4 models fit Tenaris S.A. American Depositary Shares and they partly agree: 2 of 4 land within 15% of the average.
Two or more of our models back this value.
Premium(i)Bronze44
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionTenaris S.A. American Depositary Shares (TS)
Fair value (4 models)
$51.54
ACCE price target
$60.00
Rating
Overvalued
Horizon
12 months
Fair value published on 20 Oct 2026, 16:04 CEST; previously $66.98 since 11 Oct 2026, 00:00 CEST.
ACCE price target published on 24 Sept 2026, 00:00 CEST.
Rating published on 20 Oct 2026, 16:04 CEST.
Price used: $58.23 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
13.0% above
-11.5% to fair value
ACCE score
55
out of 100
Analysts
58% buy
12 covering
P/E
15.5x
forward 13.9x
1-year return
+58.7%
Dividend yield
3.16%
Tenaris S.A. American Depositary Shares in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Tenaris makes seamless steel pipe and tubular products for oil and gas drilling and production, along with related services for wells and pipeline operators. Its edge is a large installed base of integrated mills and finishing plants that supply tubing and casing to producers worldwide, with a 38.5% gross margin that points to pricing held through the cycle rather than a commodity pass-through. Revenue fell 3.9%, so the near-term case rests on activity levels in drilling and on margin discipline rather than volume growth. At 15.5x trailing and 13.9x forward earnings, with a 16.7% operating margin and 11.6% ROE, the valuation is not stretched, but the top line is shrinking and the stock earns a middling 55/100 score. This is worth a deeper look on whether the margin structure holds if rig counts soften, not on a demand rebound thesis.