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Vallourec: Oddo maintains buy rating

( - Oddo maintains its "outperform" rating on Vallourec shares with an unchanged target price of 16.
5 euros.

The broker expects a very good Q4, after a mixed Q3 (when EBITDA was lower than expected, although FCF was higher than expected).

In this context, the group maintains its 2022 guidance, including EBITDA expected between 650 and 750 million euros (Oddo BHF E700m, consensus E722m), despite expected iron ore production of just 3.8 Mt, less than half the capacity of 8.7 Mt.

In addition, the group's new industrial set-up, which will be effective at the beginning of 2024, is expected to generate 230 million euros in savings and 250 million euros in additional FCF, the analyst points out.

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