Tenaris S.A.

BIT-TEN

Basic

Market Cap
€16.04B
EV
€13.63B
Shares Out
1,111.25M
Revenue
$14.17B
Employees
29,134

Margins

Gross
41.63%
EBITDA
30.34%
Operating
26.66%
Pre-Tax
28.53%
Net
24.89%
FCF
26.37%

Returns (5Yr Avg)

ROA
8.55%
ROTA
11.45%
ROE
10.52%
ROCE
11.84%
ROIC
9.42%

Valuation (TTM)

P/E
—
P/B
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
€18.87
P/E
—
PEG
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
$3,572.21M
Net Debt
-$2,796.64M
Debt/Equity
0.04
EBIT/Interest
19.82

Growth (CAGR)

Rev 3Yr
45.86%
Rev 5Yr
13.08%
Rev 10Yr
3.04%
Dil EPS 3Yr
199.53%
Dil EPS 5Yr
32.04%
Dil EPS 10Yr
8.64%
Rev Fwd 2Yr
-7.64%
EBITDA Fwd 2Yr
-20.41%
EPS Fwd 2Yr
-25.99%
EPS LT Growth Est
-3.94%

Dividends

Yield
—
Payout
19.97%
DPS
$0.6
DPS Growth 3Yr
41.9%
DPS Growth 5Yr
7.91%
DPS Growth 10Yr
3.39%
DPS Growth Fwd 2Yr
12.43%

Metric	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Total Revenues						7,294.1	5,146.7	6,521.2	11,762.5	14,868.9	14,169.2
Total Revenues % Chg.						-4.8%	-29.4%	26.7%	80.4%	26.4%	4.7%
Cost of Goods Sold, Total						4,989.6	4,042.2	4,570.7	6,893	8,396.8	8,271.2
Gross Profit						2,304.5	1,104.6	1,950.5	4,869.5	6,472.1	5,898
Selling General & Admin Expenses, Total						1,247.7	1,056	1,127.8	1,513.2	1,747.4	1,752.4
Provision for Bad Debts	—	—	—	—	—	—	—	—	—	—	-0.4
Depreciation & Amortization	—	—	—	—	—	—	—	—	—	—	2.8
Amortization of Goodwill and Intangible Assets	—	—	—	—	—	—	—	—	—	—	22.3
Other Operating Expenses						199.8	97.4	100.5	405.6	410.9	343.3
Other Operating Expenses, Total						1,447.5	1,153.4	1,228.3	1,918.8	2,158.3	2,120.5
Operating Income						857	-48.8	722.2	2,950.7	4,313.8	3,777.6
Interest Expense, Total						-43.4	-27	-23.7	-75.7	-201.6	-190.6
Interest And Investment Income						48.1	21.6	21	86.1	201.9	217.9
Net Interest Expenses						4.7	-5.4	-2.6	10.4	0.3	27.3
Income (Loss) On Equity Invest.						82	108.8	512.6	208.7	95.4	90.6
Currency Exchange Gains (Loss)	—	—	—	—		16.3	-54.8	9.3	61.2	210.3	213.3
Other Non Operating Income (Expenses)						-1.6	-1.6	-1	-0.3	-0.3	-71.5
EBT, Excl. Unusual Items						958.4	-1.8	1,240.5	3,230.8	4,619.4	4,037.3
Restructuring Charges	—	—	—	—		-24.6	—	—	—	—	—
Merger & Related Restructuring Charges	—	—	—	—	—	—	—	—	—	-1.4	-1.7
Impairment of Goodwill	—		—	—	—	—	-586	—	-0.7	—	—
Gain (Loss) On Sale Of Investments						-0.1	-3.2	—	-6.1	11.6	3.9
Gain (Loss) On Sale Of Assets		—	—	—	—	—	—	6.8	18	—	—
Asset Writedown		—	—	—		—	-36.4	-57.1	-76	—	—
Legal Settlements		—	—	—	—	—	8.2	52.6	—	—	—
Other Unusual Items	—	—	—	—	—	—	—	—	—	3.2	3.2
EBT, Incl. Unusual Items						933.7	-619.3	1,242.8	3,165.9	4,632.8	4,042.7
Income Tax Expense						202.5	23.2	189.4	617.2	675	463.8
Earnings From Continuing Operations						731.3	-642.4	1,053.3	2,548.7	3,957.8	3,578.9
Earnings Of Discontinued Operations					—	—	—	—	—	—	—
Minority Interest						11.4	8	46.9	4.6	-39.8	-52.4
Net Income						742.7	-634.4	1,100.2	2,553.3	3,918.1	3,526.4
Net Income to Common Incl Extra Items						742.7	-634.4	1,100.2	2,553.3	3,918.1	3,526.4
Net Income to Common Excl. Extra Items						742.7	-634.4	1,100.2	2,553.3	3,918.1	3,526.4
Total Shares Outstanding						1,180.5	1,180.5	1,180.5	1,180.5	1,167.9	1,150.7
Weighted Avg. Shares Outstanding						1,180.5	1,180.5	1,180.5	1,180.5	1,178.7	1,173.6
Weighted Avg. Shares Outstanding Dil						1,180.5	1,180.5	1,180.5	1,180.5	1,178.7	1,173.6
EPS						0.6	-0.5	0.9	2.2	3.3	3
EPS Diluted						0.6	-0.5	0.9	2.2	3.3	3
EBITDA						1,352.2	572.2	1,265.5	3,486	4,790.7	4,298.8
Effective Tax Rate						21.7%	-3.7%	15.2%	19.5%	14.6%	11.5%