Report
Baptiste Lebacq

Tenaris : Une marge qui semble déjà sur ses plus hauts

>Opinion Sous-performance (OC 11 € vs 8.3 €) - Dans le cadre de notre hiérarchie sectorielle, nous réitérons notre recommandation sous performance sur le titre (OC ajusté à 11 € suite au relèvement de notre séquence d’EBITDA de 12 % en moyenne à la suite de la publication des résultats 2021). Notre séquence d’EPS a été revue plus fortement à la hausse afin d’intégrer les meilleures contributions en provenance d’Usiminas et de Ternium. Nous privilégions dans le se...
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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