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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 Nov 21, 2018 7:58pm
100 Views
Post# 29007713

RE:Market cap

RE:Market capHi FLG,

I have it closer to $71 million, so the Bridal Path home will have to be more of a fixer-upper....

There is absolutely no doubt that cleaning house will be in order when a new owner assumes control of Torstar.  It is like Harold Ballard has been running Torstar for the last 20 years and no one should be surprised by the results.  There is a fundamentally good business with good people working in the trenches, but there are too many levels and too many people running around in tiny circles accomplishing nothing if we are lucky.

I say lucky because I will go back to my favourite Harold Ballard example - VertigoScope.  The Board invested $180 million in a business that has done nothing but increases its debt level and destroys shareholder value.  Debt net of cash on December 31, 2015, was $120 million.  Less than three years later it was $173 million.  In the meantime, total equity has shrunk from $205 million on December 31, 2016, to $169 million on September 30, 2018.  The total comprehensive loss for year-end 2018 I would estimate at $35 million.  Tell me how you take $180 million and produce those kinds of results?

They could have paid every shareholder $2.20 per share with this money.  Instead, they flushed it down the same drain they have used with every discretionary investment.  That's why the shares are heading towards  $.50 and the Voting Trust is headed towards the trashcan of corporate history.  
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