Report
Baptiste Lebacq

Vallourec : A start to the year that guarantees the achievement of the 2023 targets

>Outperform and target price € 21, recommended European mid cap list - Following the publication and conference call, we have very marginally adjusted our forecasts (sales of two plants in Germany postponed to 2024 whereas we were forecasting an initial divestment as of 2023).We reiterate our Outperform recommendation on the stock (target price of € 21). We note a convergence of interests between the reference shareholder (Apollo), management, bankers (warrant ho...
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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