DCF Tool


Tenaris S.A. – Iron and Steel Mills and Ferroalloy Manufacturing
Tenaris S.A. is a global manufacturer and supplier of steel pipes and related services, primarily for the energy industry
Analysis Results
Intrinsic Value $364.30
Latest Price $31.87
Relative Value 91% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 28.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 28.9%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 5.53 5.14
2024 7.13 6.15
2025 9.2 7.37
2026 11.9 8.82
2027 15.3 10.6
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 276 billion. This corresponds to a present value of 177 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 38.1 billion. Adding in the terminal value gives a total present value of 215 billion.

There are presently 590.0 million outstanding shares, so the intrinsic value per share is 364.3.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 8,468,596,000
Current Cash 1,529,975,000
Current Liabilities 2,788,423,000
Current Debt 710,890,000
Non-Cash Working Capital (NCWC) 4,861,088,000
Change in NCWC 1,901,444,000
EBIT 3,326,802,000
Tax Provision 617,236,000
Depreciation and Amortization 607,723,000
Capital Expenditure -378,446,000
Unlevered Free Cash Flow 4,808,924,509
Current Assets 4,981,173,000
Current Cash 715,976,000
Current Liabilities 1,559,645,000
Current Debt 254,092,000
Non-Cash Working Capital (NCWC) 2,959,644,000
Change in NCWC 948,853,000
EBIT 1,278,768,000
Tax Provision 189,448,000
Depreciation and Amortization 594,721,000
Capital Expenditure -239,518,000
Unlevered Free Cash Flow 2,387,887,833
Current Assets 4,287,672,000
Current Cash 1,457,169,000
Current Liabilities 1,166,475,000
Current Debt 346,763,000
Non-Cash Working Capital (NCWC) 2,010,791,000
Change in NCWC -933,805,000
EBIT 91,554,000
Tax Provision 23,150,000
Depreciation and Amortization 678,806,000
Capital Expenditure -193,322,000
Unlevered Free Cash Flow -356,767,000
Current Assets 5,670,607,000
Current Cash 1,764,675,000
Current Liabilities 1,780,457,000
Current Debt 819,121,000
Non-Cash Working Capital (NCWC) 2,944,596,000
Change in NCWC -394,958,000
EBIT 905,163,000
Tax Provision 202,452,000
Depreciation and Amortization 539,521,000
Capital Expenditure -350,174,000
Unlevered Free Cash Flow 503,289,713
Current Assets 5,464,192,000
Current Cash 916,095,000
Current Liabilities 1,718,363,000
Current Debt 509,820,000
Non-Cash Working Capital (NCWC) 3,339,554,000
Change in NCWC 620,612,000
EBIT 1,059,261,000
Tax Provision 229,207,000
Depreciation and Amortization 664,357,000
Capital Expenditure -349,473,000
Unlevered Free Cash Flow 1,774,660,458
Current Assets 5,381,154,000
Current Cash 1,522,527,000
Current Liabilities 2,070,899,000
Current Debt 931,214,000
Non-Cash Working Capital (NCWC) 2,718,942,000
Change in NCWC 839,009,000
EBIT 448,932,000
Tax Provision -17,136,000
Depreciation and Amortization 608,640,000
Capital Expenditure -558,236,000
Unlevered Free Cash Flow 1,338,345,000
Current Assets 4,817,154,000
Current Cash 2,032,879,000
Current Liabilities 1,713,036,000
Current Debt 808,694,000
Non-Cash Working Capital (NCWC) 1,879,933,000
Change in NCWC -429,209,000
EBIT 12,476,000
Tax Provision 17,102,000
Depreciation and Amortization 662,412,000
Capital Expenditure -786,873,000
Unlevered Free Cash Flow -547,391,053
Current Assets 5,743,031,000
Current Cash 2,427,409,000
Current Liabilities 1,754,775,000
Current Debt 748,295,000
Non-Cash Working Capital (NCWC) 2,309,142,000
Change in NCWC -1,196,734,000
EBIT 584,502,000
Tax Provision 244,505,000
Depreciation and Amortization 658,778,000
Capital Expenditure -1,131,519,000
Unlevered Free Cash Flow -1,329,478,000
Current Assets 7,396,322,000
Current Cash 2,256,024,000
Current Liabilities 2,602,829,000
Current Debt 968,407,000
Non-Cash Working Capital (NCWC) 3,505,876,000
Change in NCWC -121,153,000
EBIT 1,939,492,000
Tax Provision 586,061,000
Depreciation and Amortization 615,629,000
Capital Expenditure -1,089,373,000
Unlevered Free Cash Flow 701,409,835
Current Assets 6,925,472,000
Current Cash 1,863,431,000
Current Liabilities 2,119,729,000
Current Debt 684,717,000
Non-Cash Working Capital (NCWC) 3,627,029,000
Change in NCWC -248,059,000
EBIT 2,230,965,000
Tax Provision 627,877,000
Depreciation and Amortization 610,054,000
Capital Expenditure -753,498,000
Unlevered Free Cash Flow 1,203,397,862
Current Assets 6,987,116,000
Current Cash 1,494,439,000
Current Liabilities 2,829,374,000
Current Debt 1,211,785,000
Non-Cash Working Capital (NCWC) 3,875,088,000
Change in NCWC 380,556,000
EBIT 2,292,632,000
Tax Provision 541,558,000
Depreciation and Amortization 567,654,000
Capital Expenditure -789,731,000
Unlevered Free Cash Flow 1,897,562,020

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