Tenaris SA

TEN: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€83.00	Xsvf	Nrnqhjbwx

Raising Tenaris’ FVE to $29 as International Oil and Gas Production Gains Momentum

Katherine Olexa

Nov 4, 2022

Tenaris posted a solid third quarter as strong tubes demand continues to support elevated pricing around the world. Total revenue increased 70% year over year and 6% sequentially. The firmwide operating margin was 27%, jumping nearly 400 basis points compared with last quarter. We’re raising our fair value estimate to $29 (EUR 15) from $26 (EUR 13) following the results. Our no-moat rating and stable moat trend are unchanged.

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