Financials Tenaris S.A.

Equities

TEN

LU2598331598

Oil Related Services and Equipment

Market Closed - Borsa Italiana Other stock markets 09:14:59 29/04/2024 pm IST			5-day change	1st Jan Change
15.89 ^EUR	0.00%		-10.05%	+0.92%

29/04	Stock markets mixed, eyes on Middle East and Fed	AN
29/04	Business Square still up; Eurozone confidence falls	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	19,535	-	-
Enterprise Value (EV) ¹	12,578	9,036	12,042	19,886	17,406	15,500	14,677	13,710
P/E ratio	17.9 x	-15.1 x	11.2 x	8.07 x	5.23 x	8.93 x	8.78 x	8.92 x
Yield	3.64%	1.72%	3.93%	-	-	3.63%	3.72%	5.45%
Capitalization / Revenue	1.82 x	1.87 x	1.89 x	1.75 x	1.37 x	1.51 x	1.5 x	1.56 x
EV / Revenue	1.72 x	1.76 x	1.85 x	1.69 x	1.17 x	1.2 x	1.13 x	1.09 x
EV / EBITDA	9.17 x	14.2 x	8.86 x	5.45 x	3.58 x	4.87 x	4.54 x	4.42 x
EV / FCF	10.7 x	6.81 x	-100 x	25.2 x	4.61 x	6.34 x	7.96 x	7.01 x
FCF Yield	9.36%	14.7%	-1%	3.97%	21.7%	15.8%	12.6%	14.3%
Price to Book	1.11 x	0.85 x	1.03 x	-	1.22 x	1.09 x	1.05 x	0.99 x
Nbr of stocks (in thousands)	11,80,537	11,80,537	11,80,537	11,80,537	11,67,889	11,47,361	-	-
Reference price ²	11.26	8.146	10.43	17.43	17.38	17.03	17.03	17.03
Announcement Date	19/02/20	24/02/21	16/02/22	15/02/23	21/02/24	-	-	-

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	12,918	12,989	12,559
EBITDA ¹	1,372	638.1	1,359	3,648	4,865	3,180	3,232	3,102
EBIT ¹	832.4	-663.1	707.5	2,963	4,316	2,439	2,501	2,460
Operating Margin	11.41%	-12.88%	10.85%	25.19%	29.03%	18.88%	19.26%	19.59%
Earnings before Tax (EBT) ¹	933.7	-619.3	1,243	3,166	4,633	2,614	3,007	2,727
Net income ¹	742.7	-634.4	1,100	2,553	3,918	2,178	2,311	2,220
Net margin	10.18%	-12.33%	16.87%	21.71%	26.35%	16.86%	17.79%	17.67%
EPS ²	0.6300	-0.5400	0.9300	2.160	3.320	1.907	1.940	1.909
Free Cash Flow ¹	1,178	1,327	-120.4	788.8	3,776	2,444	1,844	1,957
FCF margin	16.15%	25.78%	-1.85%	6.71%	25.39%	18.92%	14.2%	15.58%
FCF Conversion (EBITDA)	85.85%	207.96%	-	21.62%	77.61%	76.87%	57.06%	63.09%
FCF Conversion (Net income)	158.58%	-	-	30.89%	96.36%	112.21%	79.81%	88.15%
Dividend per Share ²	0.4100	0.1400	0.4100	-	-	0.6188	0.6329	0.9271
Announcement Date	19/02/20	24/02/21	16/02/22	15/02/23	21/02/24	-	-	-

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	3,337	3,061	3,208	3,369	3,535
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	802.1	592	719.1	845.8	872.4
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	631.7	419.7	545.8	728	762
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%	18.93%	13.71%	17.01%	21.61%	21.56%
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	700.5	521	636.6	900	986
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	640	506.7	592.5	652	724
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%	19.18%	16.55%	18.47%	19.35%	20.48%
EPS	-	-	0.3100	0.4300	0.5400	-	-	0.6800	-	0.9500	-	0.4600	0.9600	0.6400	-	-	-	0.5500	0.6100
Dividend per Share ²	-	-	0.2800	-	0.1700	-	-	-	-	-	-	-	-	-	0.1400	0.1400	0.1400	0.1400	0.1400
Announcement Date	05/08/20	04/08/21	16/02/22	27/04/22	03/08/22	03/08/22	03/11/22	15/02/23	26/04/23	02/08/23	02/08/23	01/11/23	21/02/24	25/04/24	-	-	-	-	-

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	4,035	4,857	5,825
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,178	1,327	-120	789	3,776	2,444	1,844	1,957
ROE (net income / shareholders' equity)	6.25%	-5.45%	9.47%	19.7%	25.5%	11.5%	11.4%	10.8%
ROA (Net income/ Total Assets)	5.11%	-4.44%	7.81%	16%	20.3%	10.1%	9.9%	9%
Assets ¹	14,547	14,279	14,083	16,000	19,316	21,565	23,341	24,664
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	714	673	620
Capex / Sales	4.8%	3.76%	3.67%	3.22%	4.17%	5.53%	5.18%	4.94%
Announcement Date	19/02/20	24/02/21	16/02/22	15/02/23	21/02/24	-	-	-

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

17.03 USD

Average target price

20.39 USD

Spread / Average Target

+19.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Oil Related Equipment

	1st Jan change	Capi.
TENARIS S.A.	+0.92%	19.53B
YANTAI JEREH OILFIELD SERVICES GROUP CO., LTD.	+11.95%	4.44B
SINOPEC OILFIELD EQUIPMENT CORPORATION	+3.90%	844M
DRIL-QUIP, INC.	-16.12%	672M
SUZHOU DOUSON DRILLING & PRODUCTION EQUIPMENT CO.,LTD.	-11.97%	654M
JIANGSU RUTONG PETRO-MACHINERY CO., LTD	-19.59%	336M
DYNA-MAC HOLDINGS LTD.	+16.42%	308M
NATURAL GAS SERVICES GROUP, INC.	+47.08%	294M
NEW JCM GROUP CO.,LTD	-26.80%	255M
SHANGHAI SK PETROLEUM & CHEMICAL EQUIPMENT CORPORATION LTD.	-25.21%	220M

Oil Related Equipment