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.
|26Jan17 06:45||GNW||VALLOUREC : The Saint Saulve steel mill: Vallourec and Asco Industries announce the creation of Ascoval|
|18Jan17 07:30||GNW||VALLOUREC : Continuing its transformation, Vallourec adapts its organization|
|05Jan17 14:35||GNW||VALLOUREC : Paris-Orly Airport : new footbridge connecting the South Terminal to the Coeur d'Orly business district|
|14Dec16 16:46||GNW||VALLOUREC: Vallourec completes its 2016 employee share offering (Value 16)|
|02Dec16 16:45||GNW||VALLOUREC : Vallourec controls 99.03% of Tianda Oil Pipe's equity|
|14Nov16 16:45||GNW||VALLOUREC : Closing of the acquisition of Tianda Oil Pipe|
|08Nov16 16:45||GNW||VALLOUREC reports third quarter and first nine months 2016 results|
Frequency of research reports
Research reports on
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.