Report
Baptiste Lebacq

Tenaris : Un marché très dynamique

>Opinion prudente maintenue - Dans le cadre de notre hiérarchie sectorielle, nous réitérons notre recommandation Sous-performance sur le titre (OC relevé à 13 € vs 11 € avant). Post publication de résultats et conférence call, nous avons revu à la hausse notre séquence d’EBITDA 2022/24 de 22 % en moyenne afin d’intégrer une reprise des fondamentaux plus forte qu’escompté. Le relèvement plus fort de la séquence des BPA provient d’une moindre pression fiscale. Nous pri...
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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