Tenaris SA
TEN: XMIL (ITA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€47.00 | Bhfl | Zbjljddqs |
Tenaris Posts Record Sales and Profits in Fourth Quarter as High Tubes Demand Fosters Pricing Power
Tenaris had an exceptional fourth quarter, posting quarterly records for sales, EBITDA, and net income. At $3.6 billion, revenue increased 76% year over year and 22% sequentially while the fourth-quarter EBITDA margin topped 35% (more than double the firm’s historical average). We’ll incorporate the firm’s full financial and operating results shortly, but after our first look we maintain our $29 (EUR 15) per share fair value estimate and no-moat rating.