Tenaris : Towards a pause due to weaker momentum in the US market
>Reduce recommendation maintained, target price € 12.3 - We maintain our Reduce recommendation on the stock, momentum in North America is showing signs of stabilisation whilst in South America (Mexico and Argentina) inflections in trends are beginning to feed through (financing problems and a deterioration in the mix respectively). The upturn in the hemisphere remains gradual. Our target price is € 12.3 and remains based on a 2019e EV/EBITDA multiple of 9.9x (average ...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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