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.
  • TickerTS.
  • ISINLU0156801721
  • ExchangeBuenos Aires Stock Exchange
  • SectorIndustrial Metals & Mining
  • CountryLuxembourg

Analysts

Konrad Ksiezopolski

Ten Square Games: Fishing Clash speeds up

We keep a BUY rating on TEN and lift our FV to PLN 180.5 (from PLN 133) as we upgraded our 2019E/20E revenue forecasts by 24/15% and 2019E/20E net income by 34%/20%, respectively. The main reason behind the clear upgrades is our too conservative approach for 2019 especially in light of the excellent Fishing Clash results, which according to SensorTower in Mar-Apr’19 reached a record high USD 1m on iTunes (vs USD 0.8m in Feb’19) and USD 2m on Google Play (vs USD 1m in Feb’19) each month. The excellent Fishing Clash momentum has been confirmed by TEN’s preliminary 1Q19 revenues at PLN 45.2m vs t...

Preston Caldwell

Morningstar | Tenaris Posts Mixed First Quarter; Our Fair Value Estimate Is Unchanged

Tenaris posted a mixed first quarter, with revenue down 11% sequentially, but adjusted operating margins increased slightly to 13.8% from 13.7% previously. Management issued a cautious outlook for 2019, with flat results in the first half owing to stalling North America activity but perhaps growth in the second half as international activity picks up. Our fair value estimate and no-moat rating are unchanged for now. In the company's largest segment, Tubes, revenue fell 11% due to a 13% decrease in volumes slightly offset by a 2% increase in average selling price. Geographically, the bulk of t...

Preston Caldwell

Tenaris Posts Mixed First Quarter; Our Fair Value Estimate Is Unchanged

Tenaris posted a mixed first quarter, with revenue down 11% sequentially, but adjusted operating margins increased slightly to 13.8% from 13.7% previously. Management issued a cautious outlook for 2019, with flat results in the first half owing to stalling North America activity but perhaps growth in the second half as international activity picks up. Our fair value estimate and no-moat rating are unchanged for now. In the company's largest segment, Tubes, revenue fell 11% due to a 13% decrease ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Nicolas David
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/06/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Nicolas David
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/05/2019

...

Konrad Ksiezopolski

Ten Square Games: Fishing Clash speeds up

We keep a BUY rating on TEN and lift our FV to PLN 180.5 (from PLN 133) as we upgraded our 2019E/20E revenue forecasts by 24/15% and 2019E/20E net income by 34%/20%, respectively. The main reason behind the clear upgrades is our too conservative approach for 2019 especially in light of the excellent Fishing Clash results, which according to SensorTower in Mar-Apr’19 reached a record high USD 1m on iTunes (vs USD 0.8m in Feb’19) and USD 2m on Google Play (vs USD 1m in Feb’19) each month. The excellent Fishing Clash momentum has been confirmed by TEN’s preliminary 1Q19 revenues at PLN 45.2m vs t...

Preston Caldwell

Morningstar | Tenaris Posts Mixed First Quarter; Our Fair Value Estimate Is Unchanged

Tenaris posted a mixed first quarter, with revenue down 11% sequentially, but adjusted operating margins increased slightly to 13.8% from 13.7% previously. Management issued a cautious outlook for 2019, with flat results in the first half owing to stalling North America activity but perhaps growth in the second half as international activity picks up. Our fair value estimate and no-moat rating are unchanged for now. In the company's largest segment, Tubes, revenue fell 11% due to a 13% decrease in volumes slightly offset by a 2% increase in average selling price. Geographically, the bulk of t...

Preston Caldwell

Tenaris Posts Mixed First Quarter; Our Fair Value Estimate Is Unchanged

Tenaris posted a mixed first quarter, with revenue down 11% sequentially, but adjusted operating margins increased slightly to 13.8% from 13.7% previously. Management issued a cautious outlook for 2019, with flat results in the first half owing to stalling North America activity but perhaps growth in the second half as international activity picks up. Our fair value estimate and no-moat rating are unchanged for now. In the company's largest segment, Tubes, revenue fell 11% due to a 13% decrease ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Nicolas David
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/06/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Nicolas David
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/05/2019

...

A director sold 275,000 shares at 251.015MXN and

A director at Tenaris S.A. sold 275,000 shares at 251.015MXN and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/22/2019

The tragedy which struck the Brumadinho complex (state of Minas Gerais in Brazil) belonging to mining giant Vale has radically changed the fundamentals underpinning supply and demand in the iron ore market. Accordingly we are revising up our price scenario for 2019-2021 by 15% on average and are adopting a Neutral recommendation on Rio Tinto (vs Reduce) which has the greatest exposure. We are sticking with our Buy recommendation on ArcelorMittal. - ...

Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/02/2019

La tragédie du complexe minier de Brumadinho (Etat du Minas Gerais au Brésil) appartenant au géant minier Vale change radicalement les fondamentaux offre/demande du marché du minerai de fer. Aussi, nous relevons en moyenne de 15% notre scénario de prix pour 2019/2021e et adoptons une opinion Neutre sur Rio Tinto (vs Alléger) qui y est le plus exposé. Nous maintenons notre Achat sur ArcelorMittal. - ...

Ahmed Ben Salem ...
  • Baptiste Lebacq
  • Jean Sassus
  • Martial Descoutures
  • Pierre Corby
  • Steven Gould
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/02/2018

...

Ahmed Ben Salem ...
  • Baptiste Lebacq
  • Jean Sassus
  • Martial Descoutures
  • Pierre Corby
  • Steven Gould
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/11/2018

...

Thanks to a better fundamental star rating, TENARIS SA sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to TENARIS SA (IT), active in the Steel industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date February 22, 2019, the closing price was EUR 12.04 and its expected value was estimated at EUR 10.89.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

Vallourec SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Vallourec SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Vallourec SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlight...

MarketLine Department

Salzgitter AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Salzgitter AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Salzgitter AG since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlig...

MarketLine Department

The Timken Company - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's The Timken Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by The Timken Company since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. K...

Expert Corporate Governance Service (ECGS)

Tenaris - AGM 06 May 2019

As in previous years, we continue to have concerns regarding the overall governance of the Company. First of all, there is a lack of disclosure regarding executive compensation. Furthermore, we note that non-executives receive a fixed fee that does not appear to be linked with attendance, nor are the meetings and attendance rates at board meetings disclosed. Hence, we recommend shareholders to OPPOSE to ITEM 7 (approval to set the board of directors’ compensation). There is a lack of independent members and gender diversity on the board. ECGS considers 2 of the 11 directors to be independent...

Tenaris – Proxinvest Corporate Governance Rating ® : E

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jérôme VINERIER

Short term view - TENARIS SA : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €12.383, then €11.537. Passing €15.300 would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - TENARIS SA : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 12,383 €, puis 11,537 €. Le franchissement de 15,300 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse court terme - TENARIS SA : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 12,383 €, puis 11,537 €. Le franchissement de 15,300 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - TENARIS SA : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €12.383, then €11.537. Passing €15.300 would question the continuation of the fall.

Jérôme VINERIER

Medium term view - TENARIS SA : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

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