Tenaris SA

TEN: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tenaris Earnings: Muted Near-Term Outlook Doesn’t Alter Long-Term View, but Upside Is Limited

Joshua Aguilar , Abby Weimer

Feb 21, 2025

No-moat-rated Tenaris reported fourth-quarter results that trailed our fourth-quarter expectations, but beat PitchBook consensus. However, we no reason to change our $37 fair value estimate per ADS, though we lift our fair value estimate to EUR 18 from EUR 17 for shares listed on the Italian stock exchange, due to currency movements since our last update. While our long-term outlook remains fundamentally intact, we reduced our 2025 expectations based on management’s muted commentary. Still, time value of money offset these headwinds, and we’re not overly surprised at the outlook, given what we’ve heard from other services firms.

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Tenaris SA

Tenaris Earnings: Muted Near-Term Outlook Doesn’t Alter Long-Term View, but Upside Is Limited

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