Tenaris SA

TEN: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tenaris Earnings: Headwinds in North America Spook Market; Our Outlook Remains Consistent

Travis Miller , Adam Baker

Apr 29, 2024

We maintain our $37 fair value estimate for no-moat Tenaris after the company posted first-quarter earnings per share of $0.64 and $3.4 billion of net sales. These were down substantially from the first quarter of 2023 but still beat FactSet consensus estimates by 22% and 2.5%, respectively.

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Tenaris SA

Tenaris Earnings: Headwinds in North America Spook Market; Our Outlook Remains Consistent

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