Valuation Update With 7 Day Price Move • 10h
Investor sentiment deteriorates as stock falls 39% After last week's 39% share price decline to €14.98, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 9.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €23.62 per share. Buy Or Sell Opportunity • Aug 10
Now 36% undervalued after recent price drop Over the last 90 days, the stock has fallen 43% to €14.98. The fair value is estimated to be €23.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.1% over the last 3 years. Earnings per share has declined by 23%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 2.1% per annum over the same time period. Declared Dividend • Aug 10
First half dividend of US$0.59 announced Shareholders will receive a dividend of US$0.59. Ex-date: 23rd November 2026 Payment date: 25th November 2026 Dividend yield will be 4.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 7.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 06
Second quarter 2026 earnings released: EPS: US$0.47 (vs US$0.50 in 2Q 2025) Second quarter 2026 results: EPS: US$0.47 (down from US$0.50 in 2Q 2025). Revenue: US$2.97b (down 3.9% from 2Q 2025). Net income: US$477.1m (down 10% from 2Q 2025). Profit margin: 16% (down from 17% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Aug 06
Tenaris S.A. Approves Interim Dividend, Payable on November 25, 2026 The board of directors of Tenaris S.A. approved the payment of an interim dividend of $0.59 per share ($1.18 per ADS), or approximately $600 million, according to the following timetable: Payment date: November 25, 2026. Record date: November 24, 2026. Ex-dividend for securities listed in the United States: November 24, 2026. Ex-dividend for securities listed in Europe and Mexico: November 23, 2026. Buy Or Sell Opportunity • Jul 24
Now 36% undervalued after recent price drop Over the last 90 days, the stock has fallen 45% to €14.98. The fair value is estimated to be €23.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 1.3% per annum over the same time period. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorates as stock falls 39% After last week's 39% share price decline to €14.98, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €23.18 per share. Buy Or Sell Opportunity • Jul 09
Now 36% undervalued after recent price drop Over the last 90 days, the stock has fallen 41% to €14.98. The fair value is estimated to be €23.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings are also forecast to grow by 0.6% per annum over the same time period. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 37% After last week's 37% share price decline to €14.98, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €23.26 per share. Buy Or Sell Opportunity • Jun 24
Now 33% undervalued after recent price drop Over the last 90 days, the stock has fallen 41% to €14.98. The fair value is estimated to be €22.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings are also forecast to grow by 0.6% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 43% After last week's 43% share price decline to €14.98, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €21.70 per share. Buy Or Sell Opportunity • Jun 08
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to €14.98. The fair value is estimated to be €20.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings are also forecast to grow by 0.6% per annum over the same time period. New Risk • Jun 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.01% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.01% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • May 22
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to €14.98. The fair value is estimated to be €19.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 2.1% per annum. Earnings are forecast to decline by 0.8% per annum over the same time period. Announcement • May 14
Tenaris S.A. Approves Annual Dividend, Payable on May 20, 2026 Tenaris S.A. announced that at the annual general shareholders' meeting held on May 12, 2026, the shareholders approved an annual dividend of USD 0.89 which represents an aggregate sum of approximately USD 0.9 billion, and which includes the interim dividend of USD 0.29 per share or approximately USD 0.3 billion, paid in November 2025. Tenaris will pay the balance of the annual dividend in the amount of USD 0.60 per share which represents approximately USD 0.6 billion, on May 20th, 2026; with a record date of May 19th, 2026, and an ex-dividend date of May 18th, 2026 for securities listed in Europe and Mexico and an ex-dividend of May 19th, 2026 for securities listed in the United States. Upcoming Dividend • May 11
Upcoming dividend of US$0.60 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (4.2%). Announcement • May 09
Tenaris S.A. Announces CEO Changes Tenaris S.A. announced that its Board of Directors appointed Gabriel Podskubka as Chief Executive Officer. Paolo Rocca will continue to serve as Chairman of the Board. The members of the Board would like to express their profound gratitude to Paolo Rocca for his outstanding leadership in building Tenaris into the clear global leader that it is today, and is pleased that Paolo will continue to serve as Chairman. Since even before Tenaris became a public company in 2002, Paolo has shown a remarkable vision in creating a unified company providing critical and uniquely differentiated products and services to customers in the energy industry. He has been the architect of the continuous growth of the company over the past 25 years, during which he has reinforced the solid industrial values which are the foundation of its success. Mr. Podskubka has served as Tenaris’s Chief Operating Officer since 2023, coordinating sales and marketing, supply chain and production operations, and product and service development. He joined Tenaris in Argentina in 1995 and has held leadership positions across marketing, commercial and industrial functions, including heading Tenaris’s Eastern European operations in 2009 and serving as president of its Eastern Hemisphere operations from 2013 to 2023. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: US$0.54 (vs US$0.47 in 1Q 2025) First quarter 2026 results: EPS: US$0.54 (up from US$0.47 in 1Q 2025). Revenue: US$3.10b (up 6.1% from 1Q 2025). Net income: US$540.7m (up 6.7% from 1Q 2025). Profit margin: 17% (in line with 1Q 2025). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 07
Now 25% undervalued Over the last 90 days, the stock has risen 25% to €24.75. The fair value is estimated to be €33.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.3% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 1.3% per annum. Earnings are forecast to decline by 2.1% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 44% After last week's 44% share price decline to €14.98, the stock trades at a forward P/E ratio of 18x. Average trailing P/E is 16x in the Energy Services industry in Europe. Total returns to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.70 per share. Buy Or Sell Opportunity • Apr 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to €14.98. The fair value is estimated to be €19.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 1.7% per annum. Earnings are forecast to decline by 0.7% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorates as stock falls 40% After last week's 40% share price decline to €14.98, the stock trades at a forward P/E ratio of 16x. Average trailing P/E is 15x in the Energy Services industry in Europe. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.27 per share. Buy Or Sell Opportunity • Apr 07
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €14.98. The fair value is estimated to be €20.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are forecast to decline by 0.8% per annum over the same time period. Reported Earnings • Apr 01
Full year 2025 earnings released: EPS: US$1.83 (vs US$1.81 in FY 2024) Full year 2025 results: EPS: US$1.83. Revenue: US$12.0b (down 4.3% from FY 2024). Net income: US$1.93b (down 5.1% from FY 2024). Profit margin: 16% (in line with FY 2024). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Energy Services industry in the United Kingdom. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 38% After last week's 38% share price decline to €14.98, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 6x in the Energy Services industry in the United Kingdom. Total returns to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.96 per share. Announcement • Mar 27
Tenaris S.A. (BIT:TEN) acquired Oilfield Division of AllTorque Control Systems Inc. Tenaris S.A. (BIT:TEN) acquired Oilfield Division of AllTorque Control Systems Inc. on March 26, 2026.
Tenaris S.A. (BIT:TEN) completed the acquisition of Oilfield Division of AllTorque Control Systems Inc. on March 26, 2026. Buy Or Sell Opportunity • Mar 23
Now 28% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.2% to €14.98. The fair value is estimated to be €20.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings are forecast to decline by 0.9% per annum over the same time period. New Risk • Mar 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorates as stock falls 35% After last week's 35% share price decline to €14.98, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 6x in the Energy Services industry in the United Kingdom. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €22.16 per share. Buy Or Sell Opportunity • Mar 06
Now 34% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €14.98. The fair value is estimated to be €22.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings are forecast to decline by 0.002% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to €14.98, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Energy Services industry in the United Kingdom. Total returns to shareholders of 5.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €21.73 per share. Declared Dividend • Feb 23
Final dividend of US$0.60 announced Shareholders will receive a dividend of US$0.60. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 5.7%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 7.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Feb 19
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €14.98. The fair value is estimated to be €19.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 1.8% per annum. Earnings are forecast to decline by 2.5% per annum over the same time period. New Risk • Feb 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.4% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €14.98, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Energy Services industry in the United Kingdom. Total returns to shareholders of 9.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €23.49 per share. Buy Or Sell Opportunity • Feb 04
Now 36% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €14.98. The fair value is estimated to be €23.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 1.8% per annum. Earnings are forecast to decline by 3.4% per annum over the same time period. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €14.98, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 7x in the Energy Services industry in the United Kingdom. Total returns to shareholders of 5.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €25.45 per share. Announcement • Jan 14
Tenaris S.A. to Report Q4, 2025 Results on Feb 18, 2026 Tenaris S.A. announced that they will report Q4, 2025 results on Feb 18, 2026 Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €14.98, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 0x in the Energy Services industry in the United Kingdom. Total returns to shareholders of 10% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €26.69 per share. Upcoming Dividend • Nov 17
Upcoming dividend of US$0.29 per share Eligible shareholders must have bought the stock before 24 November 2025. Payment date: 26 November 2025. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (5.8%). Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €14.98, the stock trades at a forward P/E ratio of 12x. Average trailing P/E is 11x in the Energy Services industry in Europe. Total loss to shareholders of 6.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €27.06 per share. Declared Dividend • Nov 03
Dividend of US$0.29 announced Shareholders will receive a dividend of US$0.29. Ex-date: 24th November 2025 Payment date: 26th November 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (46% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 6.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: US$0.42 (vs US$0.40 in 3Q 2024) Third quarter 2025 results: EPS: US$0.42. Revenue: US$2.98b (up 2.1% from 3Q 2024). Net income: US$445.7m (flat on 3Q 2024). Profit margin: 15% (in line with 3Q 2024). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Energy Services industry in the United Kingdom. Announcement • Oct 30
Tenaris S.A. Approves Interim Dividend, Payable on November 26, 2025 board of directors of Tenaris S.A. approved the payment of an interim dividend of $0.29 per share ($0.58 per ADS), or approximately $300 million, according to the following timetable: Payment date: November 26, 2025. Record date: November 25, 2025. Ex-dividend for securities listed in the United States: November 25, 2025. Ex-dividend for securities listed in Europe and Mexico: November 24, 2025. Buy Or Sell Opportunity • Oct 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.7% to €14.98. The fair value is estimated to be €19.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has declined by 3.0%. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings are forecast to decline by 2.2% per annum over the same time period. New Risk • Oct 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €0 (US$0) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Market cap is less than US$10m (€0 market cap, or US$0). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Oct 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.2% to €14.98. The fair value is estimated to be €18.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has declined by 3.0%. For the next 3 years, revenue is forecast to grow by 1.8% per annum. Earnings are forecast to decline by 1.8% per annum over the same time period. Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: US$0.50 (vs US$0.29 in 2Q 2024) Second quarter 2025 results: EPS: US$0.50 (up from US$0.29 in 2Q 2024). Revenue: US$3.09b (down 7.1% from 2Q 2024). Net income: US$531.3m (up 59% from 2Q 2024). Profit margin: 17% (up from 10% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 30
Now 21% undervalued Over the last 90 days, the stock has risen 2.0% to €14.98. The fair value is estimated to be €19.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 6.6%. For the next 3 years, revenue is forecast to grow by 1.0% per annum. Earnings are forecast to decline by 0.2% per annum over the same time period. New Risk • Jul 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (15% net profit margin). Buy Or Sell Opportunity • Jul 15
Now 21% undervalued Over the last 90 days, the stock has risen 3.3% to €14.98. The fair value is estimated to be €18.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 6.6%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings are forecast to decline by 0.4% per annum over the same time period. New Risk • Jun 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (15% net profit margin). Declared Dividend • May 18
Dividend of US$0.56 announced Shareholders will receive a dividend of US$0.56. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 5.4%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 6.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 1.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (15% net profit margin). Announcement • May 07
Tenaris S.A. Approves Final Dividend of Fiscal Year 2024, Payable on May 21, 2025 Tenaris S.A. at its annual general meeting of shareholders and extraordinary general meeting of shareholders, both held on May 6, 2025 approved an annual dividend of USD 0.83 per share (or USD 1.66 per ADR), which represents an aggregate sum of approximately USD 0.9 billion, and which includes the interim dividend of USD 0.27 per share (USD 0.54 per ADR), or approximately USD 0.3 billion, paid in November 2024. Tenaris will pay the balance of the annual dividend in the amount of USD 0.56 per share entitled to dividends (or USD 1.12 per ADR), in U.S. dollars, which represents approximately USD 0.6 billion, on May 21, 2025; with a record date of May 20, 2025, and an ex-dividend date of May 19, 2025 for securities listed in Europe and Mexico and an ex-dividend of May 20, 2025 for securities listed in the United States. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: US$0.47 (vs US$0.64 in 1Q 2024) First quarter 2025 results: EPS: US$0.47 (down from US$0.64 in 1Q 2024). Revenue: US$2.92b (down 15% from 1Q 2024). Net income: US$506.9m (down 31% from 1Q 2024). Profit margin: 17% (down from 21% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.9% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €14.98, the stock trades at a forward P/E ratio of 8x. Average trailing P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €26.62 per share. Reported Earnings • Apr 02
Full year 2024 earnings released: EPS: US$1.81 (vs US$3.32 in FY 2023) Full year 2024 results: EPS: US$1.81 (down from US$3.32 in FY 2023). Revenue: US$12.5b (down 16% from FY 2023). Net income: US$2.04b (down 48% from FY 2023). Profit margin: 16% (down from 26% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Apr 02
Tenaris S.A., Annual General Meeting, May 06, 2025 Tenaris S.A., Annual General Meeting, May 06, 2025, at 10:00 W. Europe Standard Time. Buy Or Sell Opportunity • Mar 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €14.98. The fair value is estimated to be €18.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to decline by 0.4% per annum. Earnings are also forecast to decline by 0.3% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €14.98, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 11x in the Energy Services industry in Europe. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.67 per share. Buy Or Sell Opportunity • Mar 13
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to €14.98. The fair value is estimated to be €19.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to decline by 0.3% per annum. Earnings are also forecast to decline by 0.3% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €14.98, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.72 per share. Buy Or Sell Opportunity • Feb 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €14.98. The fair value is estimated to be €19.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to decline by 0.3% per annum. Earnings are also forecast to decline by 0.3% per annum over the same time period. New Risk • Feb 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 16% Last year net profit margin: 26% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (16% net profit margin). Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: US$1.81 (vs US$3.32 in FY 2023) Full year 2024 results: EPS: US$1.81 (down from US$3.32 in FY 2023). Revenue: US$12.5b (down 16% from FY 2023). Net income: US$2.04b (down 48% from FY 2023). Profit margin: 16% (down from 26% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.0% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Feb 21
Tenaris S.A. Proposes Dividend, Payable on May 21, 2025 Tenaris S.A. announced that Upon approval of the Company´s annual accounts in April 2025, the board of directors intends to propose, for approval of the annual general shareholders’ meeting to be held on May 6, 2025, the payment of a dividend per share of $0.83 (in an aggregate amount of approximately $0.9 billion), which would include the interim dividend per share of $0.27 (approximately $0.3 billion) paid in November 2024. If the annual dividend is approved by the shareholders, a dividend of $0.56 per share ($1.12 per ADS), or approximately $0.6 billion. Payment date: May 21, 2025. Record date: May 20, 2025. Ex-dividend for securities listed in Europe and Mexico: May 19, 2025. Ex-dividend for securities listed in the United States: May 20, 2025. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €14.98, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.39 per share. Buy Or Sell Opportunity • Feb 11
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €14.98. The fair value is estimated to be €19.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to decline by 2.1% per annum. Earnings are also forecast to decline by 6.7% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €14.98, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.70 per share. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €14.98, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €16.88 per share. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €14.98, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.91 per share. Announcement • Dec 25
Tenaris S.A. to Report Q4, 2024 Results on Feb 19, 2025 Tenaris S.A. announced that they will report Q4, 2024 results on Feb 19, 2025 Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €14.98, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 82% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €14.97 per share. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €14.98, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 81% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €14.61 per share. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €14.98, the stock trades at a forward P/E ratio of 10x. Average trailing P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 74% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.34 per share. Declared Dividend • Nov 11
Dividend of US$0.27 announced Shareholders will receive a dividend of US$0.27. Ex-date: 18th November 2024 Payment date: 20th November 2024 Dividend yield will be 4.3%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 25% over the next 3 years. However, it would need to fall by 68% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: US$0.40 (vs US$0.46 in 3Q 2023) Third quarter 2024 results: EPS: US$0.40 (down from US$0.46 in 3Q 2023). Revenue: US$2.92b (down 10.0% from 3Q 2023). Net income: US$448.1m (down 17% from 3Q 2023). Profit margin: 15% (down from 17% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 5.9%. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €12.86. The fair value is estimated to be €16.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 46%. For the next 3 years, revenue is forecast to decline by 3.3% per annum. Earnings are also forecast to decline by 7.7% per annum over the same time period. Buy Or Sell Opportunity • Aug 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to €12.65. The fair value is estimated to be €15.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 46%. For the next 3 years, revenue is forecast to decline by 3.2% per annum. Earnings are also forecast to decline by 8.3% per annum over the same time period. Buy Or Sell Opportunity • Aug 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to €12.70. The fair value is estimated to be €15.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 46%. For the next 3 years, revenue is forecast to decline by 3.3% per annum. Earnings are also forecast to decline by 8.3% per annum over the same time period. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: US$0.29 (vs US$0.95 in 2Q 2023) Second quarter 2024 results: EPS: US$0.29 (down from US$0.95 in 2Q 2023). Revenue: US$3.32b (down 19% from 2Q 2023). Net income: US$335.2m (down 70% from 2Q 2023). Profit margin: 10% (down from 28% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 6.1%. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 13
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (3.7%). Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: US$0.63 (vs US$0.96 in 1Q 2023) First quarter 2024 results: EPS: US$0.63 (down from US$0.96 in 1Q 2023). Revenue: US$3.44b (down 17% from 1Q 2023). Net income: US$737.0m (down 35% from 1Q 2023). Profit margin: 21% (down from 27% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 3.8% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 1.3%. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: US$3.32 (vs US$2.16 in FY 2022) Full year 2023 results: EPS: US$3.32 (up from US$2.16 in FY 2022). Revenue: US$14.9b (up 26% from FY 2022). Net income: US$3.92b (up 54% from FY 2022). Profit margin: 26% (up from 22% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 25
Dividend of US$0.40 announced Shareholders will receive a dividend of US$0.40. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 3.6%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 42% over the next 3 years. However, it would need to fall by 80% to increase the payout ratio to a potentially unsustainable range. 
