Tenaris : Question autour de l’amplitude de la contraction future des marges
>Recommandation Sous-performance maintenue (OC 14 €) - Malgré la correction boursière du titre (perf YtD - 22%), nous réitérons notre recommandation Sous-performance compte tenu d’un potentiel de hausse (+10%) inférieur à celui des autres acteurs du segments « tubistes et équipements de forage » (upside moyen de 60% pour Vallourec et Schoeller Bleckmann). La santé financière du groupe ainsi que sa capacité à générer du free cash-flow pourraient, selon nous, lui permet...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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