Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VALLOUREC SA. We currently have 8 research reports from 1 professional analysts.
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Q3 16 : still waiting for the market to bottom out
09 Nov 16
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).
H1 16: a better Q2, but really no reason for excitement
29 Jul 16
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).
Q1 16 results: as dirty as expected
04 May 16
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.
FY15: as bad expected; don’t expect any better in FY16
19 Feb 16
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.
A massive rights issue. Thank God, not only…
01 Feb 16
Vallourec announced a massive rights issue (c.€1bn) which will take the form of a capital increase and a reserved convertible bond issue (c. €510m and €490m respectively). The convertible bond issue is reserved to Nippon Steel and BPI France at a price of €11 for a €365m tranche and at the price of the capital increase for the remaining €125m tranche, while bonds will be converted into shares at the latest 2 years after issuance. The bond issue is subordinated to the success of the capital increase. As a result, the holdings of Nippon Steel and BPI France in Vallourec will ultimately rise by c.15%, bringing their respective stakes to 16.5% and 22.5%. The operation will take place in Q2 16, after sahreholders’approval and depending on market conditions.
Q3 14: bad despite free cash flow preservation
10 Nov 15
Vallourec released its 9 months figures. Revenues amounted to €2,942m (-27.1%), including -38.1% in Q3, EBITDA was €0 vs €649m last year, operating income €-393m vs €345m in 2014 and, lastly, the net result reached €-439m vs €169m. EBITDA in Q3 was €-66m vs €175m in Q3 14 and €13m in Q2 15. Free cash flow remained positive in Q3 (€32m) on the back on a very sharp decrease in WCR (€168m). At the end of day, net debt in Q3 was €1,633m vs €1,670m in H1 and €1,547m at year-end 2014.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - St Ives - Downgrade
19 Jan 17
Marketing activation has been impacted by further decline in grocery retail impacting profit by c£5m. Strategic The Company is also taking this opportunity to revise its guidance for Strategic Marketing as its recovery pace is not running at the planned target rate. PBT falls from N1Se £31.9m to £25m. The Company expects dividend to be held based upon lowered guidance and the implied cash flow performance. There do not appear to be any covenant issues. Forecasts and TP under review and downgrade to Hold. We expect the shares to test the 100p level.
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
N+1 Singer - Morning Song 19-01-2017
19 Jan 17
Actual Experience (ACT LN) 2017 – a milestone year for revenue | Bagir Group (BAGR LN) Independent NED appointment to strengthen Board composition | Bioquell (BQE LN) Reassuring pre-close statement | Carador Income Fund (CIFU LN) Q4 dividend increased to 2.75c, 0.5c higher than forecast | FreeAgent (FREE LN) Contract with Royal Bank of Scotland | Halfords Group (HFD LN) Excellent Q3 update, special divi and confidence in FX mitigations | N Brown Group (BWNG LN) Robust peak trading with reversal of drag from older titles | NCC Group (NCC LN) Interims confirm underlying business sound | St Ives (SIV LN) Downgrade | Summit Therapeutics (SUMM LN) Dr David Roblin appointed Chief Operating Officer and R&D President | Wilmington Group (WIL LN) Acquisition – Further scaling of Healthcare