Tenaris : Recovery seeming to take shape
>Underperformance maintained, TP adjusted to € 8.3 (vs. € 7.2) - Post publication and conference call, we have raised our 2021/2023 EBITDA estimates by 15% on average, thereby integrating a faster than expected and more globalised recovery in sales. Our new TP now stands at € 8.3 (EBITDA multiple of 8x next 12m). Tenaris is preparing to benefit from the recovery, leading to some tension in WCR (already noticeable), although its balance sheet can easily cover this. 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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