Tenaris SA
MIL:TEN
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Intrinsic Value
The intrinsic value of 
Tenaris SA (TEN) under the Base Case is 19.3 EUR per share.
Compared with the current market price of 26.45 EUR, the stock appears
Overvalued by 27% .
The intrinsic value is calculated using the DCF method. The model assumes Tenaris' revenue grows about 1.9% a year over the next five years, far below its 18% pace over the last five. Net margin eases to 15% by 2033, below its five-year average of 19%.
Do our valuations actually work? See backtest results .
Cheap or expensive for this stock?
This block shows whether today’s valuation is cheap or expensive compared with the stock’s own history, and what happened after similar valuations in the past.
We compare the gap between the stock’s price and our estimated value over time.
- Undervalued can still be historically expensive. The stock may trade below our estimated value, but usually offer an even bigger discount.
- Overvalued can still be historically cheap. The stock may trade above our estimated value, but usually carry an even higher premium.
Market expectations can differ from our model, which may not fully capture everything affecting the price. That is why some stocks regularly trade above our estimated value and others below it.
The scale and chart show how today’s valuation compares with the past. The cards summarize past returns and waiting times until the stock stopped being cheap or expensive. This can happen because the price changed, our estimated value changed, or both.
Only completed periods are included. These are past results, not forecasts. The usual historical range does not necessarily mean fair value.
Fundamental Analysis
What Tenaris Does
Tenaris SA makes steel tubes and pipes that are used mostly in the oil and gas industry. Its main products are seamless pipe and related equipment that help drill wells, lift oil and gas, and move it through pipelines. The company also sells technical services, connection systems, and field support that help customers choose and use the right pipe for each well or project.
- Headquarters
- Luxembourg LU
- Employees
- 25 169
- IPO date
- Dec 16, 2002
Tenaris has no economic moat
Buyers can choose among competing suppliers for standard steel pipes, limiting Tenaris’s ability to keep customers through higher prices. Its specialized products offer more protection, but rivals also supply advanced pipes and connections, leaving customers with alternatives.
Read the full moat analysis
Revenue & Expenses Breakdown
Tenaris SA
Earnings Waterfall
Tenaris SA
What is the Intrinsic Value of one TEN stock?
The intrinsic value for Tenaris SA (TEN) under the Base Case is 19.3 EUR.
Is TEN stock undervalued or overvalued?
Compared with the current market price of 26.45 EUR, the stock appears Overvalued by 27% .
