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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.
Companies: Tenaris (TEN:BIT)Tenaris S.A. (TEN:MIL)
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
The Q3 19 results were below our estimates due to lower US prices and weaker demand.
Argentina was also subdued due to political uncertainty.
Q4 is set to be in the same vein as Q3.
The margin level remains decent, but will not recover before next year.
Q2 19: fine, impressive cash generation but no over excitement.
Q2 19 in line with guidance
FY19 will be a transitional year, with sales marginally up and very decent margins
Investors are still waiting for a rebound in end-demand
In this “low growth” context, cash generation is impressive, and we expect corporate action
- Q1 19 revenues flat yoy and 11% down sequentially
- H1 19 seen stable, with margins at the current high level
- The cash position has again improved, providing fire-power for M&A, we believe
- No major change to our numbers
Tenaris announced it had entered into a definitive agreement to acquire from PAO TMK, a Russian company and manufacturer of steel pipes, 100% of the shares of its wholly-owned US subsidiary IPSCO Tubulars, Inc., for US$1,209m, on a cash-free, debt-free basis, which includes US$270m of working capital.
Tenaris has just announced that it will form a joint venture with PAO Severstal to build a welded pipe plant to produce OCTG products in the Surgut area, West Siberia, Russia, a US$240m project to be built over two years and in which Tenaris will have a 50% interest.
Tenaris released Q3 18 numbers. Sales reached US$1,899m (+46% yoy, +6% sequentially), EBITDA US$394m (+75% yoy, +8% qoq), operating income US$258m (+227% and +16%) and net result US$247m (vs US$95m and US$166m). Net cash at the end of Q3 18 reached US$408m vs US$423m in H1, US$557m in Q1 and US$680m at year-end 17. In Q4, the group expects to “finish the year strongly with a high level of shipments to the Zohr project and a seasonal increase in sales in Canada, with margins in line with the curr
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Companies: Sylvania Platinum Ltd.
Forecast and valuation update
Companies: IOG PLC
Jubilee today provides an operational update on the ongoing commissioning at the new Inyoni chrome and PGM plants with Jubilee building up to steady state production for nameplate capacity of 1.2Mt chrome concentrate and 44koz PGM production per year. Remember processing chrome creates the upgraded PGM tailings for Jubilee to recover the PGMs (Jubilee being paid a small margin to preconcentrate its own feed) and with the expanded Inyoni there is no need to share the PGM revenues via a JV struct
Companies: Jubilee Metals Group PLC
Last week Tamesis visited a number of Tharisa PLC's assets including the Tharisa Mine and Arxo Metals Beneficiation Site (AMBS) in South Africa and the Karo Platinum Project in Zimbabwe. Overall it was an extremely well received trip with evidence of efficiency improvements at the Tharisa mine, unexpected cash generation from the Vulcan Plant, further cash from the Salene Chrome Plant and, it also impressed on us that the Zimbabwe risk to the build out of Karo is lower than the market perhaps th
Companies: Tharisa Plc
Pantheon Resources announced that it has contracted a rig (the Nabors 105AC) to the Alkaid #2 well, which the company indicated is scheduled to spud in July 2022. The company indicated that if the well is successful, Pantheon Resources will commence a long-term production test and truck and sell the produced oil to a nearby North Slope facility.
Companies: Pantheon Resources plc
RCE-2 well flow test result
Companies: Arrow Exploration Corp.
Chariot has conditionally raised gross proceeds of US$25.5m (before costs), providing the Company with sufficient funds to advance the Anchois Gas Development towards a Final Investment Decision (FID) and to progress its renewable power pipeline. The placing was significantly oversubscribed, highlighting the market's confidence in Chariot's business model and its management team. We maintain our price target at 51p, with the recent rise in the European gas price forward curve offsetting the dilu
Companies: Chariot Limited
Diversified has announced the acquisition of a portfolio of East Texas upstream assets and related facilities from a private seller for US$50m – an attractive 1.4x multiple based on the NTM adjusted EBITDA of US$35m and before any potential synergies. At US$50m, the net purchase price approximates a >PV40 valuation at the effective date and represents an attractive discount of c51% to the estimated PV10 using the NYMEX strip as of the 19 April 2022. The assets include PDP reserves of 18mmboe (11
Companies: Diversified Energy Company PLC
ARC has announced it has signed a JV agreement with Anglo American (LSE:AAL, Market Cap $45bn) over its Zambian licences. This has long been in the offing and we view the terms as advantageous to Arc and a validation of the prospectivity that it (and we) see in its licences. The headline JV payments are staged but could ultimately lead to Anglo owning 70% of the licences, by investing $74m in exploration and paying Arc $14.5m. The licences will be held under a JV which will have an initial ow
Companies: ARC Minerals Limited
Dish of the day
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What’s cooking in the IPO kitchen?
Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th
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Companies: Thungela Resources Limited
Dish of the day
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What’s cooking in the IPO kitchen?
EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more
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Caledonia Mining Corporation delivers high yield exposure to the gold sector with increasing production from the 64% owned Blanket Gold Mine in Zimbabwe. With an improving political situation, Caledonia offers the in-country experience to capitalise on production backed exploration in a significant under-explored African greenstone belt. We value Caledonia on a base case in the region of $233m or £14.85/share, based on a long-term $1,750/oz gold price and assuming a 12% discount rate. With a foc
Companies: Caledonia Mining Corporation PLC
Cenkos:Oil & Gas Sector - 23 May 2022
Companies: FO 88E CHAR DEC EME GTC TRIN WEN