Tenaris : Adaptation « Ristretto Forte »
>Recommandation Alléger maintenue, la prudence reste de mise - Nous maintenons notre recommandation Alléger sur le titre et, post publication et conférence call, nous abaisson notre séquence d’EBITDA de 25% en moyenne sur 2020/22. La marge d’EBITDA devrait cette année tomber en dessous de celle qui avait été affichée lors de la crise précédente (13.9% vs 15.4% en 2016). Notre objectif de cours (basé sur un multiple d’EBITDA 2020e de 5x) reste inchangé, les améli...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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