusted our EPS forecasts downwards. No...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.
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.
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