Tenaris : Vers une pause sur 2019
>Opinion Alléger maintenue OC ajusté à 12.3 € - Nous maintenons notre recommandation Alléger sur le titre. L’exercice 2019, en ce début d’année, semble marquer une pause après une croissance des ventes de près de 80 % depuis le point bas de 2016. Cette stabilisation top line offre peu de leviers du côté de la hausse de la marge d’EBITDA. Après ajustements de notre séquence de résultats notre OC ressort à 12.3 € et reste basé sur un multiple de VE/EBITDA 2019 de 9.9x ...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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