Tenaris : Prudence maintenue dans un contexte de navigation à vue
>Recommandation Alléger maintenue OC ajusté à 10 € - Post publication et conférence téléphonique, nous avons ajusté notre séquence d'EBITDA à la baisse afin d’intégrer notamment une dynamique moins porteuse sur l’Amérique du Nord et en Argentine. Malgré la correction boursière de près de 4% YtD, nous maintenons notre recommandation prudente. En effet le risk/reward ne nous semble pas encore assez attractif sur les prochains trimestres car les zones « Amérique du ...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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