Financials Tenaris S.A.

Equities

TEN

LU2598331598

Oil Related Services and Equipment

Market Closed - Borsa Italiana Other stock markets 11:44:59 2024-04-26 am EDT			5-day change	1st Jan Change
15.98 ^EUR	-7.90%		-9.72%	+1.49%

Apr. 26	The BHP-Anglo takeover saga takes an interesting turn
Apr. 26	Mib up; US stocks up after PCE data	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,290	9,617	12,310	20,575	18,388	19,591	-	-
Enterprise Value (EV) ¹	12,578	9,036	12,042	19,886	15,499	15,120	14,409	13,348
P/E ratio	17.9 x	-15.1 x	11.2 x	8.07 x	5.23 x	7.39 x	8.35 x	8.93 x
Yield	3.64%	1.72%	3.93%	-	-	3.63%	3.65%	3.65%
Capitalization / Revenue	1.82 x	1.87 x	1.89 x	1.75 x	1.24 x	1.55 x	1.48 x	1.56 x
EV / Revenue	1.72 x	1.76 x	1.85 x	1.69 x	1.04 x	1.2 x	1.09 x	1.06 x
EV / EBITDA	9.17 x	14.2 x	8.86 x	5.45 x	3.19 x	4.65 x	4.28 x	4.32 x
EV / FCF	10.7 x	6.81 x	-100 x	25.2 x	4.1 x	6.16 x	7.24 x	6.7 x
FCF Yield	9.36%	14.7%	-1%	3.97%	24.4%	16.2%	13.8%	14.9%
Price to Book	1.11 x	0.85 x	1.03 x	-	1.22 x	1.16 x	1.05 x	0.99 x
Nbr of stocks (in thousands)	1,180,537	1,180,537	1,180,537	1,180,537	1,167,889	1,148,339	-	-
Reference price ²	11.26	8.146	10.43	17.43	17.38	17.06	17.06	17.06
Announcement Date	2/19/20	2/24/21	2/16/22	2/15/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,294	5,147	6,521	11,763	14,869	12,604	13,209	12,586
EBITDA ¹	1,372	638.1	1,359	3,648	4,865	3,253	3,363	3,090
EBIT ¹	832.4	-663.1	707.5	2,963	4,316	2,640	2,676	2,479
Operating Margin	11.41%	-12.88%	10.85%	25.19%	29.03%	20.95%	20.26%	19.7%
Earnings before Tax (EBT) ¹	933.7	-619.3	1,243	3,166	4,633	3,144	3,172	2,817
Net income ¹	742.7	-634.4	1,100	2,553	3,918	2,556	2,357	2,175
Net margin	10.18%	-12.33%	16.87%	21.71%	26.35%	20.28%	17.84%	17.28%
EPS ²	0.6300	-0.5400	0.9300	2.160	3.320	2.310	2.043	1.911
Free Cash Flow ¹	1,178	1,327	-120.4	788.8	3,776	2,456	1,991	1,991
FCF margin	16.15%	25.78%	-1.85%	6.71%	25.39%	19.48%	15.07%	15.82%
FCF Conversion (EBITDA)	85.85%	207.96%	-	21.62%	77.61%	75.5%	59.22%	64.42%
FCF Conversion (Net income)	158.58%	-	-	30.89%	96.36%	96.08%	84.5%	91.55%
Dividend per Share ²	0.4100	0.1400	0.4100	-	-	0.6186	0.6233	0.6233
Announcement Date	2/19/20	2/24/21	2/16/22	2/15/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	3,003	2,710	1,754	2,057	2,367	2,800	5,168	2,975	3,620	4,141	4,075	8,216	3,238	3,415	3,442	3,347	3,169	3,303	3,369
EBITDA ¹	338.4	497.4	379	482.6	639	806	1,433	945.6	1,269	1,477	1,409	2,886	972	975.3	987.1	809.3	777.5	843.8	845.8
EBIT ¹	-	183.3	230.9	273.3	495.9	660	1,147	803.1	1,013	1,351	1,278	2,630	867.9	819	811.7	674.9	618	674.6	728
Operating Margin	-	6.76%	13.17%	13.29%	20.95%	23.57%	22.2%	27%	27.98%	32.63%	31.37%	32%	26.8%	23.98%	23.58%	20.16%	19.51%	20.42%	21.61%
Earnings before Tax (EBT) ¹	-	-	384.7	408.4	570.7	754.5	-	779.3	1,061	1,425	1,414	2,839	825	968.9	835.1	764.7	758.7	827	900
Net income ¹	-708	400.3	329.9	370	502.8	636.7	1,139	606.5	807.3	1,129	1,123	2,252	537.3	1,129	737	635	626	680	652
Net margin	-23.57%	14.77%	18.81%	17.99%	21.24%	22.74%	22.05%	20.39%	22.3%	27.25%	27.56%	27.41%	16.59%	33.06%	21.41%	18.97%	19.76%	20.59%	19.35%
EPS ²	-	-	-	0.3100	0.4300	0.5400	-	-	0.6800	-	0.9500	-	0.4600	0.9600	0.6400	-	-	-	0.5500
Dividend per Share ²	-	-	-	0.2800	-	0.1700	-	-	-	-	-	-	-	-	0.1400	0.1400	0.1400	0.1400	0.1400
Announcement Date	8/5/20	8/4/21	11/3/21	2/16/22	4/27/22	8/3/22	8/3/22	11/3/22	2/15/23	4/26/23	8/2/23	8/2/23	11/1/23	2/21/24	4/25/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	712	581	268	689	2,890	4,470	5,182	6,243
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,178	1,327	-120	789	3,776	2,456	1,991	1,991
ROE (net income / shareholders' equity)	6.25%	-5.45%	9.47%	19.7%	25.5%	14.9%	12%	10.4%
ROA (Net income/ Total Assets)	5.11%	-4.44%	7.81%	16%	20.3%	10.7%	10.5%	9%
Assets ¹	14,547	14,279	14,083	16,000	19,316	23,888	22,444	24,164
Book Value Per Share ²	10.20	9.540	10.10	-	14.30	14.80	16.30	17.20
Cash Flow per Share ²	1.300	1.290	0.1000	0.9900	3.720	2.470	2.700	2.290
Capex ¹	350	193	240	378	619	675	650	592
Capex / Sales	4.8%	3.76%	3.67%	3.22%	4.17%	5.35%	4.92%	4.7%
Announcement Date	2/19/20	2/24/21	2/16/22	2/15/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tenaris S.A.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

17.06 USD

Average target price

21.09 USD

Spread / Average Target

+23.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Oil Related Equipment

	1st Jan change	Capi.
TENARIS S.A.	+1.49%	19.59B
YANTAI JEREH OILFIELD SERVICES GROUP CO., LTD.	+11.88%	4.43B
SINOPEC OILFIELD EQUIPMENT CORPORATION	+1.14%	821M
SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG	+3.73%	771M
DRIL-QUIP, INC.	-14.44%	685M
SUZHOU DOUSON DRILLING & PRODUCTION EQUIPMENT CO.,LTD.	-14.96%	631M
JIANGSU RUTONG PETRO-MACHINERY CO., LTD	-22.31%	325M
DYNA-MAC HOLDINGS LTD.	+20.90%	311M
NATURAL GAS SERVICES GROUP, INC.	+47.95%	296M
NEW JCM GROUP CO.,LTD	-30.26%	242M

Oil Related Equipment