Tenaris SA

TEN: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€41.00	Ffps	Mycjcpq

Tenaris Posts High Growth in Q1 as Industrywide Supply/Demand Imbalance Improves Pricing

Katherine Olexa

Apr 29, 2022

Tenaris posted very strong results in its first quarter with total revenue reaching $2.4 billion, the highest since 2014. Operating margin expanded to 20% this quarter, double its 2021 average. We’ll incorporate the firm’s operational and financial results into our model shortly, but for now our $23/EUR 11 fair value estimate is unchanged. We maintain our no-moat, stable trend rating.

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