Vallourec: Oddo still says buy, with TP of E21
(CercleFinance.com) - Oddo BHF maintains its EBITDA sequence unchanged (the analyst was already 5%> pre-release consensus expectations) as well as its Outperform rating on the stock with a target price of E21.
The group's EBITDA came in at E320m (vs. E312m in Q4 2022 and E45m in Q1 2022), in particular benefiting from its commercial strategy (focused on high value-added products), efforts in terms of administrative, commercial and research costs (5.9% of sales vs. 9.3% a year ago) and of course a very favourable price environment in North America, Oddo said.
Adjusted FCF was E194m (E210m in Q1 22), and after taking into account mainly restructuring costs (E47m), FCF reached E151m. In the end, the group reduced its debt by E130m and net debt stood at E1bn, it adds.
On top of this, the analyst says that the group has confirmed its 2023 guidance.
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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 group's EBITDA came in at E320m (vs. E312m in Q4 2022 and E45m in Q1 2022), in particular benefiting from its commercial strategy (focused on high value-added products), efforts in terms of administrative, commercial and research costs (5.9% of sales vs. 9.3% a year ago) and of course a very favourable price environment in North America, Oddo said.
Adjusted FCF was E194m (E210m in Q1 22), and after taking into account mainly restructuring costs (E47m), FCF reached E151m. In the end, the group reduced its debt by E130m and net debt stood at E1bn, it adds.
On top of this, the analyst says that the group has confirmed its 2023 guidance.
Copyright (c) 2023 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.