Tenaris : Keeping things in proportion
>Upward revision to our estimates but we remain cautious on the sector - We maintain our Underperform recommendation on the stock, the valuation at this stage of the cycle does not look too attractive. Q1 2021 results were in line. Admittedly, momentum is improving, there is a real paradigm shift in the US shale market given 1/ the many companies in major trouble (Chapter 11) 2/ the reluctance of bankers to finance such activities 3/ the change in government which is ...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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