Tenaris S.A. ADS

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

Analysts

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

Preston Caldwell

Morningstar | Tenaris Has Strong Results Again in 4Q Owing to Higher Tube Volume

Continuing the trend of the past several quarters, Tenaris had a strong fourth quarter, with revenue increasing 11% sequentially and adjusted operating margin improving to 13.7% from 13.6% previously (after accounting for a one-time amortization charge). Our fair value estimate and no-moat rating are unchanged. We think that Tenaris is already near its long-term profitability plateau. After a steep share price decline since mid-2018, the market now agrees with our view, and the shares appear fairly valued. In the tube segment (about 95% of company revenue), revenue increased 10% sequentially ...

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 ...

Preston Caldwell

Morningstar | Tenaris Has Strong Results Again in 4Q Owing to Higher Tube Volume

Continuing the trend of the past several quarters, Tenaris had a strong fourth quarter, with revenue increasing 11% sequentially and adjusted operating margin improving to 13.7% from 13.6% previously (after accounting for a one-time amortization charge). Our fair value estimate and no-moat rating are unchanged. We think that Tenaris is already near its long-term profitability plateau. After a steep share price decline since mid-2018, the market now agrees with our view, and the shares appear fairly valued. In the tube segment (about 95% of company revenue), revenue increased 10% sequentially ...

Preston Caldwell

Tenaris Has Strong Results Again in 4Q Owing to Higher Tube Volume

Continuing the trend of the past several quarters, Tenaris had a strong fourth quarter, with revenue increasing 11% sequentially and adjusted operating margin improving to 13.7% from 13.6% previously (after accounting for a one-time amortization charge). Our fair value estimate and no-moat rating are unchanged. We think that Tenaris is already near its long-term profitability plateau. After a steep share price decline since mid-2018, the market now agrees with our view, and the shares appear fai...

Preston Caldwell

Morningstar | TS Updated Forecasts and Estimates from 23 Jan 2019

Tenaris had a solid third quarter, with revenue up 6% sequentially and adjusted operating margin improving to 13.6% from 12.4%. Tubes segment volumes were up just 2%, but the company benefited from a robust increase in operating income per ton to $273 from $236 previously, driven by higher pricing in the U.S. oil country tubular goods market. Our fair value estimate and no-moat rating remain unchanged for now. Higher U.S. OCTG market pricing has been the result of the tariffs and quotas applied by the U.S. on steel products. Total U.S. imports of OCTG fell 50% in the third quarter versus the ...

Preston Caldwell

Morningstar | Tenaris Has Solid 3Q Due to U.S. Pricing Uplift; Shares Have Nearly Converged to Our FVE

Tenaris had a solid third quarter, with revenue up 6% sequentially and adjusted operating margin improving to 13.6% from 12.4%. Tubes segment volumes were up just 2%, but the company benefited from a robust increase in operating income per ton to $273 from $236 previously, driven by higher pricing in the U.S. oil country tubular goods market. Our fair value estimate and no-moat rating remain unchanged for now. Higher U.S. OCTG market pricing has been the result of the tariffs and quotas applied by the U.S. on steel products. Total U.S. imports of OCTG fell 50% in the third quarter versus the ...

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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