Reported Earnings • May 14
First quarter 2026 earnings released: EPS: €0.32 (vs €0.37 in 1Q 2025) First quarter 2026 results: EPS: €0.32 (down from €0.37 in 1Q 2025). Revenue: €833.0m (down 16% from 1Q 2025). Net income: €74.0m (down 14% from 1Q 2025). Profit margin: 8.9% (up from 8.7% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Representative Director Annelise Gall was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Apr 07
Vallourec S.A., Annual General Meeting, May 21, 2026 Vallourec S.A., Annual General Meeting, May 21, 2026. Location: espace verso, 52 rue de la victoire, paris France Ankündigung • Mar 17
Vallourec S.A. to Report Q1, 2026 Results on May 13, 2026 Vallourec S.A. announced that they will report Q1, 2026 results on May 13, 2026 Ankündigung • Mar 10
Vallourec Announces Advanced Tubular Solutions For California Carbon Capture And Storage Facility Vallourec announced its successful support of California Resources Corporation’s pioneering carbon capture and storage development with Carbon TerraVault I (CTV I) at the Elk Hills Field in Kern County, California. As a key technology partner, Vallourec provided the advanced tubular solutions required to ensure safe, long-term carbon dioxide (CO2) storage for this milestone project. This first-of-a-kind project is the state’s inaugural CCS facility to secure U.S. Environmental Protection Agency (EPA) Class VI permits for CO2 injection and storage in depleted oil and gas reservoirs, representing a significant milestone for the global CCS industry. First injection at CTV I is planned for spring 2026. At its maximum capacity, CTV I is expected to store up to 1.46 million metric tons (MT) of CO2 per year in the 26R reservoir, contributing 38 million MT of CO2 storage toward a total planned capacity of more than 350 million MT across the broader CTV portfolio. Vallourec’s advanced tubular technologies are central to the project’s well integrity and long-term storage performance. To support safe and reliable CO2 injection under demanding downhole conditions, Vallourec delivered premium VAM® 21 connections on corrosion-resistant alloy (CRA) pipe qualified for the project’s stringent technical requirements. CLEANWELL® dope-free technology was deployed for the first time in an onshore CCS project, enabling cleaner, more sustainable running operations. The scope of supply included multiple string sizes and a full range of accessories tailored to project needs, supported by on-site VAM® Field Service to ensure flawless running and long-term well integrity. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: €1.52 (vs €1.97 in FY 2024) Full year 2025 results: EPS: €1.52 (down from €1.97 in FY 2024). Revenue: €3.81b (down 5.6% from FY 2024). Net income: €355.0m (down 22% from FY 2024). Profit margin: 9.3% (down from 11% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Mar 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Representative Director Annelise Gall was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Feb 27
Vallourec Announces Board and Committee Changes The Board of Directors of Vallourec, meeting held on February 26, 2026, decided to co-opt, at the request of ArcelorMittal, Mr. David Clarke as a member of Vallourec Board of Directors, replacing Mr. Keith James Howell. Mr. David Clarke was also appointed as a member of the Nominations and Governance Committee. The ratification of Mr. Clarke’s appointment will be proposed at the Group’s next Shareholder’s meeting on 21 May 2026. Dr Clarke joined Mittal Steel in 2003 to support the integration and operational improvement activities in the group’s then new acquisitions in Eastern Europe. In 2006, he co-led the development of the Mittal Steel value plan, a key element of the successful bid to merge with Arcelor, and was appointed Vice President of Strategy in 2007. Since 2013, David has been Head of Strategy, in charge of the development of medium- to long-term industry outlook, coordinating the group’s annual strategy process, and leading projects of key strategic importance. Dr Clarke has served as chief technology officer of ArcelorMittal from 2016 to 2019 and as head of CCM (commercial coordination and marketing) from 2019 to 2021. He has also held positions at McKinsey & Company, London; at Princeton, Cambridge and Oxford Universities; and at AT&T Bell Laboratories, USA. Dr Clarke holds a PhD and MA in theoretical physics from Princeton University where he was a Fulbright Fellow and a Hackett Scholar, and a BSc (Hons) in mathematics and physics from the University of Western Australia. The Board of Directors of Vallourec is composed of nine Board Members, including 55% of women and 63% of independent Board Members. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: €0.57 (vs €0.32 in 3Q 2024) Third quarter 2025 results: EPS: €0.57 (up from €0.32 in 3Q 2024). Revenue: €911.0m (up 1.9% from 3Q 2024). Net income: €134.0m (up 84% from 3Q 2024). Profit margin: 15% (up from 8.2% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Ankündigung • Nov 14
Vallourec S.A. to Report Q4, 2025 Results on Feb 26, 2026 Vallourec S.A. announced that they will report Q4, 2025 results on Feb 26, 2026 Ankündigung • Nov 08
Sascha Bibert to Leave Vallourec as Chief Financial Officer in December Vallourec announced that its Chief Financial Officer, Sascha Bibert, has decided to leave the Group to pursue an opportunity in Germany. Sascha Bibert will leave the Group in December after a transition period with his successor. Mr. Bibert’s replacement, has already been identified and will join Vallourec’s Executive Committee upon taking up his position in early December. Ankündigung • Oct 21
Vallourec Showcases the Latest Innovations of its VAM®? Connection at ADIPEC 2025 Vallourec will participate in ADIPEC 2025, the energy industry event, taking place from 3 to 6 November 2025 in Abu Dhabi, United Arab Emirates. This year, Vallourec will highlight the latest innovations of its VAM®? connection, as well as its most recent technologies supporting the energy transition. A benchmark in the Oil & Gas sector, VAM®? has continued to set the standard for performance and reliability since the creation of the first premium connection on the market. Backed by cutting-edge R&D, and supported by a comprehensive worldwide service offer, Vallourec has constantly innovated to meet operators' evolving needs and support the energy transition. At Vallourec's booth 3115, hall 3, visitors will have the opportunity to discover these latest innovations, along with the full range of Vallourec Services, covering project engineering, field services, and tubular management solutions. Vallourec's unique underground hydrogen storage solution, Delphy, will also be presented. Ankündigung • Sep 16
Vallourec Announces Executive Changes Vallourec announced the appointment of Jerome Favre as Head of OCTG, Services and Accessories Business Line. He has joined the Executive Committee, effective 15 September 2025. Jerome Favre previously oversaw OCTG sales for the Eastern Hemisphere and is succeeding Laurent Dubedout. He will work closely with Laurent to perpetuate the Group's successful commercial strategy during the planned transition period. Jerome Favre is a highly regarded professional who has spent his entire career in the commercialization of technological products. Jerome Favre joined Vallourec in 2013 as Sales Manager for West Africa, where he significantly grew OCTG sales and rolled out Vallourec's service offerings. In 2016, he took over as Head of OCTG and Line Pipe Sales for North Africa and Europe, before becoming head of sales for Europe and Africa in this region. In 2020, he was appointed Vice President of Sales and Marketing for the Middle East, later expanding his scope to include Europe and Africa. In June 2025, he was promoted to Sales Director for the Eastern Hemisphere, one of Vallourec's three strategic regions. From 2008 to 2012, Favre led international business development and export sales at Duons Telecom, a telecommunications systems integrator. He began his career in 2001 at Sofrepost, first as Project Manager, then as Sales Director for logistics solutions in the Middle East. Aged 50, Jerome Favre is a graduate of Polytech Lyon and holds a Master's degree in Physics from The University Joseph Fourier (Grenoble I). Reported Earnings • Jul 27
Second quarter 2025 earnings released: EPS: €0.17 (vs €0.48 in 2Q 2024) Second quarter 2025 results: EPS: €0.17 (down from €0.48 in 2Q 2024). Revenue: €863.0m (down 20% from 2Q 2024). Net income: €40.0m (down 64% from 2Q 2024). Profit margin: 4.6% (down from 10% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Ankündigung • Jun 05
Vallourec Obtains the Qualification of Its Hydrogen Storage Solution and Launches Commercialization Vallourec announced the official qualification of Delphy, its vertical gaseous hydrogen storage solution, by DNV. A world first, Delphy enables the storage of 1 to 100 tons of hydrogen under maximum safety conditions. Due to its minimal footprint, this vertical system - extending up to 100 meters underground - meets the challenge of complex and demanding industrial environments. It targets both green hydrogen producers and industrial players such as synthetic fuel producers (e-SAF, e-methanol), green ammonia producers, steelmakers, and refineries. The Delphy solution is the result of Vallourec's longstanding expertise and know-how and is based on proven technologies - tubes and connections - that have demonstrated excellent tightness and corrosion resistance. Launched in 2022, the project has involved around thirty researchers and experts, particularly in the areas of high-precision threading, heat treatment, and non-destructive testing. Since the inauguration of its demonstration in December 2023, Vallourec has followed a rigorous process of development, testing, and validation of its hydrogen storage technology, culminating in the qualification of Delphy. This qualification by recognized experts guarantees the solution's safety and reliability and marks a key milestone towards its commercialization. Vallourec has already signed two Memorandums of Understanding (MoUs): one with H2V, for green hydrogen production and utilization projects, and one with NextChem Tech, for green hydrogen and green ammonia projects. Around fifty projects - in France and internationally - are currently under discussion, representing potential revenue of approximately EUR2 billion. This qualification comes at a time when demand for storage infrastructure is expected to grow, to adapt to the intermittent and flexible nature of green hydrogen production. Demand for the Delphy storage solution will be commenced by European regulations, which require storage solutions to pair with renewable electricity production, and by the French hydrogen strategy, which encourages green hydrogen producers to operate flexibly to contribute to power grid stability. Board Change • May 28
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Representative Director Annelise Gall was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • May 23
Vallourec S.A. Approves Dividend in Respect of 2024, Payable on May 28, 2025 Vallourec S.A. at the Combined General Meeting of Shareholders held on 22 May 2025 approved the first dividend in a decade. The payment of a dividend of €1.50 per share in respect of 2024. The ex-dividend date will be May 26, 2025 and the dividend will be paid on May 28, 2025. Upcoming Dividend • May 19
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 26 May 2025. Payment date: 28 May 2025. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 8.9%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (6.5%). Ankündigung • May 16
Aldebaran Capital Partners agreed to acquire Serimax SAS from Vallourec S.A. (ENXTPA:VK) and TechnipFMC plc (NYSE:FTI) for an enterprise value of €79 million. Aldebaran Capital Partners agreed to acquire Serimax SAS from Vallourec S.A. (ENXTPA:VK) and TechnipFMC plc (NYSE:FTI) for an enterprise value of €79 million on May 15, 2025. Aldebaran Capital Partners will pay an earnout/contingent payment cash. As part of consideration, an undisclosed value is paid towards common equity of Serimax SAS. Under the terms, Aldebaran Capital Partners is paying Serimax, Vallourec’s subsidiary specializing in mechanized welding solutions, for an enterprise value of €79 million, of which €7 million will be paid via an earn-out. Serimax reached €105 million last year.
Natixis Partners, the sale process has seen the asset management company dedicated to "special situations" emerge. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: €0.37 (vs €0.46 in 1Q 2024) First quarter 2025 results: EPS: €0.37 (down from €0.46 in 1Q 2024). Revenue: €991.0m (flat on 1Q 2024). Net income: €86.0m (down 18% from 1Q 2024). Profit margin: 8.7% (down from 11% in 1Q 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €14.47, the stock trades at a forward P/E ratio of 9x. Average trailing P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 21% over the past three years. Ankündigung • Apr 08
Vallourec S.A., Annual General Meeting, May 22, 2025 Vallourec S.A., Annual General Meeting, May 22, 2025. Location: espace verso, 52 rue de la victoire, paris France Reported Earnings • Apr 02
Full year 2024 earnings released: EPS: €1.97 (vs €2.16 in FY 2023) Full year 2024 results: EPS: €1.97 (down from €2.16 in FY 2023). Revenue: €4.03b (down 21% from FY 2023). Net income: €452.1m (down 8.8% from FY 2023). Profit margin: 11% (up from 9.7% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. New Risk • Mar 02
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 109% Dividend yield: 8.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Ankündigung • Mar 01
Vallourec S.A. to Propose Dividend At 2025 AGM Vallourec S.A. proposed €1.50 per share dividend to be proposed at the 2025 AGM. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: €1.97 (vs €2.16 in FY 2023) Full year 2024 results: EPS: €1.97 (down from €2.16 in FY 2023). Revenue: €4.03b (down 21% from FY 2023). Net income: €452.0m (down 8.9% from FY 2023). Profit margin: 11% (up from 9.7% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.32 (vs €0.33 in 3Q 2023) Third quarter 2024 results: EPS: €0.32 (down from €0.33 in 3Q 2023). Revenue: €894.0m (down 22% from 3Q 2023). Net income: €73.0m (down 3.9% from 3Q 2023). Profit margin: 8.2% (up from 6.7% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Board Change • Aug 30
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Frida Sams was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Aug 07
ArcelorMittal S.A. (ENXTAM:MT) completed the acquisition of 28.4% stake in Vallourec S.A. (ENXTPA:VK) from funds managed by Apollo Global Management, Inc. (NYSE:APO). ArcelorMittal S.A. (ENXTAM:MT) had signed a Share Purchase Agreement to acquire 28.4% stake in Vallourec S.A. (ENXTPA:VK) from funds managed by Apollo Global Management, Inc. (NYSE:APO) for approximately €1 billion on March 12, 2024. ArcelorMittal will hold 28.4% of the voting rights and 27.5% of the share capital of the Company following the closing of the transaction. Upon close, this transaction will mark the Apollo Funds’ exit of the investment. ArcelorMittal does not intend to launch a tender offer for Vallourec’s remaining shares over the next six months. The completion of the acquisition is expected to close in the second half of the year, after obtaining the relevant regulatory approvals. As of August 2, 2024, the trasnaction is expected to complete in the third quarter of 2024.
Anna Howell, Patrick Ledoux, Bertrand Delaunay, Benoit Fleury, Clarisse Bouchetemble, Attila Borsos and Stephenie Gosnell of Gibson, Dunn & Crutcher LLP acted as legal advisor to ArcelorMittal. Societe Generale Luxembourg S.A. acted as financial advisor to ArcelorMittal S.A.
ArcelorMittal S.A. (ENXTAM:MT) completed the acquisition of 28.4% stake in Vallourec S.A. (ENXTPA:VK) from funds managed by Apollo Global Management, Inc. (NYSE:APO) on August 6, 2024. After the approval of relevant antitrust authorities and clearances under foreign investment regulations, ArcelorMittal has completed the acquisition of 65,243,206 shares. Reported Earnings • Jul 27
Second quarter 2024 earnings released: EPS: €0.48 (vs €0.68 in 2Q 2023) Second quarter 2024 results: EPS: €0.48 (down from €0.68 in 2Q 2023). Revenue: €1.09b (down 20% from 2Q 2023). Net income: €111.0m (down 30% from 2Q 2023). Profit margin: 10% (down from 12% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 148% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Ankündigung • Jul 26
Vallourec S.A. Provides Production Guidance for the Third Quarter and Full Year of 2024 Vallourec S.A. provided production guidance for the third quarter and full year of 2024. In the third quarter of 2024, based on assumptions and current market conditions, company expects Iron ore production sold to increase sequentially.
For the full year 2024, company expects iron ore production sold to be approximately 6 million tonnes. Ankündigung • Jul 03
Vallourec Receives Necessary Approvals to Commence Its Phase 1 Mine Extension Project in Brazil Vallourec announced that it has received the necessary approvals from the state environmental authority (COPAM) and federal mining regulator (ANM) to progress the first extension phase of its Pau Branco iron ore mine. The mine, located in the state of Minas Gerais, Brazil, provides raw materials for Vallourec’s vertically-integrated tube production process and diversifies the Group’s earnings streams via external iron ore sales. The Phase 1 project will extend the Pau Branco mine’s life, improve its reserve quality, and enhance its profitability. After this successful approval process, the capital investment related to the Phase 1 extension activities will begin on schedule. Vallourec therefore reiterates its expectations of a successful start-up of the Phase 1 extension in late 2024. In-line with prior communication, Vallourec expects the Phase 2 mine extension to be completed in 2027. Vallourec management is currently engaging with state and national authorities to obtain the required production and environmental permits for Phase 2. Throughout its daily operations and the progression of these new projects, Vallourec prioritizes safety and environmental responsibility above all. Ankündigung • Jun 05
Vallourec Appoints Andre Lacerda as Senior Vice President South America for the Tubes Segment Vallourec announced the appointment of Andre Lacerda as Senior Vice President South America for the Tubes segment. In this capacity, he joins the Group's Executive Committee and will report to Bertrand Frischmann, Chief Operating Officer of the Americas. Andre Lacerda has extensive international experience with several world leaders in industrial and technical solutions for the energy sector, such as Weir, Aliaxis, and Vesuvius. He has over 30 years of managing intercultural teams, and has also worked in the industrial sector in Europe, South America, and China. Andre Lacerda holds a degree in Metallurgical Engineering from UFMG in Brazil and a Master's in Energy Market Management from ESCP in France. He has developed strong expertise in creating and executing rapid growth and transformation plans for leading companies. He is also well-acquainted with Vallourec and its markets, having held various positions within the company between 2000 and 2008. Ankündigung • May 18
Vallourec S.A. to Report Q3, 2024 Results on Nov 15, 2024 Vallourec S.A. announced that they will report Q3, 2024 results on Nov 15, 2024 Reported Earnings • May 17
First quarter 2024 earnings released: EPS: €0.46 (vs €0.67 in 1Q 2023) First quarter 2024 results: EPS: €0.46 (down from €0.67 in 1Q 2023). Revenue: €990.0m (down 26% from 1Q 2023). Net income: €105.0m (down 33% from 1Q 2023). Profit margin: 11% (down from 12% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 151% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • Mar 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: €2.17 (vs €1.60 loss in FY 2022) Full year 2023 results: EPS: €2.17 (up from €1.60 loss in FY 2022). Revenue: €5.11b (up 4.7% from FY 2022). Net income: €496.0m (up €862.4m from FY 2022). Profit margin: 9.7% (up from net loss in FY 2022). Revenue is expected to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 142% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Ankündigung • Mar 01
Vallourec S.A. to Report Q2, 2024 Results on Jul 16, 2024 Vallourec S.A. announced that they will report Q2, 2024 results on Jul 16, 2024 Ankündigung • Feb 08
Vallourec S.A. Announces Executive Changes Vallourec announced the appointment of Damien Rebourg as Communication and Public Affairs Senior Vice President. He joins as such the Executive Committee. Damien Rebourg succeeds Valérie La Gamba on the communication scope of the function. New Risk • Nov 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: €0.33 (vs €0.03 in 3Q 2022) Third quarter 2023 results: EPS: €0.33 (up from €0.03 in 3Q 2022). Revenue: €1.14b (down 11% from 3Q 2022). Net income: €76.0m (up €70.0m from 3Q 2022). Profit margin: 6.7% (up from 0.5% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 7.1%. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Ankündigung • Nov 14
Vallourec Appoints Luciano Siani as a Member of Board of Directors, Member of the Audit Committee and of the Corporate Social Responsibility Committee Vallourec announced that in its November 12th session the Group Board of Directors decided to co-opt Mr. Luciano Siani as a member of Vallourec Board of Directors. The ratification of Mr. Luciano Siani’s appointment will be proposed to the Group’s next Shareholder’s meeting on 23 May 2024. Mr. Siani has held key leadership positions within Vale Group for almost 15 years, most of them as a Senior member of Vale Executive Committee. He has been Group Financial Officer and most recently Executive Vice President Strategy and Business transformation till January 2023. Prior to Vale, Mr. Siani has worked 14 years for the Brazilian Development Bank (BNDES) in various senior roles related to export finance, capital markets and infrastructure assets. He has represented the Bank on the Boards of several large Brazilian companies. Earlier, he also worked as a Consultant at McKinsey & Company. The Board of Directors considered that Mr. Luciano Siani qualifies as an independent member under the criteria set forth by the AFEP MEDEF corporate governance code. Mr. Siani is also appointed as member of the Audit Committee and of the Corporate Social Responsibility (CSR) Committee. The Board of Directors of Vallourec is composed of eight Board Members, including 42% of women and 71% of independent Board Members. Ankündigung • Oct 24
Vallourec S.A. (ENXTPA:VK) agreed to acquire an unknown stake in 837-MWp Futura I Solar Complex from Eneva S.A. (BOVESPA:ENEV3). Vallourec S.A. (ENXTPA:VK) agreed to acquire an unknown stake in 837-MWp Futura I Solar Complex from Eneva S.A. (BOVESPA:ENEV3) on October 21, 2023. Ankündigung • Sep 06
Vallourec S.A. Announces Executive Changes Vallourec S.A. announced the following changes within its Executive Committee as of 5 September 2023: Bertrand Frischmann, previously Senior Vice President of the North America region, has been appointed Chief Operating Officer (COO) of the Americas, covering both North and South America. Bertrand Frischmannis also appointed Acting Senior Vice President of the South America region, replacing Pierre d’Archemont. Jacky Massaglia, previously Senior Vice President, Business Line Project Line Pipe and Process, has been appointed Senior Vice President of North America, replacing Bertrand Frischmann, and will report to him in his role as COO of the Americas. Bertrand de Rotalier, formerly OCTG Sales Director for Europe and Africa, is appointed Senior Vice President Business Line Project Line Pipe and Process, replacing Jacky Massaglia. Bertrand de Rotalier joins the Executive Committee. New Risk • Jul 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Large one-off items impacting financial results. Ankündigung • Jul 29
Vallourec S.A. Provides Production Guidance for the Second Half or 2023 Vallourec S.A. provided production guidance for the second half or 2023. Second half iron ore production sold is expected to be approximately 3.6 million tonnes. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: €0.013 (vs €1.80 loss in 2Q 2022) Second quarter 2023 results: EPS: €0.013 (up from €1.80 loss in 2Q 2022). Revenue: €20.0m (down 98% from 2Q 2022). Net income: €3.00m (up €418.0m from 2Q 2022). Profit margin: 15% (up from net loss in 2Q 2022). Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 9.4%. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Ankündigung • May 17
Vallourec S.A. to Report Q2, 2023 Results on Jul 28, 2023 Vallourec S.A. announced that they will report Q2, 2023 results on Jul 28, 2023 Reported Earnings • Apr 20
Full year 2022 earnings released: €1.60 loss per share (vs €0.33 profit in FY 2021) Full year 2022 results: €1.60 loss per share (down from €0.33 profit in FY 2021). Revenue: €4.88b (up 42% from FY 2021). Net loss: €366.4m (down €405.9m from profit in FY 2021). Revenue is forecast to stay flat during the next 3 years compared to a 8.0% growth forecast for the Energy Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Full year 2022 earnings released: €1.60 loss per share (vs €0.33 profit in FY 2021) Full year 2022 results: €1.60 loss per share (down from €0.33 profit in FY 2021). Revenue: €4.88b (up 42% from FY 2021). Net loss: €366.0m (down €405.5m from profit in FY 2021). Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 7.6%. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 13
Now 21% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be €17.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 45%. Reported Earnings • Nov 22
Third quarter 2022 earnings released: EPS: €0.03 (vs €0.03 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.03 (up from €0.03 loss in 3Q 2021). Revenue: €1.28b (up 54% from 3Q 2021). Net income: €6.00m (up €13.0m from 3Q 2021). Profit margin: 0.5% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. 3 highly experienced directors. Honorary Chairman Arnaud Leenhardt is the most experienced director on the board, commencing their role in 2000. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Aug 04
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. 3 highly experienced directors. Honorary Chairman Arnaud Leenhardt is the most experienced director on the board, commencing their role in 2000. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Apr 27
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. 3 highly experienced directors. Honorary Chairman Arnaud Leenhardt is the most experienced director on the board, commencing their role in 2000. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 21
Full year 2021 earnings released: EPS: €0.33 (vs €105 loss in FY 2020) Full year 2021 results: EPS: €0.33 (up from €105 loss in FY 2020). Revenue: €3.44b (up 6.1% from FY 2020). Net income: €39.5m (up €1.25b from FY 2020). Profit margin: 1.1% (up from net loss in FY 2020). Over the next year, revenue is forecast to grow 24%, compared to a 4.0% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 50% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 43% share price gain to €9.59, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Energy Services industry in Europe. Total loss to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.30 per share. Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.30 (up from €105 loss in FY 2020). Revenue: €3.44b (up 6.2% from FY 2020). Net income: €40.0m (up €1.25b from FY 2020). Profit margin: 1.2% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 12%, compared to a 3.8% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 55% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Dec 31
Forecast breakeven date pushed back to 2022 The 6 analysts covering Vallourec previously expected the company to break even in 2021. New consensus forecast suggests the company will make a profit of €105.2m in 2022. Average annual earnings growth of 40% is required to achieve expected profit on schedule. Reported Earnings • Nov 19
Third quarter 2021 earnings released: €0.03 loss per share (vs €6.00 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: €834.0m (up 17% from 3Q 2020). Net loss: €7.00m (loss narrowed 90% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • Sep 23
Forecast to breakeven in 2022 The 7 analysts covering Vallourec expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €150.6m in 2022. Average annual earnings growth of 45% is required to achieve expected profit on schedule. Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS €3.70 (vs €43.12 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: €842.0m (flat on 2Q 2020). Net income: €51.0m (up €544.2m from 2Q 2020). Profit margin: 6.1% (up from net loss in 2Q 2020). Breakeven Date Change • Jun 18
Forecast to breakeven in 2022 The 8 analysts covering Vallourec expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 91% to 2021. The company is expected to make a profit of €10.1m in 2022. Average annual earnings growth of 72% is required to achieve expected profit on schedule. Reported Earnings • May 24
First quarter 2021 earnings released: €8.20 loss per share (vs €8.00 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: €702.0m (down 18% from 1Q 2020). Net loss: €93.0m (loss widened 26% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 20
Full year 2020 earnings released: €105 loss per share (vs €29.51 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: €3.24b (down 22% from FY 2019). Net loss: €1.21b (loss widened 257% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Feb 20
Revenue misses expectations Revenue missed analyst estimates by 2.8%. Over the next year, revenue is forecast to grow 4.6% compared to a 9.6% decline forecast for the Energy Services industry in the United Kingdom. Is New 90 Day High Low • Feb 18
New 90-day high: €31.84 The company is up 62% from its price of €19.69 on 19 November 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.19 per share. Is New 90 Day High Low • Jan 07
New 90-day high: €31.30 The company is up 89% from its price of €16.56 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 49% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.16 per share. Is New 90 Day High Low • Nov 25
New 90-day high: €29.03 The company is up 9.0% from its price of €26.52 on 26 August 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.094 per share. Analyst Estimate Surprise Post Earnings • Nov 20
Revenue misses expectations Revenue missed analyst estimates by 8.9%. Over the next year, revenue is forecast to stay flat compared to a 12% decline forecast for the Energy Services industry in the United Kingdom. Reported Earnings • Nov 20
Third quarter 2020 earnings released: €6.00 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: €716.0m (down 33% from 3Q 2019). Net loss: €69.0m (loss widened 15% from 3Q 2019). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 13
New 90-day low: €14.96 The company is down 53% from its price of €31.71 on 15 July 2020. The British market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.031 per share. 