Report
Baptiste Lebacq

Vallourec : Fasten your seatbelts, free cash flow is on its way

>Outperform recommendation - Following the publication of Q2 2022 results (cf. first take of 26 July 2022 for more details) and the conference call that followed the release, we have raised our forecasts for EBITDA by an average of 26% for 2022-2024 principally due to the integration of the effects of the restructuring plan (impact of the plan: EBITDA +€ 230m as of its finalisation, i.e. in Q1 2024). We reiterate our Outperform recommendation (target price of € 1...
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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