Slightly Increasing Tenaris FVE on Updated Outlook; Company Looks Very...

We have fully updated our outlook on Tenaris and the global oil country tubular goods, or OCTG, industry, and we are slightly increasingly our fair value estimate to $26 per share from $25. The higher fair value estimate comes from a more accelerated view on the pace of recovery of volumes and pricing in OCTG markets. The company’s no-moat rating remains in place. More importantly, we are reiterating with strong conviction our view that Tenaris is highly overvalued: The company’s shares are ...