Vallourec: Oddo BHF remains positive following results

(CercleFinance.com) - Oddo BHF reiterates its 'outperform' rating and E21.
7 target price for Vallourec shares, despite reducing its 2024-26 EBITDA expectations (-3% on average) following the seamless tube manufacturer's quarterly results last Friday.

Vallourec, despite a YTD performance close to 16%, is still trading at a 30% discount (in 2025 EV/EBITDA) to its main peer Tenaris, the analyst points out.

Oddo BHF also says that Vallourec is deleveraging faster than expected (eight consecutive quarters of net debt reduction), enabling it to initiate its first return to shareholders (via a dividend) in 10 years!


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