Tenaris SA

TEN: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€41.86	Krt	Pnkpqgxj

Raising Tenaris’ FVE to $23 Amid Favorable Pricing Environment and Tight North American OCTG Market

Katherine Olexa

Apr 11, 2022

After reviewing Tenaris’ full financial results for 2021 and strategy for 2022 onward, we’re raising our fair value estimate to $23 (EUR 11) from $19 (EUR 9). We maintain our no-moat rating and stable moat trend.

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