Report
Baptiste Lebacq

Tenaris : Le point bas semble avoir été atteint

>Sous-performance maintenue et OC relevé à 6.80 € - Les résultats du T4 étaient très encourageants tout comme les indications communiquées par le groupe sur les prochains trimestres. La reprise des volumes devrait permettre une poursuite du redressement des marges via notamment les mesures d’ajustements de coûts mises en place. Nous relevons notre séquence d’EBITDA 2021/23 de 20% ainsi que notre OC qui ressort désormais à 6.8 €. Nous réitérons notre opinion Sous-perfo...
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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