Tenaris SA
TEN: XMIL (ITA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€89.00 | Nky | Dtglrsk |
Tenaris Earnings: Headwinds in North America Spook Market; Our Outlook Remains Consistent
We maintain our $37 fair value estimate for no-moat Tenaris after the company posted first-quarter earnings per share of $0.64 and $3.4 billion of net sales. These were down substantially from the first quarter of 2023 but still beat FactSet consensus estimates by 22% and 2.5%, respectively.