The market liked them accounts in September di Tenaris, but above all its politics of buybak and management's proposal for the distribution of a interim dividend 2024 (relating to fiscal 2023) of $0,2 per share. And in the late morning the stock saw a significant increase of close to 10%.
THENet income in truth it came in below estimates, but Ebitda e revenues are better, and above all the launch of a program was read positively buyback up to 1,2 billion to be executed within a year, with the intention of canceling the repurchased ordinary shares (at the closing price of the stock in Milan on November 75,4st it represents 6,4 million shares, or XNUMX% of the free float ). The title in Piazza Affari, which started up by around 5 points, then accelerated to +9,6% at 16,66 euros, a level not seen since the beginning of last March.
Ebitda and third quarter revenues above consensus
In detail, the company closed the period in September with a Net income of 547 million dollars (-10% on an annual basis and -52% compared to the previous three months), below the 686 million expected by consensus. Instead i revenues they stood at 3,238 billion (+9%), above the 3,21 billion expected by the consensus. L'operating profit it was 868 million (+8% on year and -32% on quarter) and the EBITDA at 1,004 billion (+6% on year and -29% on quarter), above the consensus of 938 million, with a edge of 31%, above the 29% expected by analysts (31,8% last year and 34,6% in the second quarter).
“The EBITDA of third quarter was higher than forecast, despite the decline in volumes, which implies a greater resilience than expected”, they explain analyst di Jefferies, underlining that “l buyback to be performed within one year and the down payment on dividend from $0,20 per share favor a positive market reaction”.
The results are “slightly above expectations in terms of P&L (profit&loss, ed.), cash generation is very strong. The expected contraction in margins in the next quarter is confirmed”, underline the analysts of Intermonte. Equita experts speak of a buyback "above market expectations", but it is essential to evaluate the expected decrease in Ebitda in next quarter and the trend in subsequent quarters in light of the decline in Octg (oil country tubular goods) prices in the United States in recent months".
A maximum profitability bonus of up to 8.000 euros has been signed
TenarisDalmine has also just signed maxi profitability premium for its 2.200 workers, with the first tranche this year which could reach 8.000 euros.
In detail, the first tranche of this year, linked to the results of the first half of the year, varies from a minimum amount of 5.442 euros to a maximum of 7.946, and is disbursed at 70% of its value, to then be completed at the time of payment of the 2nd tranche, when the total overall amount is calculated on the official results of the entire year, explains the company headed by the Rocca family.
The company profitability bonus is paid in Tenaris since 1998 and distributes a share of the wealth generated, in proportion to the company's economic result. The bonus, by its variable nature, is paid to all employees and is distributed based on the level of classification to which the employee belongs and is an element of a broader overall reward system.
Benzi: the maximum bonus for 2022 was an average of 7.000 euros per employee
“Once upon a time, those who came to work in the steel mill expected a well-paid job and did not raise the issue of Saturday, Sunday or night shifts. Today this is no longer the case,” he says Paolo Benzi, senior director of human resources of the company which has factories in Dalmine, Sabbio Bergamasco, Costa Volpino, Arcore and Piombino. And therefore "in order to bring new generations into the company we have built an offer that integrates many components". On the one hand, the valorization of the welfare at 360°. On the other, one remuneration policy that values merit and results with i personal bonuses and with collective economic incentives, thanks to a big prize of result that it achieved on average last year 7.000 € per worker in Italy. This year, the performance of the first half of the year exceeded last year's overall value.
The conversion of rewards into goods and services at will
“Our people have the ability to convert premiums variables received during the year in goods and services, up to the ceiling of 3.000 euros established by law – explains Benzi -. They can use them for supplementary pension, school expenses, the fun, the travel, the gym, shopping cart, through an integrated platform where all our services are present. With a double advantage, because the 3.000 euros of welfare are transformed into a net amount and the company adds a further 10% for those who decide to convert them". The tip of the Tenaris welfare iceberg is theHealth care projectt, carried out in collaboration with Humanitas, with which the group has developed a health protocol on a global scale involving 25 thousand people, from employees to operators. Tenaris' welfare investment in Italy reaches over 19 million euros.
