Loading...

Discounted Cash Flow (DCF) Analysis Unlevered


Tenaris S.A. American Depositary Shares

Tenaris S.A. American Depositary Shares (TS)

Basic Materials

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 10,597.0010,338.436,902.974,293.655,288.497,658.267,574.027,490.707,408.317,326.817,246.22
Revenue (%)
EBITDA 2,883.442,427.461,749.211,088.011,340.101,940.601,919.261,898.141,877.261,856.611,836.19
EBITDA (%)
EBIT 2,273.061,811.291,089.98425.93730.871,276.631,201.241,188.031,174.961,162.031,149.25
EBIT (%)
Depreciation 610.39616.17659.23662.08609.23663.97718.02710.12702.31694.58686.94
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1,249.391,838.172,445.722,036.051,531.02925.121,936.681,915.371,894.301,873.471,852.86
Total Cash (%)
Account Receivables 2,004.952,002.551,384.741,163.151,407.801,952.861,736.721,717.621,698.721,680.041,661.56
Account Receivables (%)
Inventories 2,703.292,780.001,843.091,564.182,368.182,524.162,439.592,412.762,386.222,359.972,334.01
Inventories (%)
Accounts Payable 835.04832.24503.92556.89750.97693.84750.59742.33734.16726.09718.10
Accounts Payable (%)
Capital Expenditure -753.45-1,088.64-1,132.09-787.03-557.94-349.22-852.08-842.70-833.43-824.27-815.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.5
Diluted Shares Outstanding -
Cost of Debt
Tax Rate -
After-tax Cost of Debt -
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.71
Total Debt 29.00
Total Equity -
Total Capital 29.00
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 10,597.0010,338.436,902.974,293.655,288.497,658.267,574.027,490.707,408.317,326.817,246.22
EBITDA 2,883.442,427.461,749.211,088.011,340.101,940.601,919.261,898.141,877.261,856.611,836.19
EBIT 2,273.061,811.291,089.98425.93730.871,276.631,201.241,188.031,174.961,162.031,149.25
Tax Rate 29.56%34.41%---------
EBIAT 1,601.051,188.05---------
Depreciation 610.39616.17659.23662.08609.23663.97718.02710.12702.31694.58686.94
Accounts Receivable -2.40617.82221.59-244.65-545.06216.1319.1018.8918.6918.48
Inventories --76.71936.91278.92-804.01-155.9884.5726.8426.5426.2525.96
Accounts Payable --2.80-328.3352.97194.08-57.1356.75-8.26-8.17-8.08-7.99
Capital Expenditure -335.1943.45-345.06-229.09-208.72502.86-9.37-9.27-9.17-9.07
UFCF 2,211.442,062.30---------
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -896.12
Equity Value -
Shares Outstanding -
Equity Value Per Share -