Vallourec's Struggles Continue in the Third Quarter Amid Ongoing Low Oil Prices; FVE Unchanged
In the third quarter, Vallourec again reported weak results, as ongoing low oil prices stymied a material recovery in global oil and gas drilling activity. Our EUR 4.20 per share fair value estimate and no-moat rating are unchanged. Shares traded lower in the wake of the disappointing earnings release but are still trading roughly in line with our fair value.Our base-case forecast assumes that the company will restore positive operating income in 2018, with operating margins ultimately recoveri...
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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