Intrinsic value of Tenaris ADR - TS

Previous Close

$27.02

  Intrinsic Value

$4.31

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

-100%

Previous close

$27.02

 
Intrinsic value

$4.31

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

-100%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 15.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -37.80
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,294
  4,380
  4,481
  4,596
  4,725
  4,868
  5,025
  5,197
  5,382
  5,581
  5,796
  6,025
  6,269
  6,530
  6,806
  7,100
  7,411
  7,741
  8,089
  8,457
  8,845
  9,255
  9,688
  10,144
  10,624
  11,130
  11,662
  12,223
  12,812
  13,433
  14,086
Variable operating expenses, $m
 
  4,049
  4,139
  4,242
  4,358
  4,486
  4,627
  4,780
  4,945
  5,124
  5,316
  5,392
  5,610
  5,843
  6,091
  6,354
  6,632
  6,927
  7,239
  7,568
  7,916
  8,283
  8,670
  9,077
  9,507
  9,960
  10,436
  10,938
  11,466
  12,021
  12,605
Fixed operating expenses, $m
 
  402
  412
  422
  433
  444
  455
  466
  478
  490
  502
  514
  527
  540
  554
  568
  582
  596
  611
  627
  642
  658
  675
  692
  709
  727
  745
  764
  783
  802
  822
Total operating expenses, $m
  4,353
  4,451
  4,551
  4,664
  4,791
  4,930
  5,082
  5,246
  5,423
  5,614
  5,818
  5,906
  6,137
  6,383
  6,645
  6,922
  7,214
  7,523
  7,850
  8,195
  8,558
  8,941
  9,345
  9,769
  10,216
  10,687
  11,181
  11,702
  12,249
  12,823
  13,427
Operating income, $m
  -59
  -71
  -70
  -68
  -65
  -61
  -56
  -49
  -41
  -32
  -22
  119
  132
  146
  162
  179
  197
  217
  239
  262
  287
  314
  343
  374
  408
  443
  481
  521
  564
  610
  658
EBITDA, $m
  603
  623
  636
  653
  673
  695
  721
  750
  781
  816
  854
  895
  939
  987
  1,038
  1,093
  1,152
  1,214
  1,281
  1,352
  1,427
  1,507
  1,591
  1,681
  1,776
  1,877
  1,983
  2,096
  2,215
  2,340
  2,473
Interest expense (income), $m
  19
  1
  2
  4
  6
  8
  10
  12
  15
  18
  21
  24
  28
  32
  36
  40
  44
  49
  54
  60
  65
  71
  78
  85
  92
  99
  107
  115
  124
  133
  143
Earnings before tax, $m
  34
  -72
  -72
  -72
  -71
  -69
  -65
  -61
  -56
  -50
  -43
  95
  104
  114
  126
  139
  153
  168
  185
  203
  222
  243
  266
  290
  316
  344
  374
  406
  440
  477
  516
Tax expense, $m
  17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  26
  28
  31
  34
  37
  41
  45
  50
  55
  60
  66
  72
  78
  85
  93
  101
  110
  119
  129
  139
Net income, $m
  55
  -72
  -72
  -72
  -71
  -69
  -65
  -61
  -56
  -50
  -43
  69
  76
  84
  92
  101
  111
  123
  135
  148
  162
  177
  194
  212
  231
  251
  273
  296
  321
  348
  376

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,033
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  14,003
  12,200
  12,481
  12,802
  13,162
  13,561
  13,999
  14,475
  14,991
  15,547
  16,144
  16,782
  17,463
  18,189
  18,959
  19,777
  20,644
  21,561
  22,532
  23,557
  24,639
  25,781
  26,986
  28,255
  29,593
  31,002
  32,485
  34,046
  35,689
  37,417
  39,235
Adjusted assets (=assets-cash), $m
  11,970
  12,200
  12,481
  12,802
  13,162
  13,561
  13,999
  14,475
  14,991
  15,547
  16,144
  16,782
  17,463
  18,189
  18,959
  19,777
  20,644
  21,561
  22,532
  23,557
  24,639
  25,781
  26,986
  28,255
  29,593
  31,002
  32,485
  34,046
  35,689
  37,417
  39,235
Revenue / Adjusted assets
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
Average production assets, $m
  6,527
  6,657
  6,811
  6,986
  7,182
  7,400
  7,639
  7,899
  8,180
  8,484
  8,809
  9,158
  9,529
  9,925
  10,346
  10,792
  11,265
  11,766
  12,295
  12,854
  13,445
  14,068
  14,725
  15,418
  16,148
  16,917
  17,726
  18,578
  19,475
  20,418
  21,410
Working capital, $m
  3,104
  1,918
  1,963
  2,013
  2,070
  2,132
  2,201
  2,276
  2,357
  2,445
  2,539
  2,639
  2,746
  2,860
  2,981
  3,110
  3,246
  3,390
  3,543
  3,704
  3,874
  4,054
  4,243
  4,443
  4,653
  4,875
  5,108
  5,353
  5,612
  5,884
  6,169
Total debt, $m
  840
  64
  108
  159
  217
  280
  350
  426
  508
  596
  691
  792
  901
  1,016
  1,139
  1,269
  1,406
  1,552
  1,707
  1,870
  2,042
  2,223
  2,415
  2,617
  2,829
  3,053
  3,289
  3,537
  3,799
  4,073
  4,362
Total liabilities, $m
  2,716
  1,940
  1,984
  2,035
  2,093
  2,156
  2,226
  2,302
  2,384
  2,472
  2,567
  2,668
  2,777
  2,892
  3,015
  3,145
  3,282
  3,428
  3,583
  3,746
  3,918
  4,099
  4,291
  4,493
  4,705
  4,929
  5,165
  5,413
  5,675
  5,949
  6,238
Total equity, $m
  11,287
  10,260
  10,496
  10,766
  11,069
  11,405
  11,773
  12,174
  12,608
  13,075
  13,577
  14,114
  14,687
  15,297
  15,945
  16,633
  17,362
  18,133
  18,949
  19,811
  20,721
  21,682
  22,695
  23,763
  24,887
  26,072
  27,320
  28,633
  30,014
  31,468
  32,997
Total liabilities and equity, $m
  14,003
  12,200
  12,480
  12,801
  13,162
  13,561
  13,999
  14,476
  14,992
  15,547
  16,144
  16,782
  17,464
  18,189
  18,960
  19,778
  20,644
  21,561
  22,532
  23,557
  24,639
  25,781
  26,986
  28,256
  29,592
  31,001
  32,485
  34,046
  35,689
  37,417
  39,235
Debt-to-equity ratio
  0.074
  0.010
  0.010
  0.010
  0.020
  0.020
  0.030
  0.030
  0.040
  0.050
  0.050
  0.060
  0.060
  0.070
  0.070
  0.080
  0.080
  0.090
  0.090
  0.090
  0.100
  0.100
  0.110
  0.110
  0.110
  0.120
  0.120
  0.120
  0.130
  0.130
  0.130
Adjusted equity ratio
  0.773
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  55
  -72
  -72
  -72
  -71
  -69
  -65
  -61
  -56
  -50
  -43
  69
  76
  84
  92
  101
  111
  123
  135
  148
  162
  177
  194
  212
  231
  251
  273
  296
  321
  348
  376
Depreciation, amort., depletion, $m
  662
  693
  706
  721
  738
  756
  777
  799
  823
  848
  876
  776
  808
  841
  877
  915
  955
  997
  1,042
  1,089
  1,139
  1,192
  1,248
  1,307
  1,368
  1,434
  1,502
  1,574
  1,650
  1,730
  1,814
Funds from operations, $m
  1,065
  622
  634
  649
  667
  688
  711
  737
  766
  798
  833
  845
  884
  925
  969
  1,016
  1,066
  1,120
  1,177
  1,237
  1,301
  1,370
  1,442
  1,518
  1,599
  1,685
  1,775
  1,871
  1,972
  2,078
  2,191
Change in working capital, $m
  201
  38
  44
  50
  57
  63
  69
  75
  81
  87
  94
  100
  107
  114
  121
  129
  136
  144
  153
  161
  170
  180
  189
  200
  210
  222
  233
  245
  258
  272
  286
Cash from operations, $m
  864
  584
  590
  599
  610
  625
  642
  662
  685
  711
  739
  745
  776
  811
  848
  887
  930
  975
  1,024
  1,076
  1,131
  1,190
  1,252
  1,319
  1,389
  1,463
  1,542
  1,625
  1,713
  1,807
  1,905
Maintenance CAPEX, $m
  0
  -553
  -564
  -577
  -592
  -609
  -627
  -647
  -669
  -693
  -719
  -747
  -776
  -808
  -841
  -877
  -915
  -955
  -997
  -1,042
  -1,089
  -1,139
  -1,192
  -1,248
  -1,307
  -1,368
  -1,434
  -1,502
  -1,574
  -1,650
  -1,730
New CAPEX, $m
  -787
  -130
  -153
  -175
  -197
  -218
  -239
  -260
  -282
  -303
  -326
  -348
  -372
  -396
  -421
  -446
  -473
  -501
  -529
  -559
  -591
  -623
  -657
  -693
  -730
  -769
  -809
  -852
  -897
  -943
  -992
Cash from investing activities, $m
  -98
  -683
  -717
  -752
  -789
  -827
  -866
  -907
  -951
  -996
  -1,045
  -1,095
  -1,148
  -1,204
  -1,262
  -1,323
  -1,388
  -1,456
  -1,526
  -1,601
  -1,680
  -1,762
  -1,849
  -1,941
  -2,037
  -2,137
  -2,243
  -2,354
  -2,471
  -2,593
  -2,722
Free cash flow, $m
  766
  -100
  -127
  -154
  -178
  -201
  -224
  -245
  -266
  -286
  -305
  -350
  -371
  -393
  -414
  -436
  -458
  -480
  -502
  -525
  -549
  -573
  -597
  -622
  -648
  -674
  -701
  -729
  -757
  -787
  -817
Issuance/(repayment) of debt, $m
  -115
  32
  45
  51
  57
  63
  70
  76
  82
  88
  95
  101
  108
  115
  123
  130
  138
  146
  154
  163
  172
  182
  192
  202
  213
  224
  236
  248
  261
  275
  289
Issuance/(repurchase) of shares, $m
  0
  270
  308
  342
  374
  404
  434
  462
  490
  518
  545
  468
  497
  526
  556
  587
  617
  649
  681
  714
  748
  783
  819
  856
  894
  934
  974
  1,017
  1,060
  1,106
  1,152
Cash from financing (excl. dividends), $m  
  -145
  302
  353
  393
  431
  467
  504
  538
  572
  606
  640
  569
  605
  641
  679
  717
  755
  795
  835
  877
  920
  965
  1,011
  1,058
  1,107
  1,158
  1,210
  1,265
  1,321
  1,381
  1,441
Total cash flow (excl. dividends), $m
  620
  203
  226
  239
  253
  266
  280
  293
  306
  320
  334
  219
  234
  249
  265
  281
  298
  315
  333
  352
  372
  392
  414
  436
  459
  484
  509
  536
  564
  593
  624
Retained Cash Flow (-), $m
  426
  -270
  -308
  -342
  -374
  -404
  -434
  -462
  -490
  -518
  -545
  -537
  -573
  -610
  -648
  -688
  -729
  -772
  -816
  -862
  -910
  -960
  -1,013
  -1,068
  -1,125
  -1,185
  -1,247
  -1,313
  -1,382
  -1,454
  -1,529
Prev. year cash balance distribution, $m
 
  1,225
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,157
  -83
  -103
  -121
  -138
  -154
  -169
  -184
  -197
  -210
  -318
  -339
  -361
  -384
  -407
  -431
  -457
  -483
  -510
  -539
  -568
  -599
  -632
  -666
  -701
  -738
  -777
  -818
  -860
  -905
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,110
  -76
  -89
  -99
  -107
  -112
  -114
  -115
  -113
  -110
  -151
  -145
  -137
  -129
  -119
  -110
  -99
  -89
  -79
  -68
  -59
  -50
  -41
  -34
  -27
  -22
  -17
  -13
  -9
  -7
Current shareholders' claim on cash, %
  100
  98.1
  96.0
  93.8
  91.5
  89.2
  86.8
  84.4
  82.0
  79.7
  77.4
  75.5
  73.6
  71.8
  69.9
  68.1
  66.3
  64.6
  62.9
  61.2
  59.6
  58.0
  56.5
  55.0
  53.5
  52.1
  50.8
  49.4
  48.2
  46.9
  45.7

Tenaris S.A., through its subsidiaries, manufactures and distributes steel pipe products and other related services for the oil and gas industry, and other industrial applications. The company offers products for oil and gas drilling operations that include casings and tubings, premium connections, drill pipes, coiled tubing, hot-rolled and cold-drawn seamless tubes, non-tubular accessories, and devices, as well as technical consulting, pipe management, and field services. It also provides offshore line pipe products comprising top tensioned and steel catenary risers, export lines and flow lines, bends, corrosion resistant alloys, coiled line pipes, umbilical tubing, and coated pipes; seamless and welded tubes for onshore line pipe; various seamless steel tubes and pipes for refineries, petrochemical, and gas-processing plants; and tubular products for the power generation industry. In addition, the company offers sucker rods, couplings, and accessories, as well as technical support services; and coiled tubing. Further, it provides a range of seamless tubes and tube-based components for car manufacturers and their suppliers; and hot-rolled and cold-drawn seamless steel tubes and components for use in standard mechanical engineering application, and civil and industrial installations, as well as for manufacturing earth-moving machines, architectural structures, non-oil drilling systems, and gas cylinders. Additionally, the company offers financial services. It operates in North and South Americas, the European Union, the Middle East, Africa, the Far East, and Oceania. The company was founded in 2001 and is headquartered in Luxembourg. Tenaris S.A. is a subsidiary of Techint Holdings S.Ă  r.l.

FINANCIAL RATIOS  of  Tenaris ADR (TS)

Valuation Ratios
P/E Ratio 580
Price to Sales 7.4
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 36.9
Price to Free Cash Flow 414.3
Growth Rates
Sales Growth Rate -37.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -30.5%
Cap. Spend. - 3 Yr. Gr. Rate 0.3%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 0.3%
Total Debt to Equity 7.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. 2.4%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.8%
Return On Equity 0.5%
Return On Equity - 3 Yr. Avg. 3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 26.3%
Gross Margin - 3 Yr. Avg. 32.3%
EBITDA Margin 16.7%
EBITDA Margin - 3 Yr. Avg. 17.5%
Operating Margin -1.4%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 0.8%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin 1.3%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 83.3%
Payout Ratio 923.6%

TS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TS stock intrinsic value calculation we used $4294 million for the last fiscal year's total revenue generated by Tenaris ADR. The default revenue input number comes from 2016 income statement of Tenaris ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TS stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TS is calculated based on our internal credit rating of Tenaris ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Tenaris ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TS stock the variable cost ratio is equal to 92.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $392 million in the base year in the intrinsic value calculation for TS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Tenaris ADR.

Corporate tax rate of 27% is the nominal tax rate for Tenaris ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TS are equal to 152%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Tenaris ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TS is equal to 43.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $11287 million for Tenaris ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 579.597 million for Tenaris ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Tenaris ADR at the current share price and the inputted number of shares is $15.7 billion.

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COMPANY NEWS

▶ Investor Network: Tenaris S.A. to Host Earnings Call   [Aug-03-17 05:40AM  ACCESSWIRE]
▶ Tenaris Announces 2017 Second Quarter Results   [Aug-02-17 04:31PM  Marketwired]
▶ Is Tenaris (TS) Stock a Solid Choice Right Now?   [May-22-17 08:50AM  Zacks]
▶ ETFs with exposure to Tenaris SA : May 4, 2017   [May-04-17 04:24PM  Capital Cube]
▶ Tenaris Files 2016 Form 20-F   [May-01-17 05:13PM  Marketwired]
▶ Tenaris Announces 2017 First Quarter Results   [Apr-26-17 09:11PM  Marketwired]
▶ New Strong Sell Stocks for April 17th   [Apr-17-17 10:29AM  Zacks]
▶ Tenaris Announces 2016 Fourth Quarter and Annual Results   [Feb-22-17 04:24PM  Marketwired]
▶ Is Tenaris SA (ADR) (TS) A Good Stock To Buy?   [Dec-16-16 11:37AM  at Insider Monkey]
▶ [$$] Nucor Agrees to Acquire Republic Conduit for $335 Million   [04:54PM  at The Wall Street Journal]
▶ Hedge Funds Are Buying Delphi Automotive PLC (DLPH)   [Nov-29-16 03:47AM  at Insider Monkey]
▶ Low-risk Stock Patterns With High Reward Potential   [Nov-07-16 01:00PM  at Investopedia]
▶ 8 Key Oil and Gas Stocks Analysts Want You to Buy Now   [Oct-22-16 10:55AM  at 24/7 Wall St.]
▶ [$$] Why Schlumberger Tops Halliburton   [Aug-30-16 03:07PM  at Barrons.com]
▶ 3 Ways You Can Invest in Argentina From the U.S. (ARGT, FM)   [Aug-22-16 07:00PM  at Investopedia]
▶ Tenaris Announces 2016 Second Quarter Results   [Aug-03-16 04:50PM  Marketwired]
▶ Tenaris Participates in Usiminas Capital Increase   [May-23-16 05:05PM  Marketwired]
▶ TENARIS SA Financials   [01:04PM  EDGAR Online Financials]
▶ Tenaris Files 2015 Form 20-F   [May-02-16 05:17PM  Marketwired]
▶ Tenaris Announces 2016 First Quarter Results   [Apr-27-16 10:51PM  Marketwired]
▶ Tenaris Announces 2015 Fourth Quarter and Annual Results   [Feb-24-16 04:30PM  Marketwired]
▶ Find Out Why We Love ATI, TS, CSTM and CRS   [Feb-17-16 08:30AM  Accesswire]
Stock chart of TS Financial statements of TS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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