Report
Baptiste Lebacq

Tenaris : Alpha Papa Tango Charlie (Argentina is no longer responding)

>Reduce recommendation maintained - We had expected the Tenaris publication to be at risk in the oil services sector, Q2 2019 and guidance were disappointing and the share closed down 4% yesterday. Following the conference call, we have adjusted down our EPS forecasts, notably to factor in: the effects (heavy) of the maintenance programmes, a slight decline in average selling prices and business in Argentina that could be penalised in the context ...
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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