Tenaris SA

TEN: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€35.00	Xvgxq	Qnfsjbd

Tenaris Earnings: Tubes Sales Volumes Exceeding 1 Million Metric Tons Yields Record Revenue

Katherine Olexa

Apr 28, 2023

No-moat Tenaris performed exceptionally in the first quarter, posting record revenue of $4.1 billion (increasing 75% year over year and 14% sequentially) while expanding the firmwide EBITDA margin to 36%. We’ll incorporate the firm’s full operating and financial results shortly, but for now, our $32 (EUR 15) fair value estimate is unchanged.

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