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Tenaris ADR Rep 2 Ord Shs T.TS.B


Primary Symbol: TS

Tenaris S.A. is a holding company, which is a steel producer with production facilities in Mexico, Argentina, Colombia, United States and Guatemala. The Company supplies round steel bars and flat steel products for its pipes business. It operates through Tubes business segment. The Tubes segment includes the production and sale of both seamless and welded steel tubular products, and related services primarily for the oil and gas industry, principally oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that include in the transformation of steel into tubular products. It operates in geographical areas, such as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Its products and services include OCTG, Premium Connections, Rig Direct, Offshore Line Pipe, Onshore Line Pipe, Hydrocarbon Processing, Power Generation, Sucker Rods, Coiled Tubing, Industrial and Mechanical, and Automotive.


NYSE:TS - Post by User

Comment by Mediawatcheron Feb 21, 2018 12:02am
114 Views
Post# 27592018

RE:RE:RE:RE:Why Fairfax will prevail

RE:RE:RE:RE:Why Fairfax will prevailHi greybeard,

I personally place very little value in what the bank analysts have to say about Torstar because they have completely lost interest in newspaper companies and Torstar is a leader in the disappointment department. When you see 95% value destruction without any substantive change in leadership the analyst community writes you off as hopeless. 

Case in point - the $40 million not so effectively dribbled away on Star Touch could have doubled the dividend to $.20 over the next 5 years. What would be the theoretical implications for the share value at that dividend level?  Somewhere in the $3 range would be my estimate, but again it points to to a lack of logical analysis around business opportunities and disdain for shareholders. A tablet application never made any sense and yet they wasted $40 million in the pursuit of the next magic bullet. Even Godfrey told them it was a bad idea which tells you how bad it was. 

They will return to a paywall at the Toronto Star arguing that is the only way to sustain good journalism. It failed a few years ago because they fail to grasp the fundamentals of consumer reality and I see no evidence with the current publisher that is going to change.

Here is the secret formula - create compelling content that consumers are prepared to pay for.  Tabloid journalism and the crime blotter can be easily satisfied with any number of websites.  The Star has to actually provide the best information in the GTA to make the paywall work. It means attracting and retaining the best journalists in the country and having an editor-in-chief who can lead the best newsroom in the country. I don’t think the current publisher has the faintest idea about this concept. 

I would also also say that B shareholders aren’t going to get a special wink and a nudge before Fairfax makes its move. I agree with your strategy of continuing to add to your position as the upside far outweighs the limited downside. When Fairfax makes its offer the opportunity will be gone and those who waited for the perfect buying opportunity will kick themselves. 
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