Tenaris : Strong adjustments
>Reduce rating maintained, caution still called for - We maintain our Reduce rating on the stock, and following the publication and conference call, we lower our EBITDA sequence by an average of 25% for 2020-2022. The EBITDA margin this year is likely to fall below that seen in the previous crisis (13.9% vs 15.4% in 2016). Our target price (based on a 2020e EBITDA multiple of 5x) is unchanged, as the expected improvements in cash generation offsets the negative ...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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