Tenaris : A margin that already appears to be at peak levels
>Underperform recommendation (target price € 11 vs € 8.3) - In the framework of our sector hierarchy, we reiterate our Underperform recommendation on the stock (target price adjusted to € 11 following the upward revision to our forecast for EBITDA of 12% on average in the wake of the publication of 2021 results). We have made a more significant upward revision to our forecasts for EPS in order to factor in the stronger contributions from Usiminas and Ternium. In ...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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