Report
Baptiste Lebacq ...
  • Maxime Kogge

ODDO : Favoriser Vallourec sur ArcelorMittal en vue d’un rapprochement gagnant-gagnant

L’entrée d’ArcelorMittal au capital de Vallourec valide, selon nous, le succès de la restructuration financière de 2021 qui rend Vallourec investissable. Pour ArcelorMittal, elle est déjà relutive de ~4% sur les BPA 2025/26 et surtout porteuse de synergies dans le cas d’une prise de contrôle avec un potentiel de relution additionnelle > 10% et un possible rerating. Toutefois, l’environnement dégradé de l’acier, s’il confirme en creux l’intérêt d’un deal Vallourec, nous conduit au...
Underlyings
ArcelorMittal SA

ArcelorMittal is a steel company, based in Luxembourg, with operations in more than 60 countries. Co. is active in all major global steel markets, including automotive, construction, household appliances and packaging, as well as activities in Research & Development and technology, with captive supplies of raw materials and its own distribution network. Co. has an industrial presence in over 20 countries spanning four continents, covering key steel markets, from emerging to mature. Co. offers a complete spectrum of steel products from commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys.

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

Maxime Kogge

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