Tenaris publishes strong growth in quarterly numbers and flies to Piazza Affari. At the end of the morning, the stock gained more than 7%, to 12,7 euros, achieving the best increase on the Ftse Mib.
The group's turnover in the third quarter was 1,3 billion dollars, +32% over the year and +5% over the quarter, in line with the consensus of analysts, while the ebitda (+12% over the quarter at 225 million ) narrowly beat estimates (224 million) thanks to lower costs. Above all, the net profit was surprising, amounting to 105 million dollars, well above the 59 million expected thanks to lower amortization and depreciation (146 million against 180) and the higher result of equity investments and lower taxes.
Net cash was 974 million against the consensus of 950. Tenaris also approved the payment of an interim dividend of 0,13 dollars per share equal to 153 million dollars. Equita points out that the quarter is better than expected: "We expect the results to have positive implications for the stock - they write - also in light of the fact that the third quarter was influenced by the impacts of hurricane Harvey".
Even the analysts of another primary Milanese sim underline that the data have exceeded their estimates and have improved the 2017 net profit forecasts by 17% and 2018 and subsequent years by 8%, also raising the target price to 15 euros.
Furthermore, Tenaris' prospects are also positive: the group expects sales in America to continue to grow. Ebitda should improve (Equita estimates an Ebitda in the fourth quarter of around 300 million or +30% quarter on quarter), with margins that should benefit from greater plant utilization and the containment of fixed costs.
