Tenaris : Mise en place d’un programme de rachats d’actions
>Opinion Sous-performance et OC 14 € réitérés - Post publication et conférence téléphonique, nous relevons notre séquence de BPA de 4% en moyenne (EBITDA inchangé) sous l’effet principalement de la mise en place du programme de rachats d’actions. Nous réitérons notre recommandation Sous-performance sur le titre et notre OC (basé sur un EBITDA N12M de 4.5x). Si le downside peut sembler limité (15%), les autres acteurs du segment Tubistes et équipements de forage (Vallo...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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