Report
Baptiste Lebacq

Vallourec : Guidance upgrade necessarily involves tensions on WCR

>Outperform rating maintained and target price raised to € 16.5 - We maintain our Outperform rating and have raised our target price to € 16.5 (vs € 14.5). The WC tensions are not unusual at this stage in the cycle and are not a cause for concern in our view. Post release and conference call, we have adjusted our EBITDA sequence by 13% for 2021-2024 (more significant impact at the start of the period). We now expect 2022 EBITDA of € 626m (+27.4% y-o-y, despite the mi...
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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