Tenaris : Objectif 2020 : retour de la marge d’EBITDA d’IPSCO dans le vert
>Recommandation Alléger maintenue (OC 10 €) - Nous maintenons notre opinion sur le titre (OC 10 €) compte tenu d’un risk/reward que nous jugeons trop peu attractif. L’un des principaux enjeux de Tenaris sur 2020 sera l’intégration d’IPSCO et le retour à la profitabilité du groupe alors que les prix en début d’année sur le marché nord-américain devraient rester sous pression. A la suite de la publication, nous avons ajusté à la baisse notre séquence de BPA. Les zones 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.
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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