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  • 16 Nov 23
Q3 23: pleasing…

Vallourec released a very encouraging set of results for Q323. All the lights are green with improving profitability, lower-than-expected net debt and a sound outlook. The group upgraded its guidance for Q4. Although these good Q3 results had been expected (albeit to a lesser extent), this is good news and shows that the investment case is still valid.

Companies: Vallourec (VK:EPA)Vallourec SA (VK:PAR)

AlphaValue
  • 12 Sep 23
New management, new Vallourec and the resumption of Capital Markets Days

There was no major surprise in the group’s presentation, which is no wonder in a CMD. The group reiterated its FY23 guidance and gave slightly more detail to its longer-term targets. We remain confident in the ability of the group to catch-up, at least partly, with peer Tenaris. The current momentum is positive and new energy markets will help further in the near future.

Companies: Vallourec (VK:EPA)Vallourec SA (VK:PAR)

AlphaValue
  • 28 Jul 23
A sound set of Q2 23 results, with less momentum in Q3 though

Vallourec released a sound (albeit expected) set of results for Q2/H1 23. Supported by high prices, the group posted its best operating margin since 2008. Net debt has declined more than expected, obviously another piece of good news. Momentum is slowing down though (in particular in the US), which explains the cap on the share price, even if management expects a bottoming out of the US market after Q3. We will not change our numbers much after this release.

Companies: Vallourec (VK:EPA)Vallourec SA (VK:PAR)

AlphaValue
  • 17 May 23
A very decent (albeit expected) Q123.

The Q123 results were in line with expectations. The positive free cash was obviously good and will help the group reach its target of lower net debt by the 2023 year-end. The management did not mention a significant slowdown in its markets while the resumption of the mine production in Brazil will further support the results. We do not expect to change our numbers materially.

Companies: Vallourec (VK:EPA)Vallourec SA (VK:PAR)

AlphaValue
  • 02 Mar 23
On the way to a full recovery

The FY22 results showed a significant improvement, something which had been widely expected given the health of the group’s markets in terms of volume and (even more) prices. The group is also doing the job in terms of restructuring with its “New Vallourec” plan to boost profitability. Considering what peer Tenaris can achieve, there is room for Vallourec to catch up (at least partly) and further grow margins. Given the encouraging OCTG market environment we remain positive and will fine-tune ou

Companies: Vallourec (VK:EPA)Vallourec SA (VK:PAR)

AlphaValue
  • 21 Nov 22
Q3 22: demanding financial markets

Vallourec released a decent set of results despite the soft market reaction. The group benefited from the healthy US market, although it is less exposed to the latter than peer Tenaris. The tone is quite positive going forward, in particular on the price front. A further recovery in EAMEA markets (and the ramp-up of the Brazilian mine) would definitely support the group’s results. Management confirmed its guidance for FY22. We don’t expect to change our forecasts/target price that much.

Companies: Vallourec (VK:EPA)Vallourec SA (VK:PAR)

AlphaValue
  • 27 Jul 22
Very decent Q2 results with the group seemingly back on track

Vallourec released a pretty satisfactory set of Q2 results and a positive outlook Despite the incident in the Brazilian mine, margins are getting “back to normal” We expect more from the “New Vallourec” plan We again welcome the positive impact of the new shareholders and managers

Companies: Vallourec SA (VK:PAR)Vallourec SA (0NR2:LON)

AlphaValue
  • 20 May 22
An expected sound start to FY22

The group’s results for Q1 22 were solid, once the mine issue in Brazil is taken into account. Vallourec raised its FY22 guidance, which comes as little surprise in the current positive oil price context. A new set of measures to cut costs has been adopted by the new management. Net debt is under control, and no longer THE issue after last year’s financial restructuring. We will revise our conservative forecasts to the upside with a positive impact on the valuation.

Companies: Vallourec SA (VK:PAR)Vallourec SA (0NR2:LON)

AlphaValue
  • 25 Feb 22
FY21 in line; the group seems to be back on its feet

- The numbers are well in line with the guidance that was revised (a tick downwards) after Q3. - The results show a continuous improvement of the group’s operating margin. - The net FCF is burdened by a substantial increase in WC, even if the group’s (rather low) profitability also weighs. - The mine operations in Brazil should resume in Q2 22. - The outlook remains modest, but the group’s situation has improved.

Companies: Vallourec SA (VK:PAR)Vallourec SA (0NR2:LON)

AlphaValue
  • 18 Nov 21
Q3 21: not too exciting

Q3 21 results came out broadly in line. The free cash flow was, however, a bit disappointing. The group now targets the low end of the guidance for FY21. The German assets will be disposed of (or closed) in FY22. The group’s restructuring is still under way, further patience required.

Companies: Vallourec SA (VK:PAR)Vallourec SA (0NR2:LON)

AlphaValue
  • 29 Jul 21
H1 21: improving despite a certain lack of transparency

H1 results decent, also helped by the iron-ore mining business The recovery in end-markets takes time Profitability is slowly improving At last, the financial restructuring is behind We will fine-tune our numbers to the upside

Companies: Vallourec SA (VK:PAR)Vallourec SA (0NR2:LON)

AlphaValue
  • 21 May 21
Q1 21 decent; the next step is financial restructuring

Q1 21 results showed a decent level of profitability, even if the top line is still a bit weakish. The outlook for FY21 is confirmed. The financial restructuring will be completed by the end of June. The group sees opportunities in the “green world”, while we also see a threat.

Companies: Vallourec SA (VK:PAR)Vallourec SA (0NR2:LON)

AlphaValue
  • 18 Feb 21
FY20 in line, but all eyes are on the financial restructuring

The FY20 results came out in line with the preliminary released with the announcement of the financial restructuring A positive free cash flow in Q4 (€112m) with efforts on WCR will be welcomed The outlook remains cautious and uninspiring with results more or less flat No drama though, and the financial restructuring is under way We will fine-tune our estimates to the downside, and stay away from the stock until the financial restructuring is fully accepted and implemented.

Companies: Vallourec SA (VK:PAR)Vallourec SA (0NR2:LON)

AlphaValue
  • 05 Feb 21
Financial restructuring is underway

The details of the ongoing plan to restructure the group’s balance sheet were made public The dilution will be masssive, as expected We will adjust our numbers accordingly Expect our target price to fall

Companies: Vallourec SA (VK:PAR)Vallourec SA (0NR2:LON)

AlphaValue
  • 19 Nov 20
Q3 20: not so bad, but all eyes are on the financial restructuring

Q3 results were decent Cost-cutting, the higher contribution of the iron-ore mine and some mix impact have all helped The negotiations on the financial restructuring (debt-to-equity swap) are only starting Steer clear of the stock before the conditions of the restructuring are known, with a potential huge dilution

Companies: Vallourec SA (VK:PAR)Vallourec SA (0NR2:LON)

AlphaValue

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