Report
Baptiste Lebacq

Tenaris : Hausse des coûts de l’énergie en Europe déterminant pour les marges

>Recommandation Sous-performance (OC 11 €) - Dans le cadre de notre hiérarchie sectorielle, nous réitérons notre recommandation sous performance sur le titre (OC 11 €). Post publication de résultats et conférence call, nous avons revue à la hausse en moyenne notre séquence d’EBITDA 2022/24 de % en moyenne. Nous privilégions dans le segment des équipements de forage Schoeller Bleckmann et Vallourec chez qui l’upside en termes de hausse de marges nous semblent plus...
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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