(CercleFinance.com) – The stock ended the day down almost 1% after falling 7% last Thursday.
Oddo BHF reiterates its ‘outperformance’ opinion on Vallourec, as well as its price target of 16.5 euros, while the SVP group sold last Thursday half of its stake in the manufacturer of seamless tubes.
“This sale does not in any way call into question our fundamental recommendation on the stock. By integrating the cost savings objectives communicated by the group, this would amount to posting an EBITDA 24 of more than one billion euros’, notes the analyst.
‘By retaining an EV/EBITDA multiple of 7.5 times, this would implicitly bring out a price target of 27 euros. It is a little premature to fully integrate it, but it brings out a very attractive risk/reward on the title,’ he continues.
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