Tenaris : Implementation of a share buyback programme
>Underperform rating and target price of € 14 reiterated - Following the Q3 2023 results publication and conference call, we revised up our EPS estimates by 4% on average (EBITDA unchanged) mainly due to the implementation of the share buyback programme. We reiterate our Underperform rating on the stock and have lowered our target price (based on an EBITDA NTM of 4.5x). The downside may seem limited (15%), but the other players in the " tube and drilling equipment seg...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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