Report
Baptiste Lebacq

Tenaris : Surfer sur la vague

>Recommandation Sous-performance et OC 14 € réitérés, d’autres acteurs à jouer - Dans le cadre de notre hiérarchie sectorielle, nous réitérons notre recommandation Sous-performance sur le titre (OC relevé à 14 € vs 13 €). Post publication de résultats et conférence call, nous avons revu à la hausse notre séquence d’EBITDA 2023/25 de 12% en moyenne. Le relèvement plus fort de la séquence des BPA provient d’une moindre pression fiscale ainsi que d’une situation financi...
Underlying
Tenaris S.A.

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Baptiste Lebacq

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