Vallourec : Reasons to be hopeful
Driven by the shale oil boom in North America, Vallourec's operating performance now sees solid momentum in EAMEA, in addition to the recovery expected shortly in Brazil. Combined with the positive impacts from its Transformation Plan, we think that Vallourec should be able to put an end to its FCF burn from 2020, gradually enhancing its credit metrics. That said, leeway within the covenant is getting tighter and most of its credit facilities are due to expire in 2021. Even so, i...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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