Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TENARIS SA. We currently have 6 research reports from 1 professional analysts.
|22Feb17 21:25||MKW||Tenaris Announces 2016 Fourth Quarter and Annual Results|
|31Mar16 21:10||MKW||Tenaris Files Annual Report 2015 and Convenes Annual General Meetings of Shareholders|
|24Feb16 21:31||MKW||Tenaris Announces 2015 Fourth Quarter and Annual Results|
|02Feb16 03:27||MKW||Tenaris Provides Update on Previously Reported Proceedings|
|04Nov15 21:34||MKW||Tenaris Announces 2015 Third Quarter Results|
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Q3 16: not bad, despite a still weak top-line
04 Nov 16
Tenaris released Q3 16 results. Revenues in Q3 reached US$1,049m (-6% qoq, -33% yoy), EBITDA US$154m (+24% qoq, -36% yoy), EBIT US$-14m (vs US$-40m in Q2 and US$-319m in Q3 15) and the net result US$15m (vs US$-9m in Q2 and US$-356m in Q3 15). Net cash at the end of Q3 was US$1.8bn, unchanged on Q2 and US$2.1bn a year ago.
H1 16: still under pressure
04 Aug 16
Tenaris released H1 16 results. Sales reached US$2.378m (-42%, -40% in Q2), EBITDA US$329m (-58%, -53% in Q2), operating income US$2m (vs US$490m) and net income US$19m (vs US$326m). The net cash position at the end of H1 16 was US$1.8bn (vs US$1.9bn in Q1 and US$1.8bn at year-end 2015). The outlook is not exactly rosy very short term, despite the fact that drilling activity in North America seems to have bottomed out. The group expects Q3 sales to continue to be impacted by low volumes and intense price competition while management seems more optimistic about Q4 based on a (non-communicated) order backlog in the Middle East and Asia and a pick-up in America that « should lead to a gradual recovery at the EBITDA level ».
Weak FY15 results and no light in sight
25 Feb 16
Tenaris released FY results. Sales reached US$7.1bn (-31%), EBITDA US$1,255m (-54%), operating income US$195m (-90%) and net income US$-74m vs US$1,181m. Net cash at the end of FY15 amounted to US$1.8bn (vs US$2.1bn in Q3 15 and US$1.3bn a year before). A dividend of US$0.45 will be proposed. In terms of outlook, the group sees another 20% drop in the global OCTG market for FY16 in the absence of a significant improvement in market conditions and further price cuts. It still aims at maintaining its EBITDA marginal at the level seen in Q4 15, i.e. 15.7% (vs 17.7% in FY15).
Q3 15: worse than low expectations
05 Nov 15
Q3 15 results: revenues stood at US$1,559m (-17% qoq, -36% yoy), EBITDA US$240m (-9% qoq, -59% yoy), operating income US$-319m vs US$111m in Q2), net result US$-355m (vs US$66m in Q2 and US$81m in Q3 14). Note Q3 and Q2 15 EBITDA include severance charges of US$38m and US89m respectively. Also note Q3’s operating loss includes a US$400m impairment on the North American business. Net cash at the end of Q3 stood at US$2.1bn (vs US$1.8bn in H1).
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Playing the long term, with short-term risks
16 Feb 17
After the publication of the annual results, we update our view and highlight the key points. Q4 16 key highlights As a reminder, the company reported results 30% below expectations at $400m for Q4 16. By division: 1) In upstream, underlying replacement costs profit came to $400m, vs. a loss a year earlier of $728m and a loss of $224m in Q3 16, reflecting the ongoing lower costs which have benefited from simplifications, efficiencies and lower exploration write-offs. In the US, the loss is still $147m. Production came in at 2.19mbpd, down 5.5% yoy due to disposals and up 1.8% on an underlying basis thanks to ramp-ups. One of the key events during the quarter was the renewal of BP’s onshore concession in the UAE with a 10% interest in the ADCO onshore oil concession. In terms of outlook, production should be higher in 2017 and will depend on the timing of project start-ups, acquisitions, divestments, and OPEC quota. Also the Abu Dhabi concession will be visible as from Q1 17. 2) In downstream, replacement costs profit came to $877m, down from $1.2bn a year ago and $1.4bn in Q3 16. The US division showed a loss of $371m vs a gain of $1.25bn. Non-US Fuel business earnings halved to $417m due to the weaker refining environment as well as the impact from the particularly large turnaround at the Whiting refinery. In lubricants, profit rose to $357m, reflecting the continued strong performance in its growth markets and premium brands as well as simplifications and greater efficiencies. The margin should remain unchanged for Q1 17. 3) Rosneft. Underlying replacement costs profit came to $135m, down from $235m a year ago, affected by the increased government take. Production was at 1.15mbpd, up from 1.03mbpd a year ago. This reflects the completion of the acquisition of Bashneft and Rosneft’s increased stake in the PetroMonagas venture. BP received a dividend of $322m after deduction of the withholding tax, in July 2016. On the Macondo oil spill, the charge taken for the Q4 16 pre-tax was $530m. This reflects BP’s latest estimates for claims including business economic loss. The pre-tax cash outflow on costs related to the oil spill for the full year 2016 was $7.1bn. Cash flow Excluding the Gulf of Mexico payment, the operating cash flow was $4.5bn. Underlying operating cash flow excluding the oil spill-related payment was $17.8bn for the full year. Proceeds during the year and the scrip dividend were not enough to cover capex and the cash dividend. Gearing at the end of the year increased to 27% ($35.5bn debt), in the high range of the group’s target of 20-30%. Organic capital was $16bn, below original guidance of $17bn to $19bn. Capex in 2017 should be close to $16-17bn. Divestment proceeds should be higher in 2017, close to $5bn and then reducing by $2-3bn per year after 2018. The total costs of the Deepwater payment should fall to $2bn in 2018 and then $1bn per year as from 2019. In 2017, this should be close to $5bn. All in all, including the latest acquisitions, cash flow break-even should be close to $60/bbl in 2017.
GMP FirstEnergy ― UK Energy morning research package
17 Feb 17
Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management