Financials Tenaris S.A.

Equities

TEN

LU2598331598

Oil Related Services and Equipment

Real-time Borsa Italiana Other stock markets 04:54:09 2024-05-17 am EDT			5-day change	1st Jan Change
16.1 ^EUR	+0.22%		+0.91%	+2.29%

May. 14	Anglo-BHP takeover saga is full of twists and turns
May. 14	Lists expected unchanged ahead of opening	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,290	9,617	12,310	20,575	20,296	20,024	-	-
Enterprise Value (EV) ¹	12,578	9,036	12,042	19,886	17,406	15,988	15,167	14,200
P/E ratio	17.9 x	-15.1 x	11.2 x	8.07 x	5.23 x	8.83 x	8.95 x	9.1 x
Yield	3.64%	1.72%	3.93%	-	-	3.66%	3.71%	5.75%
Capitalization / Revenue	1.82 x	1.87 x	1.89 x	1.75 x	1.37 x	1.58 x	1.58 x	1.59 x
EV / Revenue	1.72 x	1.76 x	1.85 x	1.69 x	1.17 x	1.26 x	1.2 x	1.13 x
EV / EBITDA	9.17 x	14.2 x	8.86 x	5.45 x	3.58 x	5.04 x	4.78 x	4.59 x
EV / FCF	10.7 x	6.81 x	-100 x	25.2 x	4.61 x	7.14 x	8.32 x	7.24 x
FCF Yield	9.36%	14.7%	-1%	3.97%	21.7%	14%	12%	13.8%
Price to Book	1.11 x	0.85 x	1.03 x	-	1.22 x	1.12 x	1.07 x	1.01 x
Nbr of stocks (in thousands)	1,180,537	1,180,537	1,180,537	1,180,537	1,167,889	1,146,391	-	-
Reference price ²	11.26	8.146	10.43	17.43	17.38	17.47	17.47	17.47
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	12,663	12,682	12,571
EBITDA ¹	1,372	638.1	1,359	3,648	4,865	3,170	3,171	3,093
EBIT ¹	832.4	-663.1	707.5	2,963	4,316	2,538	2,484	2,463
Operating Margin	11.41%	-12.88%	10.85%	25.19%	29.03%	20.04%	19.58%	19.59%
Earnings before Tax (EBT) ¹	933.7	-619.3	1,243	3,166	4,633	2,746	2,806	2,746
Net income ¹	742.7	-634.4	1,100	2,553	3,918	2,249	2,210	2,183
Net margin	10.18%	-12.33%	16.87%	21.71%	26.35%	17.76%	17.43%	17.37%
EPS ²	0.6300	-0.5400	0.9300	2.160	3.320	1.977	1.952	1.920
Free Cash Flow ¹	1,178	1,327	-120.4	788.8	3,776	2,238	1,824	1,960
FCF margin	16.15%	25.78%	-1.85%	6.71%	25.39%	17.68%	14.38%	15.6%
FCF Conversion (EBITDA)	85.85%	207.96%	-	21.62%	77.61%	70.6%	57.51%	63.39%
FCF Conversion (Net income)	158.58%	-	-	30.89%	96.36%	99.54%	82.51%	89.79%
Dividend per Share ²	0.4100	0.1400	0.4100	-	-	0.6400	0.6483	1.004
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 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	2025 Q2
Net sales ¹	3,003	2,710	2,057	2,367	2,800	5,168	2,975	3,620	4,141	4,075	8,216	3,238	3,415	3,442	3,261	2,793	3,088	3,214	3,241
EBITDA ¹	338.4	497.4	482.6	639	806	1,433	945.6	1,269	1,477	1,409	2,886	972	975.3	987.1	792.6	588.5	718.5	767.5	796.6
EBIT ¹	-	183.3	273.3	495.9	660	1,147	803.1	1,013	1,351	1,278	2,630	867.9	819	811.7	632.3	427.2	547.4	586	632
Operating Margin	-	6.76%	13.29%	20.95%	23.57%	22.2%	27%	27.98%	32.63%	31.37%	32%	26.8%	23.98%	23.58%	19.39%	15.3%	17.73%	18.23%	19.5%
Earnings before Tax (EBT) ¹	-	-	408.4	570.7	754.5	-	779.3	1,061	1,425	1,414	2,839	825	968.9	835.1	677.5	469.5	616.8	655.5	713
Net income ¹	-708	400.3	370	502.8	636.7	1,139	606.5	807.3	1,129	1,123	2,252	537.3	1,129	737	607.5	430.5	384	511.5	556
Net margin	-23.57%	14.77%	17.99%	21.24%	22.74%	22.05%	20.39%	22.3%	27.25%	27.56%	27.41%	16.59%	33.06%	21.41%	18.63%	15.41%	12.43%	15.91%	17.16%
EPS	-	-	0.3100	0.4300	0.5400	-	-	0.6800	-	0.9500	-	0.4600	0.9600	0.6400	-	-	-	0.5800	0.5400
Dividend per Share ²	-	-	0.2800	-	0.1700	-	-	-	-	-	-	-	-	-	0.2700	0.2700	0.2700	0.2700	0.2700
Announcement Date	8/5/20	8/4/21	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	4,036	4,857	5,824
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,178	1,327	-120	789	3,776	2,238	1,824	1,960
ROE (net income / shareholders' equity)	6.25%	-5.45%	9.47%	19.7%	25.5%	12.8%	12.3%	12%
ROA (Net income/ Total Assets)	5.11%	-4.44%	7.81%	16%	20.3%	11%	9.65%	8.6%
Assets ¹	14,547	14,279	14,083	16,000	19,316	20,407	22,906	25,388
Book Value Per Share ²	10.20	9.540	10.10	-	14.30	15.60	16.30	17.20
Cash Flow per Share ²	1.300	1.290	0.1000	0.9900	3.720	2.110	2.750	2.340
Capex ¹	350	193	240	378	619	711	677	626
Capex / Sales	4.8%	3.76%	3.67%	3.22%	4.17%	5.62%	5.34%	4.98%
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

17.47 USD

Average target price

20.68 USD

Spread / Average Target

+18.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Oil Related Equipment

	1st Jan change	Capi.
TENARIS S.A.	+2.29%	20.02B
YANTAI JEREH OILFIELD SERVICES GROUP CO., LTD.	+17.57%	4.67B
SINOPEC OILFIELD EQUIPMENT CORPORATION	-0.16%	813M
SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG	+1.70%	771M
SUZHOU DOUSON DRILLING & PRODUCTION EQUIPMENT CO.,LTD.	-7.69%	687M
DRIL-QUIP, INC.	-16.85%	666M
JIANGSU RUTONG PETRO-MACHINERY CO., LTD	-16.60%	350M
DEZHOU UNITED PETROLEUM TECHNOLOGY CO.,LTD.	-0.68%	329M
DYNA-MAC HOLDINGS LTD.	+8.96%	287M
NATURAL GAS SERVICES GROUP, INC.	+48.57%	297M

Oil Related Equipment