Discounted Cash Flow (DCF) Analysis Levered
Tenaris S.A. (TS)
$27.78
+0.05 (+0.18%)
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 | 581.73 | 410.47 | 520.09 | 938.11 | 1,109.03 | 1,311.10 | 1,549.98 | 1,832.38 | 2,166.24 |
| 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 | 267.34 | 267.81 | 216.12 | 298.23 | 540.76 | 571.03 | 675.07 | 798.06 | 943.47 | 1,115.37 |
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 | 7,658.59 | 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 | 581.73 | 410.47 | 520.09 | 938.11 | 1,109.03 | 1,311.10 | 1,549.98 | 1,832.38 | 2,166.24 |
| 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 | 267.34 | 267.81 | 216.12 | 298.23 | 540.76 | 571.03 | 675.07 | 798.06 | 943.47 | 1,115.37 |
| WACC | ||||||||||
| PV LFCF | 515.37 | 549.88 | 586.70 | 625.99 | 667.91 | |||||
| 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 |