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    Kevin Roger

    Senior Equity Analyst at Kepler Cheuvreux

    Kevin Roger is a Senior Equity Analyst at Kepler Cheuvreux, specializing in the coverage of European industrial and technology companies, with a particular focus on firms such as GTT. He is recognized for his in-depth research and timely investment calls, contributing to Kepler Cheuvreux’s strong presence in European small and mid-cap equity analysis. Roger joined Kepler Cheuvreux after building his sector expertise over several years and has established a track record in providing actionable insights for institutional investors. His professional credentials and ranking metrics reflect his reputation within the European equity research community.

    Kevin Roger's questions to TENARIS (TS) leadership

    Kevin Roger's questions to TENARIS (TS) leadership • Q2 2025

    Question

    Kévin Roger requested a revenue sensitivity for Mexico to gauge the potential upside from a Pemex recovery and asked about Tenaris's available seamless capacity in the U.S. to potentially relocate production from Mexico or Canada.

    Answer

    Chairman & CEO Paolo Rocca indicated Mexico's potential by comparing the current 24 active rigs to past levels of 45-50. Regarding capacity, he clarified that the primary U.S. imports are essential steel bars to feed its mills, not finished products that could be easily relocated, as U.S. facilities are meant to be complemented by, not replace, these imports.

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    Kevin Roger's questions to TENARIS (TS) leadership • Q4 2024

    Question

    Kevin Roger asked for specifics on the potential U.S. tariff impact, including what percentage of steel billets are outsourced and could be affected. He also questioned whether removing quotas under Section 232 would allow Korean producers to increase imports. Lastly, he asked for the current level of receivables from Pemex.

    Answer

    Chairman and CEO Paolo Rocca explained that Tenaris has diverse steel sources, including its own U.S. production and imports from various countries, making them comfortable with their supply chain. He expressed confidence that the U.S. administration would prevent a flood of imports from Korea or others. Regarding Pemex, he stated that Tenaris is actively reducing its exposure and generated significant cash flow from this effort, mentioning a reduction of around $140 million in the quarter.

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