Vallourec : Management remains focused on cash generation
>Outperform rating and a target price of € 21 - Following the results publication and the conference call, we reiterate our Outperform recommendation on the stock (target price € 21). We lowered our 2024-2026 EBITDA estimate (by -6% on average, bigger impact in 2024 given the situation in North America). Despite a YTD performance close to +5%, Vallourec still shows a discount of 30% (in terms of EV/EBITDA 2025) vs its main peer Tenaris. Vallourec is deleveraging more ...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.
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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