Tenaris S.A. (TNRSF)
ValueMarkers Composite Index
34% below intrinsic value ($43)
Tenaris S.A. (TNRSF) — VMCI valuation read
Headline read on TNRSF: VMCI of 62/100 versus a Energy sector median of 50. The 12-point above-median position is what makes Tenaris S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on TNRSF: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on TNRSF: value (TNRSF trades at 15.0x earnings, 17% below the Energy median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Energy median (10.0%)), and risk (net debt to EBITDA of 1.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Energy 12.0x baseline.
TNRSF fell 4.0% over the trailing 7 days, with a -22.0% read on a 30-day basis.
Tenaris S.A., together with its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, cold-drawn pipes, and premium joints and couplings; coiled tubing products for oil and gas drilling and workovers, and subsea pipelines; and umbilical tubing products; and tubular accessories. It also provides sucker rods, industrial equipment, heat exchangers, and utility conduits for buildings, as well as sells energy and raw materials. In addition, it offers financial services. The company operates in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. Tenaris S.A. was incorporated in 2001 and is based in Luxembourg, Luxembourg. Tenaris S.A. is a subsidiary of Techint Holdings S.à r.l.
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