(News Bulletin 247) – Oddo maintains its Outperformance recommendation on Vallourec shares and raises its price target to 21E (against 16.5E).
‘We believe that the implementation of the new industrial set-up and a possible conversion of the BSAs, which are now in the money, will accelerate the group’s debt reduction process’, indicates the analyst.
A return to balanced net cash by 2025 could even be envisaged according to Oddo.
And to thus maintain its Outperformance recommendation on the stock with a new price target ‘based on an EV/EBITDA multiple of 5x, similar to that of Tenaris, applied to the 2024 financial year, i.e. once the new industrial set-up in place ‘.
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