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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