Discounted Cash Flow (DCF) Analysis Levered

Tenaris S.A. (TS)

$31.61

-0.46 (-1.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 39.53 | 31.61 | undervalue

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 7,658.597,294.055,146.736,521.2111,762.5313,905.6616,439.2719,434.5122,975.4827,161.62
Revenue (%)
Operating Cash Flow 610.801,527.941,520.38119.081,167.221,952.722,308.502,729.113,226.353,814.20
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 267.341,179.861,326.03-125.52769.871,391.991,645.611,945.442,299.902,718.94

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 7,658.597,294.055,146.736,521.2111,762.5313,905.6616,439.2719,434.5122,975.4827,161.62
Operating Cash Flow 610.801,527.941,520.38119.081,167.221,952.722,308.502,729.113,226.353,814.20
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 267.341,179.861,326.03-125.52769.871,391.991,645.611,945.442,299.902,718.94
WACC
PV LFCF 1,244.621,315.631,390.681,470.011,553.87
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