Report
Baptiste Lebacq

Vallourec : EBITDA 11%< expectations // Faster deleveraging // Return of dividends

>Q3 2024 EBITDA 11% < expectations but faster-than-expected deleveraging - Q3 2024 EBITDA came to € 168m, down 22% vs Q2 2024 and below our estimate of € 189m (consensus € 192m). The EBITDA margin was 19%. Tubes EBITDA fell from € 193m in Q3 2023 to € 162m in Q3 2024 due to the fall in profitability in North America. Mine & Forest EBITDA was € 22m in Q3 2024, versus € 39m in Q3 2023, reflecting the decrease in iron ore production sold and lower selling price...
Underlying
Vallourec SA

Vallourec SA is a France-based company, which specializes in the production of seamless and welded steel tube products for industrial applications. It operates through two segments: Seamless Tubes and Specialty Products. For the oil and gas industry, it designs and develops a comprehensive range of products including seamless tubes and connections for drilling operations, line pipes and well equipment. For the power generation market, it offers tubes that withstand severe temperature and pressure conditions. Its solutions enable power companies to meet the challenges of energy efficiency and reduce CO2 emissions in power plants. It also offers a wide range of tubes for petrochemical installations (refineries), for mechanical engineering applications (hydraulic cylinders and machine tools), for the automotive industry, for construction (stadiums, other complex buildings and structures) and for various other industrial sectors. It operates through Vallourec Solucoes Tubulares do Brasil.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Baptiste Lebacq

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