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

Laurent ALBIE

Short term view - VALLOUREC : The moving average is supporting prices.

In our previous short term analysis (23/09/2016), we were positive. We remain positive with a target at 5,65 € and an invalidation level at 4,5 €. The invalidation level is close, but it has not yet been triggered. We remain positive. Arguments : - The moving average is...

Laurent ALBIE

Analyse court terme - VALLOUREC : La moyenne mobile sert de support.

Lors de notre dernière analyse court terme (23/09/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 5,65 € et un niveau d'invalidation à 4,5 €. Le seuil d'invalidation est proche, mais il n'est pas encore déclénché, nous conservons notre avis....

Andrew Lane

Vallourec's Struggles Continue in the Third Quarter Amid Ongoing Low Oil Prices; FVE Unchanged

In the third quarter, Vallourec again reported weak results, as ongoing low oil prices stymied a material recovery in global oil and gas drilling activity. Our EUR 4.20 per share fair value estimate and no-moat rating are unchanged. Shares traded lower in the wake of the disappointing earnings release but are still trading roughly in line with our fair value. Our base-case forecast assumes that the company will restore positive operating income in 2018, with operating margins ultimately recoveri...

Laurent ALBIE

Analyse court terme - VALLOUREC : La résistance majeure est dépassée.

Lors de notre dernière analyse court terme (09/11/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 5,65 € et un niveau d'invalidation à 4,59 €. La tendance est lente, mais haussière. Arguments : - La résistance majeure est dépassée.

Laurent ALBIE

Short term view - VALLOUREC : The major resistance has been breached.

In our previous short term analysis (09/11/2016), we were positive. We remain positive with a target at 5,65 € and an invalidation level at 4,59 €. The trend is slow, but bullish. Arguments : - The major resistance has been breached.

Laure Nottet

Vallourec : L’amélioration des résultats devrait rester modérée en 2017

Vallourec a publié des résultats supérieurs aux attentes au T4 2016 avec une forte progression des volumes grâce au rebond de l’activité en Amérique du Nord. Cependant, le groupe devrait continuer à enregistrer un EBITDA et un FCF négatif en 2017, en raison d’une reprise limitée dans les autres régions et d’une pression tarifaire importante. Dans ce contexte, nous maintenons notre avis crédit Négatif et notre recommandation Alléger, les obligations offrant toujours un rendement inférieur à leurs comparables. - - >Vallourec a publié des résultats en amélioration au T4 2016 - Malgré des volume...

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...

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...

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 : 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...

Andrew Lane

Vallourec's Struggles Continue in the Third Quarter Amid Ongoing Low Oil Prices; FVE Unchanged

In the third quarter, Vallourec again reported weak results, as ongoing low oil prices stymied a material recovery in global oil and gas drilling activity. Our EUR 4.20 per share fair value estimate and no-moat rating are unchanged. Shares traded lower in the wake of the disappointing earnings release but are still trading roughly in line with our fair value. Our base-case forecast assumes that the company will restore positive operating income in 2018, with operating margins ultimately recoveri...

Andrew Lane

Vallourec Reports Middling 4Q Results and Looks to Emerge From Cyclical Trough in 2017

Vallourec issued another quarter of heavy losses to close out 2016. The company reported EBITDA of negative EUR 219 million for the full year, as EBITDA declined from negative EUR 77 million in 2015. Regardless, fourth-quarter shipment volumes exceeded our expectations, inspiring optimism that a recovery is underway. After modestly increasing our medium-term profit forecasts to reflect a more favorable operating environment, our fair value estimate rises to EUR 5 from EUR 4.20. Given the company...

Andrew Lane

Dropping Coverage of Vallourec

We are dropping coverage of Vallourec. We provide broad coverage of more than 1,500 companies across more than 90 industry groups and adjust our coverage as necessary based on client demand and investor interest....

Stock Report

Jean-Christophe Dourret

Vallourec : Vallourec - 3 juillet 2018

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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...

Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 09/07/2018

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Jean-François Granjon

ODDO BHF Small & MIDCAP MORNING NEWS - 07/09/2018

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Alfred Glaser ...
  • Christophe Chaput
  • Delphine Brault
  • Fehmi Ben Naamane
  • Hana Maalej
  • Harold De Decker
  • Jean-François Granjon
  • Léopold Authié
  • Matthias Desmarais
  • Nicolas Kieffer
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 01/08/2018

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Alfred Glaser ...
  • Christophe Chaput
  • Delphine Brault
  • Fehmi Ben Naamane
  • Hana Maalej
  • Harold De Decker
  • Jean-François Granjon
  • Léopold Authié
  • Matthias Desmarais
  • Nicolas Kieffer
  • Oussema Denguir
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 08/01/2018

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Alexandre Iatrides ...
  • Antoine Boivin-Champeaux
  • Fatma Agnès Hamdani
  • Jean-François Granjon
  • Johanna Jourdain
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 22/11/2018

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Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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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...

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...

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 ...

Laurent ALBIE

Short term view - VALLOUREC : The moving average is supporting prices.

In our previous short term analysis (23/09/2016), we were positive. We remain positive with a target at 5,65 € and an invalidation level at 4,5 €. The invalidation level is close, but it has not yet been triggered. We remain positive. Arguments : - The moving average is...

Laurent ALBIE

Analyse court terme - VALLOUREC : La moyenne mobile sert de support.

Lors de notre dernière analyse court terme (23/09/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 5,65 € et un niveau d'invalidation à 4,5 €. Le seuil d'invalidation est proche, mais il n'est pas encore déclénché, nous conservons notre avis....

Laurent ALBIE

Analyse court terme - VALLOUREC : La résistance majeure est dépassée.

Lors de notre dernière analyse court terme (09/11/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 5,65 € et un niveau d'invalidation à 4,59 €. La tendance est lente, mais haussière. Arguments : - La résistance majeure est dépassée.

Laurent ALBIE

Short term view - VALLOUREC : The major resistance has been breached.

In our previous short term analysis (09/11/2016), we were positive. We remain positive with a target at 5,65 € and an invalidation level at 4,59 €. The trend is slow, but bullish. Arguments : - The major resistance has been breached.

Laurent ALBIE

Medium term view - VALLOUREC : The resistance has been passed.

The resistance has been passed, the trend becomes positive as we now have a succession of ascending peaks and troughs.The next target is at €7.400. The invalidation level is below €3.662.Arguments :- The major support has been reached, it causes the bounce.- The resistance has...

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