Discounted Cash Flow (DCF) Analysis Levered

Tenaris S.A. (TS)

$27.78

+0.05 (+0.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 18.53 | 27.78 | overvalue

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 610.80581.73410.47520.09938.111,109.031,311.101,549.981,832.382,166.24
Operating Cash Flow (%)
Capital Expenditure -343.46-313.91-194.35-221.86-397.35-538-636.03-751.91-888.91-1,050.87
Capital Expenditure (%)
Free Cash Flow 267.34267.81216.12298.23540.76571.03675.07798.06943.471,115.37

Weighted Average Cost Of Capital

Share price $ 27.78
Beta 1.565
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 11.127
Total Debt 840.94
Total Equity 16,397.66
Total Capital 17,238.60
Debt Weighting 4.88
Equity Weighting 95.12
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 610.80581.73410.47520.09938.111,109.031,311.101,549.981,832.382,166.24
Capital Expenditure -343.46-313.91-194.35-221.86-397.35-538-636.03-751.91-888.91-1,050.87
Free Cash Flow 267.34267.81216.12298.23540.76571.03675.07798.06943.471,115.37
WACC
PV LFCF 515.37549.88586.70625.99667.91
SUM PV LFCF 2,945.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.80
Free cash flow (t + 1) 1,137.68
Terminal Value 12,928.17
Present Value of Terminal Value 7,741.74

Intrinsic Value

Enterprise Value 10,687.59
Net Debt -250.59
Equity Value 10,938.18
Shares Outstanding 590.27
Equity Value Per Share 18.53