Report
Baptiste Lebacq

Tenaris : L’Egypte ou le nouveau rêve américain

>Opinion prudente maintenue OC ajusté à 13.3 € - Nous maintenons notre recommandation prudente sur le titre. Jusqu’ici le marché du shale américain était le vecteur de la reprise de l’activité, cependant les problèmes d’infrastructures du bassin du Permian pèsent sur la dynamique, le salut vient de l’Egypte et des livraisons sur Zohr. La reprise du côté du forage offshore, quant à elle, se fait toujours attendre. Nous avons marginalement ajusté notre séquence de BPA s...
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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