Tenaris : Towards a pause in 2019
>Reduce recommendation maintained, target price adjusted to € 12.3 - We maintain our Reduce recommendation on the stock. FY 2019, at the start of the year, appears set to mark a pause after sales growth of almost 80% since the low point of 2016. This stabilisation of the top line offers few levers for growth in the EBITDA margin. After adjustments to our earnings estimates, our target price is € 12.3 and remains based on a 2019e EV/EBITDA of 9.9x (average of the last...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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