Tenaris : Q2 > expectations and mobilisation underway to play the recovery
>Underperform recommendation, target price € 7.2 - Post Q2 2021 publication and conference call, we are revising up our 2021-2023 EBITDA estimates by 30% on average, thus integrating a faster increase in activity than initially expected, mainly post 2021 (thus on 2021, we raised our adjusted EBITDA by 5%, effect on higher EPS "boosted" by the contributions of Ternium and Usiminas). Our revised target price stands at € 7.2 (EBITDA multiple of 8x 12mth fwd). Tenar...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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