Executive Summary
Tenaris S.A., through its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -2.7% per year for the next 3 years
Snowflake Analysis
Flawless balance sheet and fair value.
Similar Companies
Share Price & News
How has Tenaris's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: TEN's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
3.0%
TEN
-1.5%
IT Energy Services
-2.0%
IT Market
1 Year Return
-55.3%
TEN
-59.8%
IT Energy Services
-25.8%
IT Market
Return vs Industry: TEN exceeded the Italian Energy Services industry which returned -59.8% over the past year.
Return vs Market: TEN underperformed the Italian Market which returned -25.8% over the past year.
Shareholder returns
| TEN | Industry | Market | |
|---|---|---|---|
| 7 Day | 3.0% | -1.5% | -2.0% |
| 30 Day | -27.7% | -39.6% | -21.9% |
| 90 Day | -44.0% | -53.2% | -29.0% |
| 1 Year | -53.8%-55.3% | -58.7%-59.8% | -22.5%-25.8% |
| 3 Year | -61.5%-64.5% | -64.4%-68.0% | -13.2%-21.9% |
| 5 Year | -53.5%-59.8% | -67.5%-88.2% | -24.8%-50.9% |
Price Volatility Vs. Market
How volatile is Tenaris's share price compared to the market and industry in the last 5 years?
Simply Wall St News
9 months ago | Simply Wall St
Is Tenaris S.A. (BIT:TEN) As Strong As Its Balance Sheet Indicates?10 months ago | Simply Wall St
Tenaris S.A. (BIT:TEN): 1 Days To Buy Before The Ex-Dividend Date10 months ago | Simply Wall St
An Intrinsic Calculation For Tenaris S.A. (BIT:TEN) Suggests It's 25% UndervaluedValuation
Is Tenaris undervalued compared to its fair value and its price relative to the market?
24.3%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: TEN (€5.74) is trading below our estimate of fair value (€7.58)
Significantly Below Fair Value: TEN is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: TEN is poor value based on its PE Ratio (10x) compared to the Energy Services industry average (8.9x).
PE vs Market: TEN is good value based on its PE Ratio (10x) compared to the Italian market (12.5x).
Price to Earnings Growth Ratio
PEG Ratio: TEN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: TEN is overvalued based on its PB Ratio (0.6x) compared to the XE Energy Services industry average (0.4x).
Next Steps
Future Growth
How is Tenaris forecast to perform in the next 1 to 3 years based on estimates from 23 analysts?
-2.7%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: TEN's earnings are forecast to decline over the next 3 years (-2.7% per year).
Earnings vs Market: TEN's earnings are forecast to decline over the next 3 years (-2.7% per year).
High Growth Earnings: TEN's earnings are forecast to decline over the next 3 years.
Revenue vs Market: TEN's revenue is expected to decline over the next 3 years (-1.3% per year).
High Growth Revenue: TEN's revenue is forecast to decline over the next 3 years (-1.3% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: TEN's Return on Equity is forecast to be low in 3 years time (3.9%).
Next Steps
Past Performance
How has Tenaris performed over the past 5 years?
19.7%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: TEN has high quality earnings.
Growing Profit Margin: TEN's current net profit margins (10.2%) are lower than last year (11.4%).
Past Earnings Growth Analysis
Earnings Trend: TEN's earnings have grown by 19.7% per year over the past 5 years.
Accelerating Growth: TEN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: TEN had negative earnings growth (-15.2%) over the past year, making it difficult to compare to the Energy Services industry average (0.7%).
Return on Equity
High ROE: TEN's Return on Equity (6%) is considered low.
Next Steps
Financial Health
How is Tenaris's financial position?
Financial Position Analysis
Short Term Liabilities: TEN's short term assets ($5.7B) exceed its short term liabilities ($1.8B).
Long Term Liabilities: TEN's short term assets ($5.7B) exceed its long term liabilities ($876.2M).
Debt to Equity History and Analysis
Debt Level: TEN's debt to equity ratio (6.7%) is considered satisfactory.
Reducing Debt: TEN's debt to equity ratio has reduced from 7.8% to 6.7% over the past 5 years.
Debt Coverage: TEN's debt is well covered by operating cash flow (185.8%).
Interest Coverage: TEN earns more interest than it pays, so coverage of interest payments is not a concern.
Balance Sheet
Inventory Level: TEN has a high level of physical assets or inventory.
Debt Coverage by Assets: TEN's debt is covered by short term assets (assets are 6.9x debt).
Next Steps
Dividend
What is Tenaris's current dividend yield, its reliability and sustainability?
6.54%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: TEN's dividend (6.54%) is higher than the bottom 25% of dividend payers in the Italian market (2.4%).
High Dividend: TEN's dividend (6.54%) is in the top 25% of dividend payers in the Italian market (5.84%)
Stability and Growth of Payments
Stable Dividend: TEN's dividend payments have been volatile in the past 10 years.
Growing Dividend: TEN's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (65.2%), TEN's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: TEN's dividends in 3 years are not forecast to be well covered by earnings (105.4% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
7.5yrs
Average management tenure
CEO
Paolo Rocca (66yo)
17.5s
Tenure
Mr. Paolo Rocca serves the Chief Executive Officer of Tubos de Acero de México S.A. Mr. Rocca serves as Chief Executive Officer of Techint. Mr. Rocca serves as Honorary President of Techint at Ternium Side ...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman & CEO | 17.5yrs | no data | no data | |
| Chief Financial Officer | 0.67yr | no data | no data | |
| Chief Technology Officer | 10yrs | no data | no data | |
| Investor Relations Director | no data | no data | no data | |
| Chief Human Resources Officer | 4.25yrs | no data | no data | |
| Chief Digital & Planning Officer | 7yrs | no data | no data | |
| President of Mexico | 14.25yrs | no data | no data | |
| President of Brazil | 7.5yrs | no data | no data | |
| President of Southern Cone | 9.83yrs | no data | no data | |
| President of U.S.A. Operations | 2.25yrs | no data | no data |
7.5yrs
Average Tenure
53.5yo
Average Age
Experienced Management: TEN's management team is seasoned and experienced (7.5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman & CEO | 17.5yrs | no data | no data | |
| Independent Director | 15.25yrs | no data | no data | |
| Vice Chairman of the Board | no data | no data | 0.072% $4.9m | |
| Independent Director | 17.25yrs | no data | no data | |
| Director | 17.25yrs | no data | no data | |
| Director | 12.83yrs | no data | 0.0057% $385.3k | |
| Independent Director | 17.25yrs | no data | no data | |
| Director | 17.25yrs | no data | no data | |
| Vice Chairman of the Board | no data | no data | no data | |
| Independent Director | 2.92yrs | no data | no data |
16.9yrs
Average Tenure
68yo
Average Age
Experienced Board: TEN's board of directors are seasoned and experienced ( 16.9 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Tenaris S.A.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Tenaris S.A.
- Ticker: TEN
- Exchange: BIT
- Founded: 2001
- Industry: Oil and Gas Equipment and Services
- Sector: Energy
- Market Cap: €6.772b
- Shares outstanding: 1.18b
- Website: https://www.tenaris.com
Number of Employees
Location
- Tenaris S.A.
- 26, Boulevard Royal
- 4th Floor
- Luxembourg City
- 2449
- Luxembourg
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| TS | NYSE (New York Stock Exchange) | SPONS ADR EACH REP 2 ORD SHS | US | USD | Dec 2002 | |
| TW1 | DB (Deutsche Boerse AG) | SPONS ADR EACH REP 2 ORD SHS | DE | EUR | Dec 2002 | |
| TNRS.F | OTCPK (Pink Sheets LLC) | Yes | Ordinary Shares | US | USD | Dec 2002 |
| TS * | BMV (Bolsa Mexicana de Valores) | Yes | Ordinary Shares | MX | MXN | Dec 2002 |
| TEN | BIT (Borsa Italiana) | Yes | Ordinary Shares | IT | EUR | Dec 2002 |
| TW11 | DB (Deutsche Boerse AG) | Yes | Ordinary Shares | DE | EUR | Dec 2002 |
| 0HXB | LSE (London Stock Exchange) | Yes | Ordinary Shares | GB | EUR | Dec 2002 |
| TENM | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Ordinary Shares | GB | EUR | Dec 2002 |
| TEN | WBAG (Wiener Boerse AG) | Yes | Ordinary Shares | AT | EUR | Dec 2002 |
Biography
Tenaris S.A., through its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications. The company offers products for oil and gas drilling operations, such as casing and tubing products, premium connections, drill pipes, coiled tubing, hot-rolled and cold-drawn seamless tubes, perforating guns, tubular and non-tubular accessories, and devices. It also provides offshore line pipe products, including top tensioned and steel catenary risers, export lines and flowlines, bends, corrosion resistant alloys, coiled line pipes, umbilical tubings, and coated pipes; and seamless and welded tubes for onshore line pipe; various seamless steel tubes and pipes for refineries, petrochemical, and gas-processing plants; and tubular products for the power generation industry. In addition, the company offers sucker rods, couplings, and accessories, as well as technical support services; hot-rolled and cold-drawn seamless steel tubes and components for use in standard mechanical engineering application, and civil and industrial installations, as well as for manufacturing earth-moving machines, architectural structures, non-oil drilling systems, and gas cylinders; and seamless tubes and tube-based components for car manufacturers and their suppliers. Additionally, it offers financial services. The company operates in North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. Tenaris S.A. was founded in 2001 and is headquartered in Luxembourg City, Luxembourg. Tenaris S.A. is a subsidiary of Techint Holdings S.à r.l.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/04/03 00:32 |
| End of Day Share Price | 2020/04/02 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.