Vallourec: Oddo raises target price
(CercleFinance.com) - Oddo maintains its Outperform rating on Vallourec shares, increasing its target price for them to 21 euros (from 16.
5 euros - cp: E14.5, flat).
Analysts believe that the implementation of the group's new industrial set-up and a possible conversion of the warrants, which are now in the money, will accelerate the group's deleveraging process.
Oddo says that the company could even return to positive net cash by 2025.
It therefore maintains its Outperform rating on the stock with a new target price, based on an EV/EBITDA multiple of 5x, similar to that of Tenaris, applied to FY 2024, i.e. once the new industrial set-up is up and running.
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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.
5 euros - cp: E14.5, flat).
Analysts believe that the implementation of the group's new industrial set-up and a possible conversion of the warrants, which are now in the money, will accelerate the group's deleveraging process.
Oddo says that the company could even return to positive net cash by 2025.
It therefore maintains its Outperform rating on the stock with a new target price, based on an EV/EBITDA multiple of 5x, similar to that of Tenaris, applied to FY 2024, i.e. once the new industrial set-up is up and running.
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.