Tenaris : Rising energy costs in Europe key for margins
>Outperform recommendation (target price € 11) - Within our sector hierarchy, we reiterate our underperform recommendation on the stock (target price € 11). Post earnings release and conference call, we have revised upwards our 2022-2024 EBITDA sequence by an average of %. In the drilling equipment segment we prefer Schoeller Bleckmann and Vallourec where upside in terms of margins appears greater, whilst we think that we are close to a peak for Tenaris (Q4 2021 ...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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