Tenaris Earnings: Increasing Offshore Drilling Promises a Strong 2024 for Tenaris
We maintain our $37 fair value estimate of no-moat Tenaris after the company closed 2023 with a robust fourth quarter.
We maintain our $37 fair value estimate of no-moat Tenaris after the company closed 2023 with a robust fourth quarter.
Tenaris’ Rig Direct program will streamline the cumbersome OCTG supply chain, adding value for the company and its customers.
Tenaris’ sales of high-end products to deep-water offshore customers will likely never return to levels seen before the post-2014 downturn.
Metric
|
TS
|
SLB
|
BKR
|
---|---|---|---|
Price/Earnings (Normalized) | 5.95 | 18.33 | 20.94 |
Price/Book Value | 1.36 | 3.87 | 2.18 |
Price/Sales | 1.56 | 2.39 | 1.33 |
Price/Cash Flow | 5.49 | 11.54 | 12.91 |
Metric
|
TS
|
SLB
|
BKR
|
---|---|---|---|
Quick Ratio | 2.25 | 0.88 | 0.75 |
Current Ratio | 3.62 | 1.32 | 1.25 |
Interest Coverage | 42.46 | 11.30 | 13.29 |
Metric
|
TS
|
SLB
|
BKR
|
---|---|---|---|
Return on Assets (Normalized) | 20.17% | 9.54% | 4.54% |
Return on Equity (Normalized) | 25.03% | 22.91% | 10.83% |
Return on Invested Capital (Normalized) | 23.13% | 14.48% | 8.24% |
Ticker
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Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
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