Company Valuation: Tenaris S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 12,311 20,546 20,325 20,338 19,651 28,681 - -
Change - 66.9% -1.07% 0.06% -3.38% 45.95% - -
Enterprise Value (EV) 1 12,043 19,857 17,436 17,872 17,220 25,367 25,146 24,888
Change - 64.89% -12.19% 2.5% -3.65% 47.31% -0.87% -1.03%
P/E 11.2x 8.06x 5.24x 10.4x 10.6x 15x 13.6x 12.9x
PBR 1.03x - 1.22x 1.23x 1.18x 1.67x 1.6x 1.55x
PEG - 0x 0.1x -0.2x 9.59x 4.51x 1.3x 2.17x
Capitalization / Revenue 1.89x 1.75x 1.37x 1.62x 1.64x 2.34x 2.22x 2.14x
EV / Revenue 1.85x 1.69x 1.17x 1.43x 1.44x 2.07x 1.95x 1.86x
EV / EBITDA 8.86x 5.44x 3.58x 5.86x 5.94x 8.99x 8.03x 7.68x
EV / EBIT 17x 6.7x 4.04x 7.39x 7.54x 11.5x 10x 9.54x
EV / FCF -100x 25.2x 4.62x 8.23x 8.69x 15.6x 13x 12.8x
FCF Yield -1% 3.97% 21.7% 12.2% 11.5% 6.41% 7.69% 7.79%
Dividend per Share 2 0.41 - - 0.415 0.89 1.281 1.336 1.384
Rate of return 3.93% - - 2.21% 4.58% 4.51% 4.7% 4.87%
EPS 2 0.93 2.16 3.32 1.81 1.83 1.891 2.085 2.209
Distribution rate 44.1% - - 22.9% 48.6% 67.8% 64.1% 62.7%
Net sales 1 6,521 11,763 14,869 12,524 11,981 12,250 12,925 13,407
EBITDA 1 1,359 3,648 4,865 3,052 2,899 2,823 3,133 3,241
EBIT 1 707.5 2,963 4,316 2,419 2,283 2,211 2,509 2,609
Net income 1 1,100 2,553 3,918 2,036 1,933 1,914 2,073 2,161
Net Debt 1 -267.8 -689 -2,890 -2,466 -2,430 -3,314 -3,535 -3,793
Reference price 2 10.43 17.40 17.40 18.75 19.42 28.41 28.41 28.41
Nbr of stocks (in thousands) 1,180,537 1,180,537 1,167,889 1,084,776 1,011,824 1,009,640 - -
Announcement Date 2/16/22 2/15/23 2/21/24 2/19/25 2/18/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.85x2.04x8.87x4.56% 28.35B
36.29x6.1x23.85x0.78% 19.06B
25.13x1.3x9.06x1.87% 551M
20.88x - - 1.54% 469M
Average 24.29x 3.15x 13.92x 2.19% 12.11B
Weighted average by Cap. 23.46x 3.65x 14.82x 3.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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