Event in Progress:
Discover the latest content that has just been published on Research Tree
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.
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
Zeus Capital
i3 Energy has announced that it has refinanced its Trafigura straight-line amortising facility with a traditional RBL facility provided by a Canadian chartered bank. We believe that i3 Energy's shareholders stand to benefit considerably from the restructured balance sheet because it is significantly better adapted to the company's needs, in our opinion. We believe the new RBL facility will free funds for growth and provide better long-term balance sheet stability, while significantly reducing in
Companies: i3 Energy Plc
WHIreland
i3 has announced a refinancing of its C$75m Trafigura debt facility, increasing liquidity for the company to pursue further growth initiatives. i3 has also announced its end 2023 reserves update, showing significant replacement of production during the year.
Diversified Energy, Touchstone Exploration, Savannah Energy, Chariot, Plexus Holdings, Energean, Gulf Keystone Petroleum, PetroTal Corp, Ithaca Energy, Pantheon Resources, Serinus Energy, Angus Energy, Aker BP, Equinor, BlueNord ASA, Invictus Energy Source: FactSet, weekly change 18/03/24-22/03/24 Oil edged lower to settle below $81 a barrel after a stronger dollar curbed investor appetite for commodities, offsetting signs of a tighter global crude market. Refined product supplies are looking m
Companies: TXP POS SAVE DEC CHAR
Cavendish
Companies: Good Energy Group PLC
Canaccord Genuity
Companies: FOG PEB KBT EMR TIME GETB JNEO
Results demonstrate Bretana cash flows that allow growth CAPEX and dividends. PetroTal has produced a solid set of 2023 results. These show the cash flow generating capability of the company’s Bretana field in Peru, which enables PetroTal to both expend growth CAPEX while also making material returns to shareholders.
Companies: PetroTal Corp.
The company's business structure is evolving and diversifying into several compelling and complementary businesses. The opportunistic, potential sale of its producing shallow assets would represent a significant change and the company's openness to realise value from that sale speaks to the company's prioritisation of shareholder interests and shareholder value creation. The current year will be significant for many of the company's growth businesses as they establish their first significant com
Companies: Caspian Sunrise PLC
• YE23 2P reserves were estimated at 11.8 mmboe, including 0.7 mmboe for Canada and 4.6 mmboe non-core, leaving 6.5 mmboe for the company’s core Colombian assets. This compares with 2.1 mmbbl at YE23 plus 3.9 mmbbl for Carrizales Norte reported in September for a total of 6 mmbbl. Adding back 0.6 mmbbl (net) produced at Tapir in 2023 suggests that Arrow has added 1.1 mmbbl at its core Colombian assets since the latest reserve reports (September 2023 for Carrizales Norte and YE23 for the other a
Companies: Arrow Exploration Corp.
Auctus Advisors
Companies: Diversified Energy Company PLC
Tennyson Securities
Central Asia Metals (CAML LN) reported full year earnings with net revenue of US$197m down 12% YoY (-1% against VSA estimate) owing to lower commodity prices and modestly lower output albeit comfortably within guidance. EBITDA of US$97m was down 27% YoY marginally below our estimate as the lower top line combined with inflationary pressure. However, group COGS ex-D&A increased 8% YoY, far lower than in-country inflation. A flagged increase in taxation in Kazakhstan meant that net income was US$3
Companies: Central Asia Metals Plc
VSA Capital
Companies: PMG DUKE CMCL BOOM
• FY23 production, YE23 net cash and YE23 reserves and resources had been reported previously. • The FY24 production guidance of 21.5-24.5 mbbl/d with US$205-235 mm opex and US$135-155 mm capex has been re-iterated. • Current production continues to be high, with average production for the first half of March of ~23,000 bbl/d, including ~7.9 mbbl/d for Jasmine, 7.2 mbbl/d for Nong Yao, 2.9 bbl/d for Manora and 4.9 mbbl/d for Wassana. Production at Wassana is particularly high. • Valeura will als
Companies: Valeura Energy Inc.
Companies: FOG TND BVXP ACC HDD
Companies: Zephyr Energy PLC
Turner Pope Investments
Share: