10 Year Financial Data of Tenaris SA (TS)

41.16 (1y: +19%)

Market Cap	24.24 B	P/E(ttm)	14.80
Enterprise Value	24.51 B	P/B	2.20

TS- NYSE (USA)
Tenaris SA

Currently 1/5

Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$41.16

3 Severe Warning Signs 2 Medium Warning Signs 2 Good Signs

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	11.6	-0.3	6.1
EBITDA Growth (%)	13.8	-3.3	12.8
Free Cash Flow Growth (%)	0	-15.8	17.9
Book Value Growth (%)	22.4	8.4	6.9

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	5.45	7.01	11.41	13.09	17.01	20.55	13.81	13.06	16.89	18.35	18.46	4.43	4.75	4.50	4.67	4.54
EBITDA per Share	0.84	1.73	3.66	5.16	5.88	6.03	3.93	3.52	4.15	4.95	4.94	1.19	1.29	1.23	1.24	1.18
Free Cashflow per Share	0.19	-0.14	1.71	2.32	2.66	1.73	4.41	0.04	0.71	1.81	1.77	0.69	0.36	0.52	0.25	0.64
Earnings per Share ($)	0.36	1.32	2.16	3.30	3.26	3.60	1.96	1.90	2.26	2.88	2.85	0.76	0.78	0.74	0.61	0.72
Dividends Per Share	0.20	0.23	0.59	0.35	0.86	0.76	0.86	0.68	0.68	0.76	0.76	--	0.50	--	0.26	--
Book Value per Share	3.15	4.23	5.94	9.04	11.87	13.85	15.40	16.78	17.80	19.29	19.88	18.61	18.13	18.93	19.29	19.88
Month End Stock Price	6.66	9.78	22.90	49.89	44.73	20.98	42.65	48.98	37.18	41.92	40.78	38.23	34.97	40.77	41.92	40.78
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	11.40	31.40	36.40	36.40	27.50	27.80	12.80	11.40	12.70	14.90	14.40	16.00	17.20	15.60	12.40	14.40
Return on Assets %	4.90	13.90	19.10	15.40	12.60	15.10	8.60	7.80	9.00	10.60	10.40	11.20	12.00	10.80	8.80	10.40
Return on Capital - Joel Greenblatt %	10.50	22.70	51.20	51.30	47.90	39.20	32.70	22.90	25.00	28.30	26.40	29.60	32.00	29.20	28.00	26.40
Debt to Equity	0.45	0.51	0.29	0.68	0.57	0.50	0.16	0.13	0.09	0.15	0.14	0.11	0.16	0.17	0.15	0.14

Gross Margin %	30.60	32.90	41.50	49.70	45.10	44.00	40.30	39.00	37.50	38.70	38.60	38.40	39.50	37.60	39.40	38.60
Operating Margin %	9.10	19.70	28.90	36.10	29.40	25.00	22.30	20.40	19.00	21.80	20.70	21.60	22.20	22.00	21.20	20.70
Net Margin %	6.60	19.00	19.00	25.20	19.20	18.80	14.30	14.60	13.30	15.70	15.90	17.00	16.50	16.40	13.00	15.90

Days Sales Outstanding	76.30	85.60	79.50	89.60	71.60	71.40	68.50	80.70	78.40	78.50	79.30	77.60	73.00	75.30	76.90	79.30
Days Inventory	138	167	127	223	172	166	127	191	164	164	160	162	160	164	163	160
Inventory Turnover	2.70	2.20	2.90	1.60	2.10	2.20	2.90	1.90	2.20	2.20	0.60	0.60	0.60	0.60	0.60	0.60

Debt to Revenue	0.26	0.30	0.15	0.47	0.40	0.34	0.18	0.16	0.09	0.16	0.61	0.47	0.61	0.73	0.63	0.61
COGS to Revenue	0.69	0.67	0.59	0.50	0.55	0.56	0.60	0.61	0.62	0.61	0.61	0.62	0.60	0.62	0.61	0.61
Inventory to Revenue	0.26	0.31	0.20	0.31	0.26	0.26	0.21	0.32	0.28	0.28	1.08	1.09	1.07	1.13	1.08	1.08
Interest Exp. to Revenue %	-0.53	-0.79	-0.43	-0.41	-1.82	-1.13	-1.07	-0.41	-0.22	-0.20	-0.29	-0.01	-0.25	-0.33	-0.21	-0.29

Asset Turnover	0.74	0.73	1.00	0.61	0.66	0.80	0.60	0.54	0.67	0.68	0.17	0.17	0.18	0.17	0.17	0.17
Dividend Payout Ratio	0.55	0.17	0.27	0.11	0.26	0.20	0.44	0.36	0.30	0.26	--	--	0.64	--	0.43	--
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue	3,180	4,136	6,736	7,728	10,042	12,132	8,149	7,712	9,972	10,834	10,895	2,617	2,801	2,657	2,758	2,678
Cost of Goods Sold	2,208	2,777	3,943	3,884	5,516	6,799	4,865	4,701	6,230	6,637	6,672	1,611	1,695	1,659	1,673	1,645
Gross Profit	972	1,359	2,793	3,844	4,526	5,333	3,284	3,011	3,743	4,197	4,223	1,006	1,107	998	1,086	1,033

Selling, General, &Admin. Expense	567	672	843	1,064	1,598	1,819	1,082	1,229	1,618	1,884	1,915	326	487	459	494	476
Earnings Before DDA	488	1,022	2,163	3,047	3,472	3,561	2,318	2,080	2,449	2,924	2,919	704	759	728	733	699

Depreciation, Depletion and Amortization	200	208	214	255	515	533	505	507	554	568	575	138	138	145	147	145

Operating Income	288	814	1,948	2,792	2,957	3,028	1,814	1,574	1,895	2,357	2,344	566	621	584	586	554
Interest Income/Expense	-16.71	-32.68	-29.24	-31.78	-182	-137	-87.47	-31.25	-21.57	-22.05	-29.53	-0.34	-6.98	-8.83	-5.89	-7.83
Net Income	210	785	1,278	1,945	1,924	2,276	1,162	1,127	1,331	1,699	1,680	444	461	436	358	425

Earnings per Share ($)	0.36	1.32	2.16	3.30	3.26	3.60	1.96	1.90	2.26	2.88	2.85	0.76	0.78	0.74	0.61	0.72
Total Shares Outstanding	584	590	590	590	590	590	590	590	590	590	590	590	590	590	590	590
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Cash and cash equivalents	386	431	827	1,556	1,050	1,585	2,144	1,520	1,255	1,473	1,752	1,497	1,162	1,676	1,473	1,752
Accounts Receivable	665	970	1,467	1,898	1,971	2,375	1,530	1,704	2,142	2,331	2,333	2,231	2,247	2,198	2,331	2,333
Inventory	832	1,269	1,376	2,372	2,599	3,091	1,687	2,460	2,806	2,986	2,894	2,864	2,985	2,989	2,986	2,894
Other Current Assets	153	341	102	203	243	202	260	271	190	197	163	170	172	204	197	163
Total Current Assets	2,036	3,012	3,773	6,029	5,863	7,252	5,622	5,956	6,393	6,987	7,142	6,762	6,566	7,067	6,987	7,142

Property, Plant and Equipment	1,960	2,165	2,230	2,939	3,269	2,983	3,255	3,781	4,054	4,435	4,490	4,184	4,216	4,327	4,435	4,490
Intangible Assets	54.04	49.21	159	2,844	4,542	3,827	3,671	3,582	3,376	3,200	3,161	3,331	3,287	3,243	3,200	3,161
Other Long Term Assets	259	436	544	783	1,570	1,038	936	1,046	1,041	1,342	1,318	1,556	1,461	1,460	1,342	1,318
Total Assets	4,310	5,662	6,706	12,595	15,245	15,101	13,483	14,364	14,864	15,964	16,111	15,833	15,529	16,097	15,964	16,111

Accounts Payable	460	592	625	838	848	897	1,014	818	902	883	817	911	1,009	922	883	817
Current Portion of Long-Term Debt	459	839	332	794	1,151	2,865	792	1,024	781	1,212	1,140	813	1,026	1,343	1,212	1,140
Other Current Liabilities	410	569	742	1,133	1,062	28.51	165	536	721	734	694	904	876	824	734	694
Total Current Liabilities	1,329	2,000	1,699	2,766	3,061	3,790	1,970	2,379	2,404	2,829	2,651	2,629	2,911	3,089	2,829	2,651

Long-Term Debt	375	421	678	2,857	2,869	1,242	655	221	150	532	491	425	676	599	532	491
Other Long-Term Liabilities	765	746	821	1,634	2,308	1,892	1,765	1,863	1,804	1,214	1,234	1,794	1,243	1,236	1,214	1,234
Total Liabilities	2,468	3,166	3,198	7,257	8,238	6,924	4,391	4,462	4,357	4,576	4,376	4,847	4,830	4,924	4,576	4,376

Common Stock	1,180	1,181	1,181	1,181	1,181	--	--	--	--	--	--	--	--	--	--	--
Retained Earnings	305	536	1,657	3,398	4,814	6,490	7,144	7,870	8,800	--	--	9,243	9,409	9,846	--	--
Additional Paid-In Capital	609	610	610	610	610	610	610	610	610	--	--	--	610	610	--	--
Total Equity	1,841	2,496	3,508	5,339	7,006	8,177	9,092	9,902	10,506	11,388	11,736	10,986	10,699	11,172	11,388	11,736
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	210	785	1,387	2,059	2,076	2,276	1,208	1,141	1,421	1,701	1,671	453	460	437	350	423
Depreciation, Depletion and Amortization	200	208	214	255	515	533	505	507	554	568	575	138	138	145	147	145
Cash Flow from Discontinued Operations	--	--	--	--	--	--	--	--	1.84	--	--	--	--	--	--	--
Cash Flow from Others	-134	-895	-306	-504	-570	-1,344	1,351	-777	-694	-409	-426	13.11	-183	-87.58	-151	-4.68
Cash Flow from Operations	276	98.29	1,295	1,811	2,021	1,465	3,064	871	1,283	1,860	1,819	605	415	495	347	563

Investment for Property, Plant & Equipement	-163	-183	-284	-441	-448	-443	-461	-847	-863	-790	-777	-196	-205	-187	-202	-184
Cash Flow from Acquisitions	-65.28	-97.60	-48.29	-2,334	-1,999	1,095	-73.58	-0.30	-11.25	-508	-3.09	-505	--	-6.23	3.14	--
Cash Flow from Investing	-252	-200	-293	-2,822	-2,287	722	-1,041	-921	-605	-1,484	-1,136	-686	-184	-665	49.86	-337

Net Issuance of Debt	45.88	300	-240	1,928	371	-1,035	-1,465	-215	-227	783	423	309	466	248	-241	-51.31
Cash Flow for Dividends	-129	-135	-364	-204	-568	-536	-554	-436	-441	-1,208	-1,224	-0.92	-1,054	-0.04	-153	-17.21
Other Financing	--	--	--	-23.19	--	-0.00	0.00	-0.00	--	--	0.00	0.00	--	0.00	--	-0.00
Cash Flow from Financing	-83.18	165	-604	1,701	-197	-1,570	-2,019	-652	-668	-426	-802	308	-587	248	-394	-68.52

Net Change in Cash	-56.70	63.75	387	684	-411	617	-5.44	-702	10.59	-49.46	-118	227	-356	77.72	2.39	158

Free Cash Flow	113	-85.02	1,011	1,369	1,573	1,022	2,603	23.50	421	1,071	1,042	408	210	308	145	380
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

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