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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
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.
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.
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.
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
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.
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)
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.
- 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.
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.
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
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.
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.
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
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
Research Tree provides access to ongoing research coverage, media content and regulatory news on Vallourec SA. We currently have 0 research reports from 3 professional analysts.
NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat
Companies: NextSource Materials Inc
Capital Access Group
Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost
Companies: Falcon Oil & Gas Ltd.
Cavendish
Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten
Companies: Beowulf Mining PLC
Alternative Resource Capital
Companies: FOG PHC FEN BBSN ELIX
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• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril
Companies: SINTANA ENERGY
Auctus Advisors
Companies: Touchstone Exploration Inc
Shore Capital
Companies: Ferrexpo plc
Liberum
Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August
Companies: Jubilee Metals Group PLC
WHIreland
Companies: AURA OMI AAL KAV POW BMN EST SVML
SP Angel
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24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.
Companies: Adriatic Metals Plc Shs Chess Deposit Interests Repr 1 Sh
Tamesis Partners
Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.
Companies: Alien Metals Ltd
Despite end market demand remaining difficult in several regions Trifast has announced that revenue and profitability will be marginally ahead of the guidance provided at the end of January. Self-help initiatives instigated during 2023 are starting to come through providing visibility on the majority of the £3.0m savings identified to come through in the current financial year (Mar FY25). Zeus estimates were in line with guidance of £230m revenue, £11.5m EBIT and £6.0m PBT. We leave forecasts un
Companies: Trifast plc
Zeus Capital
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