Tenaris : Questions surrounding the extent of the future margin contraction
>Underperform recommendation maintained (target price of € 14) - Despite the correction in the share price (YTD performance -22%), we reiterate our Underperform rating due to upside (+10%) lower than that of other players on the tube and drilling equipment segments (average upside of 60% for Vallourec and Schoeller Bleckmann). The group’s financial health and its capacity to generate FCF could, in our view, facilitate a ramp-up in returns to shareholders in the form o...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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