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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

Post by Mediawatcheron Feb 18, 2020 8:38pm
240 Views
Post# 30705809

Why Consolidation Will Happen

Why Consolidation Will HappenHi All,

Those who invested in reading the article I recently provided the link to will know that consolidation is inevitable in Canada.  Toronto neither needs nor can sustain 4 daily newspapers and that's been a fact for over a decade.  Postmedia bought Sun Media and has done some consolidation in cities where the broadsheets competed with the tabloid, but there are still additional rationalization opportunities in Canada.  Torstar in the usual tradition botched their deal with Postmedia, but they got a taste of the art of the possible.

When someone like Golden Tree looks at Canada they see the land of opportunity and Fairfax as an ideal partner.  Their significant shared interests in Torstar and Postmedia makes the current Torstar share price ridiculous.  Think of the approximate value of Torstar as follows:

VS - $125 million
Metroland Media - $75 million
Dailies including the Star - $75 million
Blue Ant, Black Press - $20 million
Cash - $55 million
Total Value - $350 million 

This is why the Voting Trust isn't panicking because they haven't completely squandered the inherited fortune.  They certainly have destroyed massive amounts of shareholder value, but they know in the absence of debt they still have some time before they are deemed mentally incompetent and are shown the door.

The share value should be north of $4 if the organization was run by executives who don't share the same management skills as chimpanzees on crack.  Time will resolve this, but $.44 does not reflect the reality of the value of the company.  That presents a buying opportunity for investors who can be patient.

MW



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