Vallourec: Jefferies raises TP
(CercleFinance.com) - Jefferies confirms its 'buy' recommendation on Vallourec shares, with a target price raised from E18 to E22, in a note devoted to the seamless tube manufacturer and its peer Tenaris, on which it also raises its recommendation to 'buy'.
On the basis of higher US price assumptions, the broker raises its 2025 EBITDA estimate for Vallourec by 4% to E900m, up 12% y-o-y.
Jefferies also includes in its model a dividend for 2024 of 64 cents per share, i.e. a yield of 4%, assuming the middle of the target payout range (80% to 100% of total cash generation) from Q3 onwards.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as decision-making aids for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
On the basis of higher US price assumptions, the broker raises its 2025 EBITDA estimate for Vallourec by 4% to E900m, up 12% y-o-y.
Jefferies also includes in its model a dividend for 2024 of 64 cents per share, i.e. a yield of 4%, assuming the middle of the target payout range (80% to 100% of total cash generation) from Q3 onwards.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as decision-making aids for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.