SA Transcripts • Thu, Nov. 6
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Vallourec: A Niche Play To Profit From Deepwater Drilling
- Being the world leader in its market niche, Vallourec will certainly profit from the growing demand for deepwater drilling-related equipment.
- The company managed to achieve positive EPS even over the past, relatively bad years.
- Strong moat thanks to highly customized premium services.
- Inexpensive valuation.
Tue, Jun. 10, 12:59 PM
- Tenaris (TS -3.7%) is lower following downside guidance from French steel pipes maker Vallourec (VLOUF -8%), which reduced its 2014 EBITDA outlook by ~10% Y/Y due to soft orders in the Middle East, the North Sea and Brazil.
- Vallourec cites a significant temporary reduction in demand for its oil and gas operations in Brazil, as Petrobras (PBR +0.5%) has decided to eliminate most of its tube inventories by year end; it says PBR was still committed to its high-value deepwater oil projects, so the impact of the inventory run-down would be a one-off for Vallourec.
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VLOUF vs. ETF Alternatives
Vallourec is the world leader in premium tubular solutions primarily serving the energy markets (oil and gas, powergen). Its expertise also extends to the Industry sector (mechanicals, automobile, construction etc.). With 22,200 employees, sales of 5.3 billion euros in 2012 78% from outside... More
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