Discounted Cash Flow (DCF) Analysis Levered
Tenaris S.A. (TS)
$31.61
-0.46 (-1.43%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 7,658.59 | 7,294.05 | 5,146.73 | 6,521.21 | 11,762.53 | 13,905.66 | 16,439.27 | 19,434.51 | 22,975.48 | 27,161.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 610.80 | 1,527.94 | 1,520.38 | 119.08 | 1,167.22 | 1,952.72 | 2,308.50 | 2,729.11 | 3,226.35 | 3,814.20 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -343.46 | -348.08 | -194.35 | -244.59 | -397.35 | -560.73 | -662.89 | -783.67 | -926.46 | -1,095.26 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 267.34 | 1,179.86 | 1,326.03 | -125.52 | 769.87 | 1,391.99 | 1,645.61 | 1,945.44 | 2,299.90 | 2,718.94 |
Weighted Average Cost Of Capital
| Share price | $ 31.61 |
|---|---|
| Beta | 1.611 |
| Diluted Shares Outstanding | 590.27 |
| Cost of Debt | |
| Tax Rate | 19.35 |
| After-tax Cost of Debt | 4.40% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.176 |
| Total Debt | 840.94 |
| Total Equity | 18,658.39 |
| Total Capital | 19,499.33 |
| Debt Weighting | 4.31 |
| Equity Weighting | 95.69 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 7,658.59 | 7,294.05 | 5,146.73 | 6,521.21 | 11,762.53 | 13,905.66 | 16,439.27 | 19,434.51 | 22,975.48 | 27,161.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 610.80 | 1,527.94 | 1,520.38 | 119.08 | 1,167.22 | 1,952.72 | 2,308.50 | 2,729.11 | 3,226.35 | 3,814.20 |
| Capital Expenditure | -343.46 | -348.08 | -194.35 | -244.59 | -397.35 | -560.73 | -662.89 | -783.67 | -926.46 | -1,095.26 |
| Free Cash Flow | 267.34 | 1,179.86 | 1,326.03 | -125.52 | 769.87 | 1,391.99 | 1,645.61 | 1,945.44 | 2,299.90 | 2,718.94 |
| WACC | ||||||||||
| PV LFCF | 1,244.62 | 1,315.63 | 1,390.68 | 1,470.01 | 1,553.87 | |||||
| SUM PV LFCF | 6,974.80 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.84 |
| Free cash flow (t + 1) | 2,773.32 |
| Terminal Value | 28,184.13 |
| Present Value of Terminal Value | 16,107.15 |
Intrinsic Value
| Enterprise Value | 23,081.95 |
|---|---|
| Net Debt | -250.59 |
| Equity Value | 23,332.54 |
| Shares Outstanding | 590.27 |
| Equity Value Per Share | 39.53 |