Financials Tenaris S.A.

Equities

TEN

LU2598331598

Oil Related Services and Equipment

Market Closed - Borsa Italiana Other stock markets 11:44:59 2024-05-07 am EDT			5-day change	1st Jan Change
15.86 ^EUR	0.00%		+1.18%	+0.73%

May. 06	Piper Sandler Adjusts Price Target on Tenaris to $43 From $49, Maintains Overweight Rating	MT
May. 06	Indices in green; Intesa tops the Mib.	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	19,599	-	-
Enterprise Value (EV) ¹	12,578	9,036	12,042	19,886	17,406	15,564	14,742	13,774
P/E ratio	17.9 x	-15.1 x	11.2 x	8.07 x	5.23 x	8.68 x	8.78 x	8.92 x
Yield	3.64%	1.72%	3.93%	-	-	3.62%	3.79%	5.8%
Capitalization / Revenue	1.82 x	1.87 x	1.89 x	1.75 x	1.37 x	1.55 x	1.55 x	1.56 x
EV / Revenue	1.72 x	1.76 x	1.85 x	1.69 x	1.17 x	1.23 x	1.16 x	1.1 x
EV / EBITDA	9.17 x	14.2 x	8.86 x	5.45 x	3.58 x	4.92 x	4.65 x	4.46 x
EV / FCF	10.7 x	6.81 x	-100 x	25.2 x	4.61 x	6.64 x	8.1 x	7.04 x
FCF Yield	9.36%	14.7%	-1%	3.97%	21.7%	15.1%	12.3%	14.2%
Price to Book	1.11 x	0.85 x	1.03 x	-	1.22 x	1.1 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	1,146,391	-	-
Reference price ²	11.26	8.146	10.43	17.43	17.38	17.10	17.10	17.10
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	12,626	12,675	12,560
EBITDA ¹	1,372	638.1	1,359	3,648	4,865	3,165	3,168	3,090
EBIT ¹	832.4	-663.1	707.5	2,963	4,316	2,532	2,481	2,459
Operating Margin	11.41%	-12.88%	10.85%	25.19%	29.03%	20.06%	19.58%	19.58%
Earnings before Tax (EBT) ¹	933.7	-619.3	1,243	3,166	4,633	2,611	2,789	2,785
Net income ¹	742.7	-634.4	1,100	2,553	3,918	2,246	2,207	2,178
Net margin	10.18%	-12.33%	16.87%	21.71%	26.35%	17.79%	17.41%	17.35%
EPS ²	0.6300	-0.5400	0.9300	2.160	3.320	1.971	1.947	1.916
Free Cash Flow ¹	1,178	1,327	-120.4	788.8	3,776	2,342	1,820	1,957
FCF margin	16.15%	25.78%	-1.85%	6.71%	25.39%	18.55%	14.36%	15.58%
FCF Conversion (EBITDA)	85.85%	207.96%	-	21.62%	77.61%	74.01%	57.45%	63.33%
FCF Conversion (Net income)	158.58%	-	-	30.89%	96.36%	104.28%	82.49%	89.82%
Dividend per Share ²	0.4100	0.1400	0.4100	-	-	0.6188	0.6483	0.9917
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	3,252	2,757	3,064	3,206	3,305
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%	19.45%	15.5%	17.87%	18.28%	19.12%
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	312.3	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%	18.68%	15.62%	10.19%	15.95%	16.82%
EPS	-	-	0.3100	0.4300	0.5400	-	-	0.6800	-	0.9500	-	0.4600	0.9600	0.6400	-	-	-	-	-
Dividend per Share	-	-	0.2800	-	0.1700	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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 Million

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	4,035	4,857	5,825
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,178	1,327	-120	789	3,776	2,342	1,820	1,957
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%	9.6%	8.6%
Assets ¹	14,547	14,279	14,083	16,000	19,316	20,476	22,990	25,331
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	2.340	2.700	2.290
Capex ¹	350	193	240	378	619	711	677	626
Capex / Sales	4.8%	3.76%	3.67%	3.22%	4.17%	5.63%	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

17.1 USD

Average target price

20.36 USD

Spread / Average Target

+19.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Oil Related Equipment

	1st Jan change	Capi.
TENARIS S.A.	+0.73%	19.6B
YANTAI JEREH OILFIELD SERVICES GROUP CO., LTD.	+12.74%	4.5B
SINOPEC OILFIELD EQUIPMENT CORPORATION	+4.72%	852M
SUZHOU DOUSON DRILLING & PRODUCTION EQUIPMENT CO.,LTD.	-9.43%	661M
DRIL-QUIP, INC.	-18.69%	647M
JIANGSU RUTONG PETRO-MACHINERY CO., LTD	-17.01%	345M
NATURAL GAS SERVICES GROUP, INC.	+43.66%	286M
DYNA-MAC HOLDINGS LTD.	+8.96%	283M
NEW JCM GROUP CO.,LTD	-27.09%	251M
SHANGHAI SK PETROLEUM & CHEMICAL EQUIPMENT CORPORATION LTD.	-22.15%	230M

Oil Related Equipment