Tenaris S.A. ADS

  • TickerTS
  • ISINUS88031M1099
  • ExchangeNew York Stock Exchange
  • SectorIndustrial Metals & Mining
  • CountryLuxembourg

Analysts

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

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 ...

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 ...

Preston Caldwell

Morningstar | Tenaris Proposes Acquisition of IPSCO Tubulars; Our Fair Value Estimate Is Unchanged for Now

OCTG producer Tenaris has entered into an agreement to acquire IPSCO Tubulars, which is composed of the U.S. operations of Russia-based OCTG producer TMK. With a purchase price of $1.2 billion, this is a moderately sized acquisition for Tenaris (which has a current market cap of about $17 billion). The acquisition would boost Tenaris' total OCTG capacity by about 20% (although only 9% for higher-margin seamless pipes). Although we aren't updating our fair value estimate of $27 per share yet, we may revise it up in the range of $0.25 to $0.50 per share after reviewing the deal terms in more de...

Preston Caldwell

Tenaris Proposes Acquisition of IPSCO Tubulars; Our Fair Value Estimate Is Unchanged for Now

OCTG producer Tenaris has entered into an agreement to acquire IPSCO Tubulars, which is composed of the U.S. operations of Russia-based OCTG producer TMK. With a purchase price of $1.2 billion, this is a moderately sized acquisition for Tenaris (which has a current market cap of about $17 billion). The acquisition would boost Tenaris' total OCTG capacity by about 20% (although only 9% for higher-margin seamless pipes).  Although we aren't updating our fair value estimate of $27 per share yet, we...

Preston Caldwell

Morningstar | Tenaris Remains Global Oil Country Tubular Good Leader

With a disciplined pursuit over two decades, Tenaris has established itself as the premier provider of OCTG, the steel tubing used to construct oil and gas wells. The company has ably positioned itself to become the overall market share leader. Low-cost yet high-quality production facilities, such as in Tenaris’ Mexico operations, enable the company to profitably supply OCTG in most world markets, including the crucial U.S. market. Furthermore, Tenaris has carved out a leading position (matched only by rival Vallourec) in the high-end portion of the OCTG market. Investors should take care not ...

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

ValuEngine Rating and Forecast Report for TS

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 03/05/2017

This year as in previous years we continue to have concerns regarding the overall governance of the Company.Notably, there is an absence of disclosure regarding executive compensation. Furthermore, we note that non-executives receive a fixed sum that does not appear to be linked with attendance, nor is attendance at board meeting disclosed coupled with the substantial increase in board fees proposed for 2017 leads us to oppose setting board fees in Resolution 7.Moreover, regarding the overall corporate governance of the Company, our concerns include, the absence of a single independent directo...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Short Shots: Technically Vulnerable Stocks

Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.

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