Discounted Cash Flow

Tenaris S.A. ADR

TS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $4.3b $55.3m $169.5m 1.3% $0.09
2017 $5.3b (23.2%) $544.7m (885.1%) $-22.0m (-113.0%) 10.3% (699.8%) $0.92 (922.2%)
2018 $7.7b (44.8%) $876.1m (60.8%) $610.8m (2873.2%) 11.4% (11.1%) $1.48 (60.9%)
2019 $7.3b (-4.5%) $742.7m (-15.2%) $1.5b (148.9%) 10.2% (-11.3%) $1.26 (-14.9%)
2020 $5.2b (-29.2%) $-634.4m (-185.4%) $140.4m (-90.8%) -12.2% (-220.7%) $-1.07 (-184.9%)
2021 $6.5b (25.9%) $1.1b (273.4%) $119.1m (-15.2%) 16.9% (237.8%) $0.93 (186.9%)
2022 $11.8b (80.4%) $2.6b (132.1%) $769.9m (546.5%) 21.7% (28.7%) $2.16 (132.3%)
2023 $14.9b (26.4%) $3.9b (53.5%) $4.2b (443.1%) 26.4% (21.4%) $3.32 (53.7%)
2024 $12.5b (-15.8%) $2.0b (-48.0%) $1.4b (-65.9%) 16.3% (-38.3%) $1.81 (-45.5%)
2025 $12.0b (-4.3%) $1.9b (-5.1%) $1.2b (-13.3%) 16.1% (-0.8%) $1.83 (1.1%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model