Tenaris SA TEN

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$15.96 −0.01 (0.06%)

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As of May 10, 2024 3:39pm Delayed Price Closed

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Company Report

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

Travis Miller, 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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Price vs Fair Value

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TEN is trading at a 872% premium.

Price

€15.96

May 10, 2024

Fair Value

€76.00

Nov 2, 2023

Uncertainty

High

1-Star Price: €88.23
5-Star Price: €44.90
Economic Moat: Zft
Capital Allocation: Yzmghxns

Bulls Say, Bears Say

Bulls

Tenaris’ Rig Direct program will streamline the cumbersome OCTG supply chain, adding value for the company and its customers.

Bears

Tenaris’ sales of high-end products to deep-water offshore customers will likely never return to levels seen before the post-2014 downturn.

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Trading Information

Previous Close Price: $15.97
Day Range: $15.94–16.17
52-Week Range: $11.63–18.72
Bid/Ask: $15.82 / $16.17
Market Cap: $18.30 Bil
Volume/Avg: 1.7 Mil / 2.8 Mil

Key Statistics

Price/Earnings (Normalized): 5.76
Price/Sales: 1.44
Dividend Yield (Trailing): 3.28%
Dividend Yield (Forward): 3.28%
Total Yield: 4.36%

Company Profile

Tenaris is one of the largest global producers of oil country tubular goods, which are used primarily in the construction of oil and gas wells. Its production facilities are located primarily in the U.S., Argentina, Mexico, and Italy. Tenaris’ premium OCTG products are among the most trusted by oil companies for use in the most challenging applications, including deep-water offshore wells and horizontal shale wells.

Sector: Energy
Industry: Oil & Gas Equipment & Services
Stock Style Box: Large Core
Total Number of Employees: 29,134
Website: https://www.tenaris.com

Competitors

Valuation

Metric	TEN	HAL	BKR
Price/Earnings (Normalized)	5.76	11.79	18.48
Price/Book Value	1.14	3.44	2.10
Price/Sales	1.44	1.45	1.25
Price/Cash Flow	5.46	8.96	11.80

Price/Earnings

TEN

HAL

BKR

Financial Strength

Metric	TEN	HAL	BKR
Quick Ratio	2.19	1.30	0.73
Current Ratio	3.52	2.12	1.25
Interest Coverage	40.85	5.98	14.14

Quick Ratio

TEN

HAL

BKR

Profitability

Metric	TEN	HAL	BKR
Return on Assets (Normalized)	17.68%	11.75%	4.54%
Return on Equity (Normalized)	21.86%	31.52%	10.83%
Return on Invested Capital (Normalized)	20.04%	18.09%	8.24%

Return on Assets

TEN

HAL

BKR

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