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 2.3% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. Independent Director Molly Montgomery was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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 Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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 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 3.6%, 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 08
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 2.4% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 2.3%. 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 17% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.6% to €13.19. The fair value is estimated to be €16.52, 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 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to €12.47. The fair value is estimated to be €15.63, 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 8.0% per annum over the same time period. Buy Or Sell Opportunity • Aug 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €13.14. The fair value is estimated to be €16.61, 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 8.7% 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 Europe are expected to grow by 4.2%. 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 20% 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 German dividend payers (4.6%). In line with average of industry peers (3.7%). Buy Or Sell Opportunity • Apr 30
Now 20% undervalued Over the last 90 days, the stock has risen 6.8% to €15.78. The fair value is estimated to be €19.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 61%. For the next 3 years, revenue is forecast to decline by 3.3% per annum. Earnings are also forecast to decline by 15% per annum over the same time period. 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 26
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 40% over the next 3 years. However, it would need to fall by 80% to increase the payout ratio to a potentially unsustainable range. Tillkännagivande • Feb 22
Tenaris S.A., Annual General Meeting, Apr 30, 2024 Tenaris S.A., Annual General Meeting, Apr 30, 2024. Agenda: To consider approval of dividend payement. Reported Earnings • Feb 22
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 5.1% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 1.7%. 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 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 13
Upcoming dividend of US$0.20 per share at 3.0% yield Eligible shareholders must have bought the stock before 20 November 2023. Payment date: 22 November 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (4.0%). Tillkännagivande • Nov 04
Tenaris S.A. Approves Interim Dividend, Payable on November 22, 2023 Tenaris S.A. approved the payment of an interim dividend of $0.20 per share ($0.40 per ADS), or approximately $236 million. The payment date will be November 22, 2023, with an ex-dividend date on November 20, 2023 and record date on November 21, 2023. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: US$0.46 (vs US$0.51 in 3Q 2022) Third quarter 2023 results: EPS: US$0.46 (down from US$0.51 in 3Q 2022). Revenue: US$3.24b (up 8.8% from 3Q 2022). Net income: US$537.3m (down 11% from 3Q 2022). Profit margin: 17% (down from 20% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 6.6% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 27
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €18.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 6.0% per annum. Earnings is also forecast to decline by 21% per annum over the same time period. Buying Opportunity • Sep 19
Now 20% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be €19.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 5.8% per annum. Earnings is also forecast to decline by 20% per annum over the same time period. Buying Opportunity • Aug 23
Now 20% undervalued Over the last 90 days, the stock is up 24%. 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 38% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 5.4% per annum. Earnings is also forecast to decline by 20% per annum over the same time period. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$0.95 (vs US$0.54 in 2Q 2022) Second quarter 2023 results: EPS: US$0.95 (up from US$0.54 in 2Q 2022). Revenue: US$4.07b (up 46% from 2Q 2022). Net income: US$1.12b (up 76% from 2Q 2022). Profit margin: 28% (up from 23% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 5.2% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jul 06
Tenaris S.A. Appoints Martin Castro as President for Canadian Operations Tenaris S.A. has appointed Martin Castro as its new president in Canada where he will oversee all commercial, manufacturing and services operations, leading a team of approximately 1,000 in the country. Castro first joined Tenaris in 2007 in Argentina as a global markets senior analyst. In 2008, he moved to the United States where he worked in planning and commercial under various roles, including commercial vice-president. He managed four regional offices across the U.S. overseeing the company’s global key accounts, the implementation of Rig Direct and other business co-ordination responsibilities to strengthen customer partnerships. He also held the position of managing director for Tenaris’s operations in Southeast Asia and Oceania. Castro, born in Argentina, graduated from the Instituto Tecnológico de Buenos Aires, Argentina, with a degree in industrial engineering. He received the degree of finance specialization from the Universidad de San Andres in Argentina, and an executive MBA from Columbia Business School in New York. Castro is a U.S. citizen. Upcoming Dividend • May 15
Upcoming dividend of US$0.34 per share at 3.8% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.5%). Tillkännagivande • May 05
Tenaris S.A. Approves Dividend for the Year 2022, Payable on May 24, 2023 Tenaris S.A. held its AGM on May 3, 2023. The shareholders meeting also approved an annual dividend of USD 0.51 per share (or USD 1.02 per ADR), which represents an aggregate sum of approximately USD 602 million, and which includes the interim dividend of USD 0.17 per share (USD 0.34 per ADR), or approximately USD 201 million, paid in November 2022. Tenaris will pay the balance of the annual dividend in the amount of USD 0.34 per share (or USD 0.68 per ADR), in U.S. dollars, on May 24, 2023, with an ex-dividend date of May 22, 2023, and record date of May 23, 2023. Buying Opportunity • Apr 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be €16.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 91%. For the next 3 years, revenue is forecast to decline by 0.4% per annum. Earnings is also forecast to decline by 14% per annum over the same time period. Reported Earnings • Apr 09
Full year 2022 earnings released: EPS: US$2.16 (vs US$0.93 in FY 2021) Full year 2022 results: EPS: US$2.16 (up from US$0.93 in FY 2021). Revenue: US$11.8b (up 80% from FY 2021). Net income: US$2.55b (up 132% from FY 2021). Profit margin: 22% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.9%. The fair value is estimated to be €20.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 91%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings is forecast to decline by 12% per annum over the same time period. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: US$2.16 (vs US$0.93 in FY 2021) Full year 2022 results: EPS: US$2.16 (up from US$0.93 in FY 2021). Revenue: US$11.8b (up 80% from FY 2021). Net income: US$2.55b (up 132% from FY 2021). Profit margin: 22% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Simon Ayat was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: US$0.51 (vs US$0.28 in 3Q 2021) Third quarter 2022 results: EPS: US$0.51 (up from US$0.28 in 3Q 2021). Revenue: US$2.97b (up 70% from 3Q 2021). Net income: US$606.5m (up 84% from 3Q 2021). Profit margin: 20% (up from 19% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Board Change • Sep 03
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Simon Ayat was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 16
Upcoming dividend of US$0.28 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (3.7%). Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: US$0.43 (vs US$0.09 in 1Q 2021) First quarter 2022 results: EPS: US$0.43 (up from US$0.09 in 1Q 2021). Revenue: US$2.37b (up 100% from 1Q 2021). Net income: US$502.8m (up 373% from 1Q 2021). Profit margin: 21% (up from 9.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 27%, compared to a 25% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 7 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Simon Ayat was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Mar 30
Now 21% undervalued Over the last 90 days, the stock is up 46%. The fair value is estimated to be €17.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings is also forecast to grow by 2.1% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 18% share price gain to €13.50, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.14 per share. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$0.93 (up from US$0.54 loss in FY 2020). Revenue: US$6.52b (up 27% from FY 2020). Net income: US$1.10b (up US$1.73b from FY 2020). Profit margin: 17% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 31%, compared to a 21% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 20% 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. Buying Opportunity • Jan 22
Now 22% undervalued Over the last 90 days, the stock is up 3.2%. The fair value is estimated to be US$13.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% per annum over the last 3 years. The company has become profitable over the last year. Upcoming Dividend • Nov 15
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 22 November 2021. Payment date: 24 November 2021. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (4.1%). Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS US$0.28 (vs US$0.028 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$1.75b (up 73% from 3Q 2020). Net income: US$329.9m (up US$362.8m from 3Q 2020). Profit margin: 19% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Board Change • Sep 19
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 6 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Simon Ayat was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 
