Vallourec : Panic not!
Vallourec published disappointing results in Q3 2018, with EBITDA below expectations and, above all, significant FCF consumption. In this context, the share price has fallen (-50% since Friday), as has the bond price (-6 pts for 2019, -25 pts for 2022, -25 pts for 2023 and -18 pts for 2024). The FCF is expected to remain negative until at least 2019 and net debt is expected to continue to increase. However, liquidity will remain strong and the repayment of the 2019 bond is not in...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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