Vallourec S.A.

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.
  • TickerVK
  • ISINFR0000120354
  • ExchangeEuronext Paris
  • SectorIndustrial Engineering
  • CountryFrance

Analysts

Aurelien Sivignon ...
  • Fehmi Ben Naamane
  • Jean Sassus
  • Jean-François Granjon
  • Matthias Desmarais
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 05/17/2019

...

Jean-François Granjon

Vallourec : Confirmed acceleration in the recovery – top-quality numbers

>Q1 2019 earnings release - Vallourec’s Q1 2019 figures beat our expectations. Sales came in at € 1.025bn (€ 917.8m estimated) vs € 862m, an increase of 19% and 17% on constant currencies. EBITDA, meanwhile, amounted to € 67m (€ 47.6m estimated) vs -€ 5m, confirming the return to positive EBITDA for the fourth quarter in a row. The EBITDA margin thus came in at 6.5% (vs -0.6%). Underlying operating profit came to -€ 19m (-€ 42.4m estimated) vs -€ 130m, a sharp improve...

Aurelien Sivignon ...
  • Fehmi Ben Naamane
  • Jean Sassus
  • Jean-François Granjon
  • Matthias Desmarais
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 17/05/2019

...

Marc Pierron

Vallourec - profitability improvement in 2q18 but still high cash burn

The French worldwide leader in premium tubular solutions mainly for the energy industry, Vallourec, reported 2Q18 results which showed an improvement in EBITDA but still high cash burn. The company reaffirmed its guidance of a significant improvement in EBITDA in FY18 and retains adequate liquidity of €3.1bn.

Laure Nottet

Vallourec : A new bond issue to boost the liquidity after the OCEANE

Publication date 12/10/2017 - Writing date 11/10/2017 - Equity data - Reco : Buy - Target : 8.50 EUR - Equity Analyst : Jean-François Granjon - [email protected] - +33 (0)4 72 68 27 05 - ESG Analyst : Valentin Pernet - Corporate Governance : Opportunity (2) - / - - - - - - - - - - - - - - - - - - - - - Two weeks after issuing its 4.175% 2022 € 250m OCEANE convertible bonds, Vallourec plans to issue a new bond maturing in 2022 with a package of high-yield type covenants, which outstanding was raised from € 300m to € 400m and in order to repay the drawdowns...

Jan PATTEYN

Vallourec : Recommandation sur la nouvelle obligation senior échéance 2022

Vallourec a annoncé l’émission d’une nouvelle obligation senior unsecured5NC3 (maturité 2022, callable en 2020). Le groupe entend lever 400M€. Sonprice talk fait état d’un rendement à l’émission de 6.875% (+/- 12.5bps).Nous formulons un ACHAT SPECULATIF sur la nouvelle émission VKFP5NC3 : 1/ la rémunération est attractive en valeur relative (prime versussouches de notation équivalente) ; 2/ celle-ci pourrait attirer un certainnombre de porteurs des autres VKFP (potentiel d’upside dès l’émission) ; 3/mais les incertitudes sectorielles sont fortes.

Laure Nottet

Vallourec : Après l’OCEANE, une nouvelle obligation pour renforcer la liquidité

Deux semaines après l’émission d’obligations convertibles OCEANE 4.175% 2022 pour 250 m EUR, Vallourec prévoit d’émettre une souche obligataire avec un package de covenants de type high yield et de maturité 2022, dont l’encours a été relevé de 300 m EUR à 400 m EUR, visant à rembourser les tirages sur ses lignes de crédit. Dans un contexte de consommation de FCF, ces deux opérations successives permettront au groupe d’améliorer sa liquidité à court terme. Toutefois, même dans un scénario de croissance des résultats relativement optimiste, nous estimons que la consommation de FCF devrait perdur...

Laure Nottet

Vallourec : Earnings growth set to remain modest in 2017

Vallourec reported stronger-than-forecast 2016 results, with strong growth in volumes driven by the business recovery in North America. However, the group is expected to continue to generate negative EBITDA and FCF in 2017 owing to modest recovery in other regions and substantial price pressure. Against this backdrop, we reiterate our Negative credit opinion and Reduce recommendation, as the bonds continue to underperform their counterparts. - - >Vallourec reported improved Q4 2016 results - Although volumes expanded by 17.5% in Q4 2016 on the back of the business recovery in the US, sales fe...

Jean-François Granjon

Vallourec : Confirmed acceleration in the recovery – top-quality numbers

>Q1 2019 earnings release - Vallourec’s Q1 2019 figures beat our expectations. Sales came in at € 1.025bn (€ 917.8m estimated) vs € 862m, an increase of 19% and 17% on constant currencies. EBITDA, meanwhile, amounted to € 67m (€ 47.6m estimated) vs -€ 5m, confirming the return to positive EBITDA for the fourth quarter in a row. The EBITDA margin thus came in at 6.5% (vs -0.6%). Underlying operating profit came to -€ 19m (-€ 42.4m estimated) vs -€ 130m, a sharp improve...

Jean-François Granjon

Vallourec : Confirmation de l’accélération de la recovery – Publication d’excellente facture

>Publication des résultats du 1er trimestre 2019 - Au titre du 1er trimestre, Vallourec publie des résultats supérieurs à nos attentes. Le CA ressort à 1 025 M€ (917.8 M€ estimés) vs 862 M€ en hausse de 19% et de 17% à changes constants. L’EBITDA ressort pour sa part à 67 M€ (47.6 M€ estimés) vs -5 M€ confirmant le retour à un EBITDA positif pour le 4ème trimestre consécutif. La marge d’EBITDA ressort ainsi à 6.5% (vs -0.6%). Le ROC atteint -19 M€ (-42.4 M€ estimé) vs...

Ahmed Ben Salem ...
  • Baptiste Lebacq
  • Jean-François Granjon

ODDO : No chance of equilibrium in the oil market without offshore!

With doubts on the growth of non-conventional oil in the US gaining traction, the recovery of already necessary investment in offshore has now become vital to restoring equilibrium in the oil market out to 2025. Cost-cutting measures have rendered these projects very attractive for oil companies which should accelerate the pace of their investment decisions, thus benefiting oil services companies. We prefer Total, RD Shell, Subsea 7, SBM Offshore and GTT. - >The offshore s...

Ahmed Ben Salem ...
  • Baptiste Lebacq
  • Jean-François Granjon

ODDO : Sans offshore point d’équilibre du marché pétrolier !

Alors qu’émergent des doutes de plus en plus forts quant à la dynamique de croissance du pétrole non conventionnel aux Etats-Unis, les investissements en offshore qui étaient déjà nécessaires deviennent aujourd’hui indispensables afin d’équilibrer le marché pétrolier à horizon 2025. Les efforts passés pour réduire les coûts rendent ces projets désormais très attractifs pour les groupes pétroliers qui devraient accélérer leurs prises de décisions d’investissement au profit des soc...

Jean-François Granjon

Vallourec : Feedback from road show: stars align for profitability and FCF generation, earnings forecasts underpinned

>A reassuring message - Following a road show with management (CEO, CFO and IR team), our conviction on the group’s equity story was underpinned. The plan presented and rolled out three years ago (February 2016) enabled the group to deliver results ahead of expectations on the cost cutting front (€ 445m vs € 400m expected by 2020). Additional measures were announced. Recent results confirm i/ a sequential pick-up in results, ii/ a turning point with an anticipated dro...

1 director bought

A director at Vallourec bought 10,000 shares at 2.130EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Aurelien Sivignon ...
  • Fehmi Ben Naamane
  • Jean Sassus
  • Jean-François Granjon
  • Matthias Desmarais
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 05/17/2019

...

Aurelien Sivignon ...
  • Fehmi Ben Naamane
  • Jean Sassus
  • Jean-François Granjon
  • Matthias Desmarais
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 17/05/2019

...

Fehmi Ben Naamane ...
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 02/26/2019

...

Fehmi Ben Naamane ...
  • Jean-François Granjon
  • Matthias Desmarais
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 26/02/2019

...

Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Charles Lepetitpas
  • Christophe Chaput
  • Delphine Brault
  • Geoffroy Michalet
  • Jean-François Granjon
  • Khaled Ben Amor
  • Louis Boujard
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 02/21/2019

...

Thanks to a better fundamental star rating, VALLOUREC sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to VALLOUREC (FR), active in the Steel industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date April 2, 2019, the closing price was EUR 2.19 and its expected value was estimated at EUR 2.07.

Vallourec

Vallourec

Vallourec

Vallourec

Laure Nottet

Vallourec : Panic not!

Vallourec published disappointing results in Q3 2018, with EBITDA below expectations and, above all, significant FCF consumption. In this context, the share price has fallen (-50% since Friday), as has the bond price (-6 pts for 2019, -25 pts for 2022, -25 pts for 2023 and -18 pts for 2024). The FCF is expected to remain negative until at least 2019 and net debt is expected to continue to increase. However, liquidity will remain strong and the repayment of the 2019 bond is not in...

Laure Nottet

Vallourec : Ne pas céder à la panique !

Vallourec a publié des résultats décevants au T3 2018, marqués par un EBITDA en dessous des attentes et surtout une consommation de FCF significative. Dans ce contexte le prix de l’action a chuté (-50% depuis vendredi), tout comme celui des obligations (-6 pts pour la 2019, -25 pts pour la 2022, -25 pts pour la 2023 et -18 pts pour la 2024). Le FCF devrait rester négatif au moins jusqu’en 2019 et la dette devrait continuer à augmenter. Toutefois, la liquidité restera solide et le...

MarketLine Department

Sandvik AB - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Sandvik AB Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Sandvik AB since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights T...

Florian Béchaz

Vallourec - Assemblée générale des actionnaires du 23 mai 2019

Proxinvest apprécie la transparence de la société sur les rémunérations attribuées et attribuables. Si la structure est quelque peu déséquilibrée (insuffisance de long terme), ce qui est compréhensible en raison de la situation de la société, la transparence reste à saluer. La très bonne communication de la société permet de clairement établir le lien entre performances effectives et montants attribués, ce qui nous permet de soutenir les résolutions sur les rémunérations attribuées au titre de l’exercice 2018. Cependant Proxinvest recommandera l’opposition aux politiques de rémunérations des ...

Valérie GASTALDY

Short term view - VALLOUREC : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €3.550, then €3.045. Passing €4.590 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - VALLOUREC : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 3,550 €, puis 3,045 €. Le franchissement de 4,590 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Short term view - VALLOUREC : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €3.550, then €3.045. Passing €4.590 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - VALLOUREC : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 3,550 €, puis 3,045 €. Le franchissement de 4,590 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Analyse moyen terme - VALLOUREC : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 4,152 €, puis 3,662 €. Le franchissement de 7,470 € remettrait en cause la suite de la baisse.

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