VALLOUREC : Jefferies initiates a Buy recommendation
'With new management in place and a credible plan to increase FCF by 250 million euros a year alongside progress towards zero net debt by 2025, we see grounds for a re-rating', judges the broker.
The normalization of OCTG prices in the US is the key variable, but Vallourec's 100% seamless tubular products offering and 55% exposure to international prices mitigate the downside potential', he continues.
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