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).
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
South Disouq spuds
20 Mar 17
SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.