Vallourec : Des raisons d’y croire
Après avoir profité du boom du shale oil en Amérique du Nord, la performance opérationnelle de Vallourec bénéficie désormais d’une activité dynamique en EAMEA, à laquelle devrait prochainement s’ajouter celle du Brésil. Combinée aux effets positifs du Plan de Transformation, nous pensons que Vallourec devrait être en mesure de stopper sa consommation de FCF à partir de 2020, et donc d’améliorer graduellement ses indicateurs de crédit. Cependant, la marge de manœuvre par rapport a...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.
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.
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