Tenaris : The Americas set to weigh on H2 2023
>Underperform rating maintained (TP of € 14) - Following the publication and conference call, we adjusted our EBITDA sequence upwards by an average of 5% (given better margin resilience than anticipated in Q2 2023 in particular) and we reiterate our Underperform recommendation on the stock. The downside may seem limited (5%), but the other players in the " tube and drilling equipment segments " segment (Vallourec and Schoeller Bleckmann) harbour average upside of nea...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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