Report
Baptiste Lebacq

Vallourec : Un relèvement de guidance passe forcément par des tensions sur le BFR

>Recommandation Surperformance réitérée et OC relevé à 16.5 € - Nous réitérons notre recommandation Surperformance sur le titre et relevons notre OC à 16.5 € (versus 14.5 €). Les tensions sur le BFR sont traditionnelles à ce stade du cycle et ne nous inquiètent pas. Post publication et conférence call, nous ajustons notre séquence d’EBITDA de 13% sur 2021/24 (impact plus important en début de période). Nous tablons désormais sur un EBITDA 22 de 626 M€ (+27.4% YoY mal...
Underlying
Vallourec SA

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.

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
Baptiste Lebacq

ResearchPool Subscriptions

Get the most out of your insights

Get in touch