Tenaris SA
TEN: XMIL (ITA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€81.00 | Rlwy | Fyrxhgjgr |
Tenaris Posts High Growth in Q1 as Industrywide Supply/Demand Imbalance Improves Pricing
Tenaris posted very strong results in its first quarter with total revenue reaching $2.4 billion, the highest since 2014. Operating margin expanded to 20% this quarter, double its 2021 average. We’ll incorporate the firm’s operational and financial results into our model shortly, but for now our $23/EUR 11 fair value estimate is unchanged. We maintain our no-moat, stable trend rating.