Tenaris : Lumière au bout du tunnel…mais quelle en est sa véritable longueur ?
>Recommandation Alléger maintenue (OC 4.8 € vs 4.2 €), l’exploration ne sera pas une priorité à CT - Le T3 semble être le point bas en termes d’activité. En effet le groupe devrait bénéficier d’un début de retournement sur la zone US ; cependant nous pensons que les prix devraient y rester sous pression et le timing de ce rebond reste incertain. Nous reconnaissons que la situation financière reste solide avec une trésorerie nette de 1.1 Md$, bénéficiant il est vrai d’...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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