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  • 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
  • 19 Feb 16

FY15: as bad expected; don’t expect any better in FY16

Vallourec released FY15 numbers. Revenues were down 33.3% to €3,803m, EBITDA amounted to €-77m (vs €855m), operating income reached €-838m (vs €-661m), and net income €-865m (vs -924m). Free cash flow reached €135m (on lower WCR) and net debt €1,519m (vs €1,547m a year before). No dividend will be proposed. The outlook for FY16 calls for a negative free cash flow of €-600m, a capex of €200m and a full-year EBITDA lower than in FY15, while net debt is unlikely to be over €1.5bn (after the capital increase, the Tianda acquisition in China and the VSB-VBR merger in Brazil). Looking to the longer term, the group reiterates its target announced on 1 February of an EBITDA of €1.2-14bn and a normalised FCF of €500-600m by...2020.

Companies: Vallourec

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Vallourec. We currently have 19 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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  • 11 Jul 19

FY19e trading in line with June guidance

Somero’s trading update confirms that performance is in line with June guidance ($87m revenues, $28m EBITDA and net cash of $18m). We leave our forecasts unchanged on the back of this, though we highlight that we remain 6% below guidance/consensus at the EBITDA level, reflecting our cautious view surrounding the extent to which further cost savings can be materialised, particularly following recent success in delivering a lean operating structure. We remain Neutral on a short-term horizon as we see limited negative earnings catalysts in coming months, though we maintain our fundamental view that ongoing signs of industry and economic headwinds facing the US non-residential construction industry could have a material impact on FY20e earnings.

Companies: Somero Enterprises
  • 12 Jul 19

Half-year end trading update

The half-year trading update was satisfactory, indicating trading in line with expectations. A new revenue split between components and services was previously flagged and highlights revenue growth of 5.7%, of which 2.9% is organic. The net debt position at £18.8m is better than expected and points to good underlying cash generation from trading, with a further debt reduction in H2. No change to forecasts. We retain our 200p price target, with the shares currently trading at very attractive levels and at a significant discount to its peer group. The dividend yield remains attractive at 4.9%.

Companies: Flowtech Fluidpower
  • 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

  • 12 Jul 19

Q2 trading update indicates a positive H1 performance

Trading remains in line with FY19 expectations with Group revenue increasing 5.7% to £59.6m (HY18: £56.4m) in H1 19. This consisted of 6.5% in Components to £50.0m (HY18: £46.9m) and 1.4% in Services to £9.6m (HY18: £9.5m). Group organic growth of 2.9% was supplemented by the acquisition of Beaumanor and Derek Lane in March of last year. The slight slowdown in organic growth from the 4% reported in Q1 is not a surprise and the Q2 like for like performance is in line with FY expectations. The net debt position of £18.8m is encouraging showing a decline of £1.1m from the £19.9m reported at the end of FY18, despite £1.6m deferred consideration in the period. We leave forecasts unchanged, awaiting interim results for further guidance on the improved cash position. Flowtech is undervalued relative to peers, trading on 8.0x FY19 earnings forecasts.

Companies: Flowtech Fluidpower
  • 10 Jul 19

CEO succession plan

Gateley has announced that Rod Waldie, who is currently the Senior Office Partner of the Manchester office, as well as a key member of the group’s management board and head of the national property team, has been chosen to succeed Michael Ward as the new CEO, when Michael stands down from the role on 30 April 2020. After standing down, Michael will remain a main board director and will be responsible for the non-legal subsidiary businesses within the group. He will also retain a significant shareholding in Gateley for the foreseeable future.

Companies: Gateley
  • 09 Jul 19

Solid State - FY19 record for revenues and profits

Crowning a year in which broker consensus was raised three times (twice in response to trading updates and once for an acquisition), Solid State has reported record revenues, profit before tax and dividends for FY19. This is the result of continued strong demand in the Value-Added Distribution (VAD) division, the Pacer acquisition and the anticipated H2 recovery in the Manufacturing division materialising. The consensus FY20 EPS estimate has been raised by 7%. The shares continue to trade at a substantial discount to peers with regards to prospective P/E.

Companies: Solid State
  • 09 Jul 19

Cenkos: Eddie Stobart Logistics Plc - Valuation remains attractive

This morning, Eddie Stobart Logistics published its trading statement for the six months to end May 2019. It is a short statement, but confirms that revenues for the six-month period are 25% ahead of the comparable period (Cenkos: +25%), and that FY results are expected to be in line with management expectations.

Companies: Eddie Stobart Logistics
  • 02 Jul 19

THE MONTHLY July 2019

When advisers first start looking at business relief (BR) products, there is much to take in: the rules governing such products; the investment strategies being used; and what the investment risk is. It is easy to lose sight of the fact that, for non-AIM products, the investment is being made directly into a company or partnership, rather than a fund. It is, therefore, essential that governance is part of the diligence process.

Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SIXH TRX TON SHED VAL VTA W7L

  • 13 Jun 19

Significant momentum being generated

Volex had already signalled trading was ahead of expectations but with adjusted PBT increasing from US$9.6m to US$20.2m against initial expectations of US$18.3m, these results confirm the momentum generated by Volex. In addition, the cash balance of US$20.6m beat our estimate of US$15.7m and management now expects to reinstate the dividend in FY20. Trading on a FY20 PE rating of 9.6x, a FCF yield of 7.7% and offering a potential dividend yield of 2.3%, we reiterate our buy recommendation. We have also increased our price target from 130p to 140p to reflect increased contributions from the higher margin Cable Assembly division. Even then, at 140p the FY20 PE rating is still only 13x. Thus, with significant growth, net cash, a single digit rating and the expectation of a dividend, Volex offers substantial upside and remains undervalued.

Companies: Volex
  • 11 Jul 19

Renewi - Start to FY20 as expected

Year to date trading has been in line with management’s expectations, which are also unchanged for the year as a whole. Forward momentum in the important Commercial division is continuing and we see other noted actions as positive, logical moves. Investor sentiment appears to have waned since the FY19 results announcement, but the investment case is gradually strengthening in our view and from a single-digit P/E base.

Companies: Renewi
  • 15 Jul 19

Eddie Stobart Logistics - Forecasts reduced, material value upside remains

We prudently cut our FY19 and FY20 EBIT forecasts for Eddie Stobart Logistics (ESL) by 5% and 6% respectively post the H1 trading update highlighting solid revenue growth, but EBIT at the low end of management expectations and a 4% downward revision to the last reported adjusted EBIT. Despite this, our forecast FY19 EBIT margin remains at the top end of logistics peers and, even on our revised numbers, the stock is trading at a significant discount to peers, offering an attractive c 9% dividend yield.

Companies: Eddie Stobart Logistics
  • 13 Jun 19

Rating has not caught up with recovery

Volex has delivered a strong recovery in earnings over the last three years, with adjusted PBT increasing from $5.3m in FY16 to $20.2m in FY19. The strategy is on track to deliver further material improvements in growth and profitability, supported by a strong balance sheet. Management confidence in prospects is reflected in its guidance of the likely reinstatement of a dividend in FY20. We believe momentum is accelerating, but has yet to be recognised in the group’s valuation multiples (EV/EBITDA 5.4x FY20, P/E 10.0x), which sit towards the bottom of the sector. The shares have potential for significant upside both from continued recovery in profits and cash and from re-rating. We initiate with a 140p intrinsic valuation.

Companies: Volex
  • 09 Jul 19

FY19 Results: Net debt beats, retain neutral

Knights released their FY19A results for the year to April this morning, with incremental improvements since May’s trading update. £52.7m of revenue was in line with our forecast of £52.8m, however adjusted PBT of £9.8m came in 5% ahead of our expectation of £9.3m and Net debt of £14.1m was £3.7m under our expectation of £17.8m. On 16.5 FY20E p/e we believe the shares remain ‘up with events’ for the time being and maintain our Neutral recommendation and 280p (17.3x FY20E p/e) price target.

Companies: Knights Group
  • 11 Apr 19

Quarterly Research Outlook

We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underlying economic data that could ultimately undermine the recent market gains. In this context, we look at what the lead indicators and the market are telling us about the industrial cycle and the stocks most exposed to various industrial trends. The Q4 derating in short cycle industrials and autos had been vicious and while these sectors have seen a more solid footing in 2019, with earnings downgrades being priced in, it will likely take a trough in lead indicators before short cycle stocks can start to perform again and re-rate relative to the market.

Companies: ARS CYAN HYR LIT SOM ABBY AMS AMER ANX ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE DTG DEMG EMR FPO FST GTLY GENL GOR GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO INDI JHD JOG KEYS KCT KGH LAM LOK MACF MNO MANO MOD MKLW OXIG PCA PANR PARK PGM PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TRAK TRI VNET VTC ZOO ZTF

  • 27 Jun 19

LIBERUM: Staffline* - FY results broadly in line, with growth driven by acquisitions

FY results broadly in line with expectations and 18% revenue growth driven by acquisitions. As expected, there were £45.6m P&L exceptionals, £15m of which related to NMW.

Companies: Staffline Group