Discounted Cash Flow (DCF) Analysis Levered
Tenaris S.A. (TS)
$32.84
+0.57 (+1.77%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 5,288.50 | 7,658.59 | 7,294.05 | 5,146.73 | 6,521.21 | 7,129.67 | 7,794.92 | 8,522.23 | 9,317.40 | 10,186.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -22.02 | 610.80 | 275.68 | 194.52 | 246.47 | 269.46 | 294.61 | 322.09 | 352.15 | 385 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -552.79 | -343.46 | -313.91 | -194.35 | -221.86 | -376.72 | -411.87 | -450.31 | -492.32 | -538.26 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -574.82 | 267.34 | -38.24 | 0.17 | 24.61 | -107.26 | -117.27 | -128.21 | -140.17 | -153.25 |
Weighted Average Cost Of Capital
| Share price | $ 32.84 |
|---|---|
| Beta | 1.852 |
| Diluted Shares Outstanding | 590.27 |
| Cost of Debt | |
| Tax Rate | 11.47 |
| After-tax Cost of Debt | 4.67% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.712 |
| Total Debt | 448.22 |
| Total Equity | 19,384.42 |
| Total Capital | 19,832.64 |
| Debt Weighting | 2.26 |
| Equity Weighting | 97.74 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 5,288.50 | 7,658.59 | 7,294.05 | 5,146.73 | 6,521.21 | 7,129.67 | 7,794.92 | 8,522.23 | 9,317.40 | 10,186.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -22.02 | 610.80 | 275.68 | 194.52 | 246.47 | 269.46 | 294.61 | 322.09 | 352.15 | 385 |
| Capital Expenditure | -552.79 | -343.46 | -313.91 | -194.35 | -221.86 | -376.72 | -411.87 | -450.31 | -492.32 | -538.26 |
| Free Cash Flow | -574.82 | 267.34 | -38.24 | 0.17 | 24.61 | -107.26 | -117.27 | -128.21 | -140.17 | -153.25 |
| WACC | ||||||||||
| PV LFCF | -77.27 | -75.74 | -74.23 | -72.75 | -71.31 | |||||
| SUM PV LFCF | -462.02 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.55 |
| Free cash flow (t + 1) | -156.32 |
| Terminal Value | -1,636.84 |
| Present Value of Terminal Value | -947.67 |
Intrinsic Value
| Enterprise Value | -1,409.69 |
|---|---|
| Net Debt | 130.09 |
| Equity Value | -1,539.78 |
| Shares Outstanding | 590.27 |
| Equity Value Per Share | -2.61 |