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  • 15 Nov 19
Q3 19: becoming a miner? ...not quite yet

Q3 19 was slightly under consensus but no drama North America (shale) and Brazil have slowed down, with EAMEA improving. The recovery is underway, but quite slow. The group refuses to indicate the (huge positive) impact of iron-ore sales on results. Iron-ore outout to raise to c.8Mt by 2022 (vs 6Mt today). We will slightly reduce forecasts and target price. We still do not like the (leaving) CEO’s communication.

Companies: Vallourec
  • 15 Nov 19
Q3 19: becoming a miner? ...not quite yet

Q3 19 was slightly under consensus but no drama North America (shale) and Brazil have slowed down, with EAMEA improving. The recovery is underway, but quite slow. The group refuses to indicate the (huge positive) impact of iron-ore sales on results. Iron-ore outout to raise to c.8Mt by 2022 (vs 6Mt today). We will slightly reduce forecasts and target price. We still do not like the (leaving) CEO’s communication.

Companies: Vallourec
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Vallourec. We currently have 21 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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  • 22 Jan 20
Q4 ahead of expectations, boosting cash and dividend

The FY update highlights a stronger Q4 than expected, with a rebound in US sales after a weak H1 and initial SkyScreed sales. This results in an uplift in revenue, profit, and cash guidance for the year, thereby also boosting the underlying and supplemental dividend. This results in an eye-catching current year yield of 7.3% and undemanding P/E of 9.4x. We maintain our 380p price target, which offers good upside potential.

Companies: Somero Enterprises
  • 20 Jan 20
The Industrial Revelation

US factory output rises in Dec better than expected, Schlumberger sees continued weakness in North America, Fastenal saw a continued slowdown in Q4

Companies: HEAD HILS HTG JHD RNO SCPA TRI ZTF SOM

  • 22 Jan 20
Somero Enterprises

FY19 trading update – significant upgrades to 2019 from better than-expected H2

Companies: Somero Enterprises
  • 23 Jan 20
Another good performance despite the macro backdrop

Since listing in Aug 2017, Strix has consistently highlighted the resilience of its business through its ability to hit forecasts despite the uncertainty of trade wars, Brexit and slower consumer confidence. Today’s pre-close states it will again meet consensus profit expectations which is in the range of ZC’s estimates of £31.1m operating profit and £29.7m PBT. The controls business maintained its leading market share globally and in all regions with the market growing at a solid c. 4.5%. The Water division had a slower year growing at 6% but, as expected, performance improved in H2. Net debt of £26.3m is better than forecast due to a combination lower capex and better working capital. The shares have not participated in the Q4 rally partly because of the strong performance during the year (c. 38%). However, the valuation still looks compelling at 12.5x current year forecasts for a such a resilient business. The yield of 4.1% remains attractive with the company confirming it will increase the FY19 dividend by 10% to 7.7p

Companies: Strix Group
  • 23 Jan 20
The Industrial Revelation

UK industrial trends improves in Jan, South Korean GDP rises at fastest pace since Q3 17, Japan's exports miss but chip-making bounces in Dec

Companies: HEAD HTG JHD OXIG RSW GHH

  • 21 Jan 20
The Industrial Revelation

Taiwan exports rise for first time since 2018, IMF cuts global growth forecasts, Boeing in talks to borrow $10bn

Companies: OXIG RSW RNO TWD ZTF GHH

  • 24 Jan 20
RBG Holdings

Trading Update Inline – Signs of life in the market

Companies: Rosenblatt Group
  • 24 Jan 20
The Industrial Revelation

Japan manufacturing PMI rises, US construction confidence jumped in Nov, Union Pacific Q4 carload volumes misses expectations

Companies: HILS OXIG RSW RNO SCPA TRI ZTF SOM GHH

  • 23 Jan 20
In-line trading update

Avingtrans has issued a trading update confirming that the group has continued to perform well in H1 FY2020E and is trading in-line with market expectations. The order and prospect pipeline are noted as being robust and the recent acquisitions of both Booth Industries and Energy Steel are integrating well and recovering from the distressed positions that they were in at the time of their purchase in June 2019. We make no changes to our estimates ahead of the interim results which will be published on 26th February.

Companies: Avingtrans
  • 23 Jan 20
Solid FY19 update, still attractively valued

Strix FY 19 trading update: ahead of FY 19 results due on 18th March, Strix has issued a very reassuring year-end update. ‘Strix has delivered a solid performance during 2019 despite continuing global volatility driven by Brexit and USA China trade tensions…and expect to report profit after tax in line with market expectations.’

Companies: Strix Group
  • 08 Jan 20
Excellent Q4’19 and record orderbook

The birth of a new decade spawns an abundance of investment opportunities, not least due to the seismic shift towards ‘Industry 4.0’ (see below). Indeed, despite lacklustre global manufacturing PMIs, this migration towards smart-technologies, improved product quality, lower cost and e-commerce is triggering one of the biggest upgrade cycles in the history of supply chain management, data analysis and system integration.

Companies: Mpac
  • 08 Jan 20
UK Housebuilding Sector: 2020 vision: Sharpness and clarity for industry prospects

For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t catch on).

Companies: ABBY BDEV BWY BKG VTY CRN CSP CRST GLE GLV INL MCS PSN RDW SPR TW/ WJG

  • 23 Jan 20
LIBERUM: PayPoint* - Q3 guides to PBT progress but our low EPS reduced by 0.9%

Q3 statement guides to PBT progress but slight weakness in Bill Payments due to weather and Parcels due to volumes. We nudge down our low FY 2020 FD EPS by 0.9% from 64.6p to 64.1p but maintain our net debt estimate of £15.4m.

Companies: Paypoint
  • 16 Jan 20
LIBERUM: Kier Group - Reassuringly in-line statement

Kier has issued an unscheduled trading statement that guides to trading in line and we therefore leave our estimates unchanged. We introduce estimates for H1 2020, when we assume a 40% weighting of PBT to H1.

Companies: Kier Group
  • 20 Jan 20
WHI Morning Comment: Henry Boot (BOOT) - Outperform (Buy)

Year end update: strategy continues to deliver, pipeline strong BOOT's year end update this morning reflects positive trading during 2019, with the very sizeable (£333m) Aberdeen project to the fore, resulting in a generally encouraging year, albeit very slightly short against original expectations – effectively as a result of divestments. The company is a leader in land development across the UK, and its model remains as relevant as ever. Hence the positive performance in particular from Hallam Land, which succeeded in delivering significant site volumes. The company's development division, Henry Boot Developments (HBD), traded well despite last year's inevitable uncertainties. Construction and BOOT's rental business also performed well, and the acquisition of Starfish Commercial in Q3 (balance acquired in December) reflected BOOT's commitment to the affordable housing market. With some rental income foregone following retail divestments, our forecasts are marginally shaved; however bearing in mind the lengthy pipeline, we continue to see meaningful longer term opportunities for the group, retaining our 365p price target. Cash at c.£30m is well ahead of expectations.

Companies: Henry Boot