Report
Baptiste Lebacq

Tenaris : Allo Papa tango Charlie (l’Argentine ne répond plus)

>Opinion Alléger maintenue - Nous avions retenu la publication de Tenaris comme étant à risque dans le secteur des services pétroliers. Les résultats du T2 2019 ainsi que la guidance sont décevantes et le titre a clôturé hier en repli de 4%. Post conférence call, notre séquence de BPA a été ajustée à la baisse afin d’intégrer notamment : Les effets des (lourds) programmes de maintenance, Des prix de ventes moyens en léger repli et Une activité en ...
Underlying
Tenaris S.A.

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.

Provider
Oddo BHF
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.

Analysts
Baptiste Lebacq

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