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 27,926 - -
Change - 66.9% -1.07% 0.06% -3.38% 42.11% - -
Enterprise Value (EV) 1 12,043 19,857 17,436 17,872 17,220 24,678 24,285 23,824
Change - 64.89% -12.19% 2.5% -3.65% 43.31% -1.59% -1.9%
P/E 11.2x 8.06x 5.24x 10.4x 10.6x 14.8x 13.5x 12.7x
PBR 1.03x - 1.22x 1.23x 1.18x 1.65x 1.59x 1.51x
PEG - 0x 0.1x -0.2x 9.59x 7.63x 1.35x 2.09x
Capitalization / Revenue 1.89x 1.75x 1.37x 1.62x 1.64x 2.28x 2.19x 2.11x
EV / Revenue 1.85x 1.69x 1.17x 1.43x 1.44x 2.01x 1.9x 1.8x
EV / EBITDA 8.86x 5.44x 3.58x 5.86x 5.94x 8.68x 7.91x 7.45x
EV / EBIT 17x 6.7x 4.04x 7.39x 7.54x 11.1x 9.91x 9.27x
EV / FCF -100x 25.2x 4.62x 8.23x 8.69x 14.4x 13.5x 12.8x
FCF Yield -1% 3.97% 21.7% 12.2% 11.5% 6.93% 7.43% 7.81%
Dividend per Share 2 0.41 - - 0.415 0.89 0.8922 0.9339 0.9533
Rate of return 3.93% - - 2.21% 4.58% 3.23% 3.38% 3.45%
EPS 2 0.93 2.16 3.32 1.81 1.83 1.865 2.052 2.177
Distribution rate 44.1% - - 22.9% 48.6% 47.8% 45.5% 43.8%
Net sales 1 6,521 11,763 14,869 12,524 11,981 12,254 12,754 13,214
EBITDA 1 1,359 3,648 4,865 3,052 2,899 2,845 3,071 3,199
EBIT 1 707.5 2,963 4,316 2,419 2,283 2,232 2,451 2,569
Net income 1 1,100 2,553 3,918 2,036 1,933 1,907 2,012 2,123
Net Debt 1 -267.8 -689 -2,890 -2,466 -2,430 -3,247 -3,641 -4,102
Reference price 2 10.43 17.40 17.40 18.75 19.42 27.66 27.66 27.66
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.($)
41.39x7.17x27.84x0.65% 22.9B
27.65x1.01x13.52x - 1.1B
20.89x - - 1.37% 543M
14.69x1.13x6.6x3.47% 519M
Average 26.15x 3.11x 15.99x 1.83% 6.27B
Weighted average by Cap. 39.79x 6.77x 26.75x 0.73%

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