Vallourec Reports Middling 4Q Results and Looks to Emerge From Cyclical Trough in 2017
Vallourec issued another quarter of heavy losses to close out 2016. The company reported EBITDA of negative EUR 219 million for the full year, as EBITDA declined from negative EUR 77 million in 2015. Regardless, fourth-quarter shipment volumes exceeded our expectations, inspiring optimism that a recovery is underway. After modestly increasing our medium-term profit forecasts to reflect a more favorable operating environment, our fair value estimate rises to EUR 5 from EUR 4.20. Given the company...Vallourec is a holding company. Through its subsidiaries, Co. supplies tubular solutions, mainly for the energy markets as well as other industrial applications. Co.'s activities can be divided into two segments: the Seamless tubes segment (production of hot-rolled seamless carbon and alloy steel tubes, both smooth and threaded, for the oil and gas industry); and the Speciality Products segment (production of stainless steel and titanium tubes as well as specific forming and machining activities). Co. is organized into four divisions: Energy and Industry division; Oil Country Tubular Goods division; Drilling Products division; and Brazil division.
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