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  • 25 Jul 19

H1 19: improving but how long it has been…since FY15 (!)

- H1 19 showed an undeniable improvement in profitability - Net debt has been contained so far, making a capital increase less likely - The balance sheet still remains stretched and any market set-back would reinitiate speculations on yet a new issue - We will revise our valuation upwards, but do not underestimate the positive impact of iron-ore on the group’s numbers, which management refuses to detail (!)

Companies: Vallourec
  • 17 May 19

Q1 19 results: a mixed bag

- Q1 19 results were decent on the P&L front - Volumes, prices and savings have helped - However, cash consumption thus net debt still a worry - Management reaffirmed no issue to take place in FY19 - We are less confident and any market downturn would leave no other choice - In short: not bad but still some way to go

Companies: Vallourec
  • 21 Feb 19

First signs of a (much awaited and needed) recovery

- Q4 shows a rebound in volumes (particularly in EAMEA). - EBITDA substantially better in Q4, as expected and even better. - FCF positive in Q4 (first time since… 2015). - Outlook quite confident (to be slightly mitigated by our view on top management). - Management reasserts they can live without a share issue in FY19. - No big change to our numbers. We will reconsider after Q1/H1 if we sill believe in a capital increase.

Companies: Vallourec
  • 23 Nov 18

After the bloodbath

There is no real fact to trigger this Latest, other than the very sharp correction of the share price in the past few days and our thoughts on a potential capital increase.

Companies: Vallourec
  • 16 Nov 18

Q3 18: high time to...wait some more

Revenues reached €961m (-0.3% yoy and +5% at CER), EBITDA €43m (vs €9m), EBIT €-29m (vs €-88m) and net income €-92m (vs €-119m). Net debt at the end of Q3 18 reached €2,097m vs €1,934m in H1 €1,783m in Q1 and €1,542m at year-end 2017. Over 9 months, revenues were up 4.7% to €2,805m, EBITDA up from €-9m to €61m and operating profit up from €-277m to €-234m. The group had targeted a positive outlook for H2 with EBITDA higher than in H1, and now indicates Q4 EBITDA should be above that of Q3 (€43m). Demand should be softer in the US (after inventory build-up anticipating section 232) and stable in Brazil, while activities should benefit from higher volumes and prices elsewhere.

Companies: Vallourec
  • 26 Jul 18

H1 18: in line and unimpressive

Despite the recovery in the US and the “transformation plan”, forex and higher input costs make the H1 18 P&L very similar to last year’s. Although demand is well oriented in North America and should improve in EAMEA, investors are required to be patient before margins become healthy again.

Companies: Vallourec
  • 18 May 18

Q1 18: improving context and top-line; no change to the P&L though…

Vallourec released Q1 18 results. Revenues reached €862m (+10.1% and +22.1% at CER, EBITDA €-5m (vs €-21m), EBIT €-130m (vs €-111m) and net income €-170m (vs €-126m). Net debt at the end of Q1 18 reached €1,783m vs €1,542m at year-end 2017 (or +€241m). The group confirms its “positive outlook for the year with EBITDA in the second half of 2018 targeted to be significantly higher than in the first half”. Altogether, the group indicates EBITDA in the current year should improve over FY17’s.

Companies: Vallourec
  • 22 Feb 18

FY17 in line (and weak), with a rather uninspiring short-term outlook

FY17 inline and rather weak still. The outlook is not detailed and still uninspiring, with Vallourec’s exposure to the US “quite small”. The 2020 targets definitely look out of reach. We will most likely cut our forecasts and target.

Companies: Vallourec
  • 09 Nov 17

Q3 17: not geared to oil prices? Who said that?

Vallourec’s Q3 17 results: sales reached €964m (+39.1%, +29% comparable), EBITDA €9m (vs €-52m), EBIT €-88m vs €-143m and net income €-119m (vs €-160m). Net debt at the end of Q3 stood at €1,645m (vs €1,287m a year ago, €1,533m in Q1 17 and €1,613m in H1), with free cash flow in Q3 reaching €-72m. Over 9 months, sales reached €2,680m (+26%, +11.1% comparable), EBITDA €-9m (vs €-156m), EBIT €-277m vs € -561m and net income €-396m (vs €-612m) and free cash flow of €-397m. In H1, the group had upgraded its guidance for FY17, targeting a €125-175m improvement in EBITDA (vs €50-100m previously). This would have implied an EBITDA of c. €-95m/€-45m for FY17. After Q3, the group re-upgraded its target for FY17, now targeting an EBITDA of €-30m/€-10m.

Companies: Vallourec
  • 26 Jul 17

H1 17 not bad...but H2 does not look too exciting

Vallourec’s H1 17 results: sales reached €1,716m (+19.7%), EBITDA €-18m (vs €-104m), EBIT €-189m (vs €-418m) and net income €-254m (vs €-415m). Net debt at the end of H1 stood at €1,613m (vs €1,287m a year ago and €1,533m in Q1 17), and free cash flow in H1 reaching €-325m. The group upgraded its guidance for FY17, now targeting a €125-175m improvement in EBITDA (vs €50-100m previously). This would imply an EBITDA of c. €-95m/€-45m for FY17.

Companies: Vallourec
  • 27 Apr 17

Q1 17: the situation is slowly improving

Revenues in Q1 17 reached €783m (+16.7% and -1.5% comparable at CER, EBITDA €-21m (vs €-72m), EBIT €-111m (vs €-290m) and net income €-126m (vs €-284m). Net debt at the end of Q1 17 reached €1,533m vs €1,287m at year-end 2016. The group indicated that the improvement in EBITDA for FY17 should be “in the upper part” of a €50-100m range, thus suggesting an EBITDA level of c. €-120m.

Companies: Vallourec
  • 23 Feb 17

FY16 in line; H1 17 set to be weak...some hopes later on

Vallourec released FY16 results. Revenues reached €2,965m (-22%), EBITDA €-219m (vs €-77m), EBIT €-749m (vs €-838m) and net results €-758m (€-865m). Free cash flow was €-395m (and €-574m at constant WCR). Net debt at the end of FY16 amounted to €1.3bn. No dividend will be proposed. Looking forward, the group anticipates EBITDA to improve by…€50-100m in FY17.

Companies: Vallourec
  • 09 Nov 16

Q3 16 : still waiting for the market to bottom out

Vallourec released Q3 16 results. Revenues were down 20.5% to €693m, EBITDA €-52m (vs €-66m in Q3 15), operating income €-143m (vs €-165m) and net result €-160m (vs €-164m). Over 9 months, revenues were down 27.7% to €2,127m, EBITDA €-156m (vs €0m), operating income €-561m (vs €-393m) and net income €-575m vs €-439m. Net debt at the end of Q3 was €1,020m (€944m in H1). The group re-iterated its FY guidance (EBITDA lower than in FY15, negative free cash flow of c. €600m and net debt below €1.5bn after the Tianda acquisition and full consolidation of VSB).

Companies: Vallourec
  • 29 Jul 16

H1 16: a better Q2, but really no reason for excitement

Vallourec released H1 16 results. Revenues were down 30.7% to €1,434m (-27.3% at CER), EBITDA was €-104m vs €66m in H1 15, operating income €-418m vs €-228m and net income (group share) €-415m vs €-275m. Free cash flow was €-317m in H1 16, leading to a decrease in net debt of €575m to €944m after the positive impact of the capital increase (€959m).

Companies: Vallourec
  • 04 May 16

Q1 16 results: as dirty as expected

Revenues reached €671m (-36.2% yoy), EBITDA €-72m (vs €53m), operating income €-290m (vs €-35m) and net income €-284m. Free cash flow was a negative €239m. Net debt at the end of Q1 16 amounted to €1,789m. In terms of outlook, the group expects « better results in Q2 due to the concentration of deliveries in the quarter » but warns H2 will be difficult in the absence of a recovery in E&P capex.

Companies: Vallourec

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Vallourec. We currently have 20 research reports from 1 professional analysts.

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Latest News/RNS

(more news)
Date Source Announcement
18Mar19 07:00 GNW VALLOUREC: selected by Thailand's PTT Exploration & Production PLC (PTTEP) to deliver oil country tubular goods
18Mar19 07:00 GNW Vallourec is selected by Thailand's PTT Exploration & Production PLC (PTTEP) to deliver oil country tubular goods for a challenging offshore project in Myanmar
20Feb19 16:46 GNW VALLOUREC reports full year 2018 results
28Nov18 17:02 GNW Press release Vallourec
26Nov18 20:00 GNW VALLOUREC : press release
15Nov18 16:45 GNW VALLOUREC reports third quarter results and results for the first nine months of 2018
24Sep18 13:32 GNW VALLOUREC : Vallourec launches a new brand Vallourec.smart
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  • 18 Sep 19

LIBERUM: Judges Scientific* - Strong H1 and positive start to H2

Judges has delivered strong H1 with adj. PBT +27.4% to £8.4m, 4% ahead of our forecast. Cash generation was strong (£7.2m H1 net cash, 17.5% FCF % to sales) and H1 DPS is up 25%.

Companies: Judges Scientific
  • 18 Sep 19

Interim results: On course to meet estimates, Controls margin strong

Revenue increased 2.5% to £43.9m (HY18: £42.9m), 1.0% on constant currency basis, with gross margin 10bps ahead yoy at 38.0%. Good cost control combined with lower finance charge leads to a 4.6% yoy increase in pre-tax profit to £11.5m (HY18: 11.0m). Today’s interim results indicate that the Controls business has a had a strong start to the year on the back of positive mix and the price increases put through on legacy product at the end of FY18. Aqua Optima is flat yoy due to timing of contracts, ZC expect a stronger H2 as material private label contracts come on stream and the majority of additional revenue from HaloSource lands in H2. Net debt at period end stood at c. £33.4m and is on course to meet ZC FY19 forecast of c. £32.0m, sub 1.0x EBITDA. Interim dividend increased 13% to 2.6p and is in line with the Board’s commitment to pay 7.7p in FY19, a 10% yoy increase. No change to ZC forecasts, albeit today’s results increase confidence in achieving FY19 forecasts. The shares trade on 11.8x FY19 earnings falling to 10.9x in FY20.

Companies: Strix Group
  • 16 Sep 19

Tech IPOs outperform, Uber’s great freight hope, New Huawei technology

Tech IPOs year to date have performed well. 8/13 venture-backed tech IPOs this year, including Slack's direct listing, are in profitable territory. If you'd put $1 million into each of them at the IPO price, your $13 million initial investment would be worth $21.7 million - a 67% gain compared to +20% performance in the S&P 500 YTD. As we’ve discussed earlier this month, investors’ appetite for technologies leveraging secular trends appears undiminished

Companies: TRAK CPX SEE QTX

  • 17 Sep 19

LIBERUM: Staffline* - Weak H1 and EPS reduced but past the worst

Interim results worse than expectations with an 88% reduction in FD EPS yoy. We reduce our FY 2019 FD EPS estimate from 37.9p to 24.8p.

Companies: Staffline Group
  • 18 Sep 19

Solid H1 results, promising outlook

‘The Group has delivered a solid H1 performance and is trading in line with full year market expectations’. Accordingly, we leave our FY 19/20 forecasts unchanged. Reassuringly, Strix reconfirms at this stage its intention to pay total dividends of 7.7p per share for FY 19, +10% YoY. This should underline the income attractions of this stock to investors

Companies: Strix Group
  • 17 Sep 19

Cenkos: Smart Metering Systems Plc - 2019 interim results

Interim results featured growth in indexed linked annually recurring revenue (ILARR), the main driver of value, to £85.9m, up of 14.1% to £85.9m. The weak performance of the shares in recent months has presented investors with an opportunity to invest at an underpinned valuation in our view, with the core value of SMS clearly residing in the scale of its growing meter and data portfolio and our FY19E forecast £92m ILARR. The current order book of 2m smart meters supports our forecast 4m installed by 2022, from which our DCF forecast implies a valuation of 911p, c108% ahead of the current level.

Companies: Smart Metering Systems
  • 17 Sep 19

Continuing to build a unique business model

K3 Capital’s full-year results to 31 May 2019 showed that the group continues to build the business, further strengthening its unique position in the UK small and midcap M&A market. Group revenue split points to reduced sensitivity to the large-value, lower-volume M&A market, with an increasing share of revenue coming from the more stable low and mid-market M&A deals in KBS Corporate, where the group’s unique position and approach point to continued strong value creation. We note Q1 FY 2020 has already seen the Corporate Finance division exceed the £0.8m revenues achieved in the entirety of FY 2019.

Companies: K3 Capital Group
  • 16 Sep 19

Acquisition of Convex Capital

Rosenblatt has announced the acquisition of Convex Capital Limited, a specialist corporate finance boutique, for total consideration of £22m. In line with the Group’s acquisition approach, most of the consideration (c.60%) is to be paid in shares, and we highlight these are to be issued at a premium to the current share price (first tranche at 120p). The high margin (>50% EBITDA) profile of Convex should prove immediately earnings enhancing, and the opportunity for cross-selling and diversified earnings supports the investment thesis on the shares. We make no changes to numbers this morning. Re-iterate Buy.

Companies: Rosenblatt Group
  • 18 Sep 19

FY results slightly ahead, good margin gains achieved

Full-year results were slightly ahead of recently upgraded forecasts, with an outlook that appears more confident than many in the sector and a further small upgrade in current-year expectations. The shares offer significant upside, and we maintain our 300p price target, although our SOTP valuation signals a much higher potential to be achieved on disposals.

Companies: Avingtrans
  • 18 Sep 19

Facebook working on AR glasses, TransferWise revenue +53% YoY, WeWork debt price tumbles

Facebook has been working to develop augmented reality glasses out of its Facebook Reality Labs in Redmond, Washington, for the past couple of years, but struggles with the development of the project have led the company to seek help. Now, Facebook is hoping a partnership with RayBan parent company Luxottica will get them completed and ready for consumers between 2023 and 2025, according to people familiar. Needless to say, we highlight a potentially substantial threat to Snap Inc, and a potentially huge opportunity for developers within the Facebook ecosystem.

Companies: EVRH ESYS BGO BOKU EQLS IMMO SMRT TECH VRE

  • 18 Sep 19

Focused delivery

Management has delivered a year of excellent progress as the team continues to execute on the Group’s Pinpoint-Invest-Exit (‘PIE’) strategy. The group’s portfolio of businesses is focused on the global energy and medical markets that provide the prospect of enduring and positive growth trends. A concentration on the opportunities for aftermarket products and solutions is enhancing growth and profitability as capabilities are added and operational improvements are made. We have upgraded FY2020E EPS conservatively by 8% and estimates for FY2021E now show 25% earnings growth. FY2021E captures the benefit of the turnarounds at both Energy Steel and Booth Industries, acquired at the start of the current financial year.

Companies: Avingtrans
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 10 Sep 19

Cenkos: TP Group Plc - Order Book Growth

The combination of the strategic acquisition of Sapienza and robust organic growth has resulted in a strong set of H1/19A numbers. Revenue and the order book increased to £26.0m (+63% YoY) and £78.9m (+63% from FY18A year-end) respectively, with the latter now covering 94% of our FY19E revenue forecasts. We expect this momentum to continue and note that the Group is on track to meet our FY19E forecasts.

Companies: TP Group
  • 11 Sep 19

Interim results: Strong margin progression underpins FY19 outlook

Underlying operating profit (pre IFRS 16) of £8.3m is 11% ahead of the £7.5m reported in HY18 as margin improved 60bps to 5.9%. FY19 expectations of £20.1m are predicated on a £1.4m yoy improvement with the business having delivered £0.8m in H1. Further cost recovery, positive volume expectations and additional efficiency improvements in H2 mean that confidence in achieving FY19 estimates is increasing. Despite the UK RMI market remaining difficult, Epwin should continue to outperform in terms of market share and, having weathered material cost headwinds, has an opportunity to rebuild margin back towards the double digit achieved at the EBITDA level historically (pre IFRS 16). We leave forecasts unchanged but with increased confidence in achieving the FY19 estimates.

Companies: Epwin Group
  • 03 Sep 19

UK Video Gaming Initiations – Level Up

We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector (henceforth UK gaming). Our stock-picking bias is towards companies with strong growth, profitability and cash conversion, consistent with our Arden Technology Thematic Framework. Considering company-level fundamentals we believe exposure to varying growth themes will produce dispersion, creating opportunities to identify relative winners. On this basis, we believe Codemasters (CDM LN), Sumo Group (SUMO LN) and Team17 (TM17 LN) are best positioned, and we are initiating coverage with Buy ratings, with Frontier Developments (FDEV LN) and Keywords Studios (KWS LN) on Neutral ratings.

Companies: CDM FDEV KWS SUMO TM17