VALLOUREC - Some improvement in 4Q17 but road to positive FCF still long and FY18 uncertain
Vallourec, a worldwide leader in premium tubular solutions mainly for the energy industry, reported 4Q17 results which proved to be slightly better than our expectation in term of profitability. However, the likely scale of profitability improvement in FY18 is unclear and we view a return to positive free cashflow as still distant.
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