Tenaris SA

TEN: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€98.00	Dntcb	Gysnrgvy

Tenaris Posts Record Sales and Profits in Fourth Quarter as High Tubes Demand Fosters Pricing Power

Katherine Olexa

Feb 16, 2023

Tenaris had an exceptional fourth quarter, posting quarterly records for sales, EBITDA, and net income. At $3.6 billion, revenue increased 76% year over year and 22% sequentially while the fourth-quarter EBITDA margin topped 35% (more than double the firm’s historical average). We’ll incorporate the firm’s full financial and operating results shortly, but after our first look we maintain our $29 (EUR 15) per share fair value estimate and no-moat rating.

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