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.
Companies: Tenaris (TEN:BIT)Tenaris S.A. (TEN:MIL)
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
Tenaris released H1 18 numbers. Sales reached US$3,655m (+52%), EBITDA US$717m (+80%), operating income US$435m (vs US$88m) and net result US$403m (vs US$280m). As a reminder, net come was boosted in Q1 17 by the US$92m capital gain from the sale of Conduit and a positive income tax. Net cash at the end of H1 18 reached US$423m vs US$557m in Q1 and US$680m at year-end 2017. Looking into H2, the group anticipates similar shipments volume-wise (higher in North America and lower in the Mediterranea
Tenaris released Q1 18 numbers. Sales reached US$1,866m (+62%), EBITDA US$354m (+79%), operating income US$212m (vs US36m) and net result US$235m (vs US$206m). Net come was boosted in Q1 17 by the US$92m capital gain from the sale of Conduit and a positive income tax. Net cash at the end of Q1 18 reached US$557m vs US$1.65bn a year before and US$680m at year-end 2017. The group anticipates shipments in the quarters to come to be lower, but sales and margins should benefit from price increases co
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Jubilee today announce the full year results for FY 2021 ending in June 21. It was a year of continued progress with revenues up 143% to £133m (from FY 2020), adjusted PBT up 324% to £52m and eps up 93% to 1.8p/sh – an extraordinary year – but still only the beginning of the progression in our view. Continued developments in South Africa have led to a fully flexible chrome and chrome tailings solution at Inyoni. Supply from a wide variety of sources (Run-Of-Mine, new tailings from own operati
Companies: Jubilee Metals Group PLC
Friday's market sell off saw some violent downward moves in many stocks with little initial differentiation between sectors or the key drivers of businesses, creating significant share price drops in a number of higher quality or uncorrelated names. We take a look at some stocks we believe have either seen an unwarranted sell-off, have seen weakness go under the radar or where there is now a more attractive opportunity.
Companies: ANX IBPO CYAN SOM EQT AFM
Phoenix copper today announces an update on its deep drilling program below the proposed Empire oxide open pit resource and into the deeper sulphide zone. Phoenix is roughly 1/4 the way through a 4,500m drilling programme and has once again shown that high-grade zones of copper, zinc and lead sulphide mineralisation exist, nearly always associated with gold and/or silver and often with elevated concentrations of tungsten and molybdenum.
Companies: Phoenix Copper Ltd. (United Kingdom)
Savannah today announces that it is amicably terminating its JV arrangement with Rio Tinto over the Mutamba Minerals Sands project in Mozambique. Savannah has been paid $9.5m (which translates into 0.4p/sh) in cash to relinquish the 20% it has earned in the project and will cease all activity in country. All staff will transfer to Rio Tinto.
Companies: Savannah Resources Plc
Across a broader market sell off EQTEC have shown resilience and is trading at 1.55p, above its placing in May, up 25% from one month ago.
Companies: EQTEC PLC
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What’s cooking in the IPO kitchen?
Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
Companies: ADBE ADBE SYM ARC AVCT CMCL CLIN DCTA FRAN OSI
SolGold (“SOLG”) has published the first partial assay results from its drilling programme at the Varela target on the Rio Amarillo concession, 35km from the flagship Cascabel project. Hole 1 has been assayed to a depth of 1,052m, revealing an intercept of 72m @ 2.16 g/t Au from 639.7m, including 24m @ 5.77 g/t Au. More interestingly assay results are pending from 1,052m to 1,708.1m (EOH) where free gold and porphyry mineralisation have been identified. Intersections of porphyry style mineralisa
Companies: SolGold Plc
West Newton planning update
Companies: Union Jack Oil Plc
Savannah Resources has sold its interest in the Mozambique mineral sands project (Mutamba) to JV partner Rio Tinto for $9.5m in cash. The payment has already been made to one of Savannah’s UK subsidiaries.
Given Barroso’s importance and capital requirements over the coming months, we view this as very good news. It allows management to dedicate all its time to Barroso and reduces future SAV equity dilution. Despite the strong lithium price and exceptional performance of ASX and TSX lithium sto
Shanta Gold (AIM: SHG), the East Africa-focused gold producer has today announced a drilling update on its West Kenya Project (WKP) based on its Phase 2 drilling program which aims to infill 17 modelled zones across both Isulu and Bushiangala deposits up to 450-500m below surface. The Company has also reported drilling results from a regional exploration target, Ramula, where assays have been received from the first of 12 holes drilled, as part of the resource drill-out programme, totalling 451m
Companies: Shanta Gold Limited
Trinity has received FDP approval from the Ministry of Energy and Energy Industries (MEEI) for the Phase 1 development of the Galeota licence. The submitted development plan has the potential to add additional peak production of c4,000 bopd; however more recent modelling suggests that intra-year peak production could be significantly higher, up to 7,000 bopd. Whilst the current development concept comprises the installation of a low-cost eight well platform (Echo), we note that Trinity is also w
Companies: Trinity Exploration & Production Plc
European gas prices are never far away from the headlines at the moment, although Parkmead’s results to end-June did not capture this surge in prices – that is yet to come. Parkmead is well placed to benefit from the current strength in European gas prices, while the potential for another commodity super-cycle suggests there is further progress to come on its major GPA oil project. A strong net cash position also puts it in the driving seat for potential acquisitions.
Companies: Parkmead Group PLC
Atlantic Lithium* (ALL LN) – Shareholders approve demerger of gold assets
Castillo Copper (CCZ LN) – Extension of options to acquire the Litchfield and Picasso lithium projects
Cornish Lithium (Private) – $18m funding package secured from TechMet
Hochschild (HOC LN) – Shares rise as government appears to back away from closure plans
Hummingbird Resources (HUM LN) – Updated mineral reserves extend Yanoflila LOM and delivers maiden estimate at Kouroussa
Phoenix Copper* (PXC LN) – Deep drilli
Companies: HOC HUM PXC PREM CCZ ALL
Q3 2021 results; new Romania drilling planned
Companies: Serinus Energy plc
Companies: Atlantic Lithium Limited.