Report
Jean-François Granjon

Vallourec : Un pari pour une recovery qui était bien engagée … pre-COVID

>Un refinancement en suspend - Des raisons d’espérer ? Dans un environnement fortement dégradé, le groupe sera plus particulièrement affecté par son exposition en Amérique du Nord (36% du CA soit 24% du CA consolidé). Néanmoins, nous noterons la relative bonne performance au T1 avec un EBITDA étale (68 M€ vs 67 M€) malgré une baisse de 17% du CA (-15% en organique), de 18% du CA Oil&Gas et de 20% du CA Amérique du Nord. Malgré une forte dégradation attendue, le groupe...
Underlying
Vallourec SA

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.

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
Jean-François Granjon

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