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The Q3 results were very in much in line with our and the market’s expectations. As the group had announced, they show some slowdown compared to H1 at a high level but a return to more solid growth going into FY24. A share buy-back was also announced, but we rather expect the share price to be “dead money” until next year (although we still like the group and its ability to perform).
Companies: Tenaris (TEN:BIT)Tenaris S.A. (TEN:MIL)
AlphaValue
Tenaris released a very strong (albeit expected) set of results for Q2/H1 23. Margins and sales of this kind were last seen in 2006 (!). That said, the momentum is slowing down with the (expected) decrease in the US market. The group argues that a bottoming out will take place in H2. We see a potential weakness of the stock (on momentum) as an opportunity to step in for those who are ready to wait for a few months.
Tenaris posted excellent (consensus-beating) results for Q1 23. This stemmed from still supportive prices (more or less flat on average) but most of all volumes (+16% sequentially despite the high comparison basis). Cash generation was also impressive in the quarter. The outlook calls for a degree of slowdown from this very high level (as expected) but this raises the question of momentum seen from the investors’ point of view. We will revise our forecasts a tick upwards.
Tenaris released a rather impressive set of results for FY22. The outlook is very supportive, with prices seen as “stabilising” at the current high level, while EMEA should grow in volume. The net cash position increased a tick despite a massive working capital build-up, comforting the group’s acquisition strategy. We will upgrade our numbers again.
Q3 22 results were solid, mainly due to prices. The group’s EBITDA margin was above targets and reached 32%. The current energy crisis certainly supports investments in the group’s end-markets. The outlook of the group is supportive for Q4 22 and going into FY23. We will revise our forecasts upwards, at least for the current year, but most likely also going forward.
The Q2 22 results were very solid. Both volumes and prices were well oriented. The outlook is supportive. Current high energy prices can only support this view. We will upgrade our numbers after this release, with a potential impact on the valuation.
Companies: Tenaris S.A. (0HXB:LON)Tenaris S.A. (TEN:MIL)
The Q1 22 results were very solid. Both volumes and prices were well oriented. The outlook is supportive. Current high energy prices can only support this view. We will upgrade our numbers and target price after this release.
The FY21 numbers came in higher than expectations. The recovery in drilling activity and OCTG prices in North America explain this performance. The EBITDA margin is still on the rise despite higher input costs. The net result is also boosted by the contributions from Ternium and Usiminas (steel makers, not consolidated). Overall, a solid set of numbers and a reasonably positive outlook. We will revise our numbers and valuation upwards after our target price has been reached.
Rather strong revenue and profit numbers for Q3 21, despite higher energy and freight costs. The cash consumption was high, mainly due to WC build-up. The DoC opened an investigation into imports from Argentina, Mexico and Russia, which could possibly weigh on Tenaris as it partly exports from South America to the US (on top of its US production). We will fine-tune our numbers and valuation. Our recommendation probably needs to turn positive again after our target price has been reached.
H1 21 sales supported by North and South America The momentum is slowed by the Middle East and Africa, as expected The group’s margins (EBITDA) are improving and should reach 20% for the full year The cash position remains high despite a higher working capital We will fine-tune our forecasts on this decent set of results
The Q1 21 results came in broadly in line with expectations The outlook calls for a further recovery in sales and margins Higher prices should compensate for higher input costs We will fine-tune our forecasts on the back of this release
The FY20 results came in slightly above consensus Cost-cutting has done the job, waiting for the top line to gradually recover in FY21 The outlook is encouraging at the margin level and should positively impact margins going forward We will upgrade our forecasts and valuation after this release
Revenues in Q3 were weak as announced They still show a sequential improvement Cost-cutting is paying off, mitigating the fall in volumes and prices The trough could be behind with a reasonably optimistic outlook
Companies: Tenaris S.A.
Q2 was weak as expected due to oil prices and the pandemic The outlook for Q3 is very cautious In particular, America remains a concern given the group’s geographic exposure We will revise downwards our forecasts for the current year at least
FY19 results were a bit lower than expected Q1 20 should be in the same vein as Q4 19, i.e. below FY20’s expected margin The integration of Ipsco (US) will provide some room for extra profits thanks to synergies FY20 should show a moderate growth in earnings We will revise our forecasts most likely with no big change in our target price
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tenaris S.A.. We currently have 0 research reports from 3 professional analysts.
NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat
Companies: NextSource Materials Inc
Capital Access Group
Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost
Companies: Falcon Oil & Gas Ltd.
Cavendish
Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten
Companies: Beowulf Mining PLC
Alternative Resource Capital
Companies: FOG PHC FEN BBSN ELIX
• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril
Companies: SINTANA ENERGY
Auctus Advisors
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Companies: Touchstone Exploration Inc
Shore Capital
Companies: Ferrexpo plc
Liberum
Companies: AURA OMI AAL KAV POW BMN EST SVML
SP Angel
Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August
Companies: Jubilee Metals Group PLC
WHIreland
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.
Companies: Adriatic Metals Plc Shs Chess Deposit Interests Repr 1 Sh
Tamesis Partners
Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.
Companies: Alien Metals Ltd
I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward
Companies: i3 Energy Plc
Zeus Capital
Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.
Companies: Jersey Oil & Gas PLC
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