Vallourec : Tangible signs of continued recovery – target price lifted to € 3.8 vs € 3.6
>More rapid improvement in FCF generation - During the road-show with management, we were able to consolidate our call based on a well-established recovery movement with the growth level in line with the expectations from the transformation plan and the implementation of growth drivers.Earnings in Q2 and more generally in H1 were positive and probably exceeded management’s expectations. Note that the EBITDA posted in H1 (€ 169m) was above the EBITDA reported in 2...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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