Gli eseguiti sulla 22 in vendita erano tutti miei! Avevo un pmc di 76,6 vendute a 78.34 di media. Potevo tenere ma dopo i conti ho preferito portare a casa
Quindi non credevi più nell'azienda?
Vallourec 2,25% 2024 FR0012188456
- Creatore Discussione laplaz
- Data di inizio
Quindi non credevi più nell'azienda?
a milano spike fra 69,xx e 71,xx .... dove hai preso 89?
waltermasoni
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Vallourec 'B-' Ratings Placed On CreditWatch Positive On Planned Capital Increase And Improved Operating Results
19-Feb-2020 12:49 EST
View Analyst Contact Information
Table of Contents
Earlier today, French steel tubes producer Vallourec reported improved results in fourth-quarter 2019, and estimates it will generate EBITDA of €500 million in 2020.
In addition, the company launched a €800 million rights issue and is set to obtain a new four-year revolving credit facility, which should support a more sustainable capital structure and improved liquidity.
We are therefore placing our 'B-' ratings on Vallourec and its debt on CreditWatch with positive implications.
If the transaction closes as planned in early May, we expect to upgrade Vallourec by one notch.
PARIS (S&P Global Ratings) Feb. 19, 2020--S&P Global Ratings today took the rating actions listed above.
We believe Vallourec's efforts to reduce net debt will lead to a more sustainable capital structure and improved liquidity.
After a few years of material debt increase (As of Dec. 31, 2019, net debt was €2 billion), the company decided to reduce its net debt burden via an €800 million rights issue. Therefore, under our base-case, assuming adjusted EBITDA of about €500 million, we estimate adjusted leverage of 3.0x-3.5x for 2020, compared with about 7x under the existing capital structure as of Dec. 31, 2019. We note that the company completed a similar €1 billion equity increase back in 2016, but challenging markets and restructuring program implementation consumed most the proceeds.
We expect the capital increase will be completed after the extraordinary shareholder meeting (EGM) on April 6, 2020.
We understand core shareholders Bpifrance and Nippon Steel Corp. (both with a 15% stake) are fully supportive of the proposal, and the company's bank syndicate is committed to underwrite the full balance of the rights issue. We also view Vallourec's lender group commitment to provide a new €800 million four-year unsecured revolving credit facility (RCF; fully undrawn at close) upon the transaction close, as positive, because this will alleviate any liquidity pressures over the next 12 months and beyond.
We expect Vallourec's earnings momentum will remain favourable.
The company reported significantly improved full-year 2019 EBITDA of close to €350 million, up from €150 million in 2018. This was thanks to recovering international markets, improving pricing and mix, favorable iron ore mine contribution, and efficiency savings from its transformation plan. Looking to 2020, we expect the rebound in the company's Brazilian activities in fourth-quarter 2019 will allow Vallourec to achieve its €500 million EBITDA target, which is a key rating driver. We believe the company benefits from a very strong competitive position in the region as the sole significant domestic seamless tubes provider for key companies such as Petrobras, TechnipFMC, and Royal Dutch Shell, resulting in good order book visibility for at least the next 12 months (offshore well count will increase materially year on year). In our view, such momentum, together with the company's continued cost cutting initiatives, should more than offset the slowdown in U.S. shale activity.
We believe Vallourec is on track to achieve its earnings and free operating cash flow (FOCF) targets.
An upgrade would be contingent on the company achieving EBITDA of €500 million in 2020, with further improvements thereafter. In this respect, we view Vallourec's expectation of €500 million EBITDA for the year as positive. We believe such profitability would allow the company to generate positive FOCF, supported by a €50 million reduction in pro-forma cash interest expenses. We think FOCF of €50 million-€100 million in the coming years would be much more meaningful under the new capital structure, and allow Vallourec to support more rapid net-debt reduction.
The outbreak of the 2019 novel corona virus (COVID-19, formerly known as 2019-nCoV) raises some uncertainty.
At this stage, we do not factor any negative implications from the outbreak into our rating on Vallourec. In our view, if the virus spread is not curtailed as expected, we will likely see some production and supply chain disruptions in the company's Chinese operations (25% of total rolling capacity). After the Chinese New Year holidays, Vallourec Tianda resumed most of its operations one week later than usual, running at 70% capacity. While there continues to be high uncertainty about the rate of spread and timing of the peak of the coronavirus, modeling by academics with expertise in epidemiology indicate a likely range for the peak between late-February and June. However, for the purpose of assessing the economic and credit implications of the outbreak, we assume the outbreak will be contained in March. Therefore, if contained in March as assumed, the company would be able to progressively catch up with production and shipments in second-quarter 2020.
We expect to resolve the CreditWatch once the transaction is completed in early May, at which point we could raise the rating by one notch. In our view, further rating improvement will be subject to the company's ability to build a track-record from its improved business model, in particular demonstrating less volatile earnings and adjusted debt to EBITDA below 4x at the low point of the cycle.
19-Feb-2020 12:49 EST
View Analyst Contact Information
Table of Contents
Earlier today, French steel tubes producer Vallourec reported improved results in fourth-quarter 2019, and estimates it will generate EBITDA of €500 million in 2020.
In addition, the company launched a €800 million rights issue and is set to obtain a new four-year revolving credit facility, which should support a more sustainable capital structure and improved liquidity.
We are therefore placing our 'B-' ratings on Vallourec and its debt on CreditWatch with positive implications.
If the transaction closes as planned in early May, we expect to upgrade Vallourec by one notch.
PARIS (S&P Global Ratings) Feb. 19, 2020--S&P Global Ratings today took the rating actions listed above.
We believe Vallourec's efforts to reduce net debt will lead to a more sustainable capital structure and improved liquidity.
After a few years of material debt increase (As of Dec. 31, 2019, net debt was €2 billion), the company decided to reduce its net debt burden via an €800 million rights issue. Therefore, under our base-case, assuming adjusted EBITDA of about €500 million, we estimate adjusted leverage of 3.0x-3.5x for 2020, compared with about 7x under the existing capital structure as of Dec. 31, 2019. We note that the company completed a similar €1 billion equity increase back in 2016, but challenging markets and restructuring program implementation consumed most the proceeds.
We expect the capital increase will be completed after the extraordinary shareholder meeting (EGM) on April 6, 2020.
We understand core shareholders Bpifrance and Nippon Steel Corp. (both with a 15% stake) are fully supportive of the proposal, and the company's bank syndicate is committed to underwrite the full balance of the rights issue. We also view Vallourec's lender group commitment to provide a new €800 million four-year unsecured revolving credit facility (RCF; fully undrawn at close) upon the transaction close, as positive, because this will alleviate any liquidity pressures over the next 12 months and beyond.
We expect Vallourec's earnings momentum will remain favourable.
The company reported significantly improved full-year 2019 EBITDA of close to €350 million, up from €150 million in 2018. This was thanks to recovering international markets, improving pricing and mix, favorable iron ore mine contribution, and efficiency savings from its transformation plan. Looking to 2020, we expect the rebound in the company's Brazilian activities in fourth-quarter 2019 will allow Vallourec to achieve its €500 million EBITDA target, which is a key rating driver. We believe the company benefits from a very strong competitive position in the region as the sole significant domestic seamless tubes provider for key companies such as Petrobras, TechnipFMC, and Royal Dutch Shell, resulting in good order book visibility for at least the next 12 months (offshore well count will increase materially year on year). In our view, such momentum, together with the company's continued cost cutting initiatives, should more than offset the slowdown in U.S. shale activity.
We believe Vallourec is on track to achieve its earnings and free operating cash flow (FOCF) targets.
An upgrade would be contingent on the company achieving EBITDA of €500 million in 2020, with further improvements thereafter. In this respect, we view Vallourec's expectation of €500 million EBITDA for the year as positive. We believe such profitability would allow the company to generate positive FOCF, supported by a €50 million reduction in pro-forma cash interest expenses. We think FOCF of €50 million-€100 million in the coming years would be much more meaningful under the new capital structure, and allow Vallourec to support more rapid net-debt reduction.
The outbreak of the 2019 novel corona virus (COVID-19, formerly known as 2019-nCoV) raises some uncertainty.
At this stage, we do not factor any negative implications from the outbreak into our rating on Vallourec. In our view, if the virus spread is not curtailed as expected, we will likely see some production and supply chain disruptions in the company's Chinese operations (25% of total rolling capacity). After the Chinese New Year holidays, Vallourec Tianda resumed most of its operations one week later than usual, running at 70% capacity. While there continues to be high uncertainty about the rate of spread and timing of the peak of the coronavirus, modeling by academics with expertise in epidemiology indicate a likely range for the peak between late-February and June. However, for the purpose of assessing the economic and credit implications of the outbreak, we assume the outbreak will be contained in March. Therefore, if contained in March as assumed, the company would be able to progressively catch up with production and shipments in second-quarter 2020.
We expect to resolve the CreditWatch once the transaction is completed in early May, at which point we could raise the rating by one notch. In our view, further rating improvement will be subject to the company's ability to build a track-record from its improved business model, in particular demonstrating less volatile earnings and adjusted debt to EBITDA below 4x at the low point of the cycle.
fortunato fortugno
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buongiorno a tutti chi era dentro ha fatto il botto veramente altro che ansaldo botto vero
TwinPeacks
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etoilenice
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Ma sogno o son desto
Vedo su euro tlx la 2,25 senior
a 91 possibile?
Vedo su euro tlx la 2,25 senior
a 91 possibile?
waltermasoni
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robyleave
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oggi sta volando....cosa ti spinge a prenderla su un piu' 15/20% ?? grazie
TwinPeacks
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su TLx costa di più
volendo, potrebbe già incassare l'arbitraggio
volendo, potrebbe già incassare l'arbitraggio
waltermasoni
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Sostanzialmente la cassetto
Ho visto la trimestrale e la previsione adc nonché il probabile aumenti rating a maggio...
Se tutto va’ come deve andare ha ancora margine...
Altrimenti cassetto ad un 6,3%
robyleave
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grazie
waltermasoni
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Il comunicato di s&p mi sembra molto interessante
Oggi, il produttore francese di tubi d'acciaio Vallourec ha registrato risultati migliori nel quarto trimestre del 2019 e stima che genererà un EBITDA di € 500 milioni nel 2020.
Inoltre, la società ha lanciato un'emissione di diritti per 800 milioni di euro e intende ottenere una nuova linea di credito revolving di quattro anni, che dovrebbe supportare una struttura di capitale più sostenibile e una migliore liquidità.
Pertanto stiamo collocando i nostri rating "B-" su Vallourec e il suo debito su CreditWatch con implicazioni positive.
Se la transazione si chiuderà come previsto all'inizio di maggio, prevediamo di aggiornare Vallourec di un livello.
PARIS (S&P Global Ratings), 19 febbraio 2020 - S&P Global Ratings ha intrapreso oggi le azioni di rating sopra elencate.
Riteniamo che gli sforzi di Vallourec per ridurre il debito netto porteranno a una struttura del capitale più sostenibile e a una migliore liquidità.
Dopo alcuni anni di aumento sostanziale del debito (al 31 dicembre 2019, l'indebitamento finanziario netto era pari a 2 miliardi di euro), la società ha deciso di ridurre l'onere del debito netto attraverso un'emissione di diritti di 800 milioni di euro. Pertanto, nel nostro caso di base, ipotizzando un EBITDA rettificato di circa € 500 milioni, stimiamo una leva finanziaria corretta di 3,0x-3,5x per il 2020, rispetto a circa 7x nell'ambito della struttura patrimoniale esistente al 31 dicembre 2019. Notiamo che la società ha completato un analogo aumento del patrimonio netto di € 1 miliardo nel 2016, ma i mercati sfidanti e l'attuazione del programma di ristrutturazione hanno assorbito la maggior parte dei proventi.
Prevediamo che l'aumento di capitale sarà completato dopo l'assemblea straordinaria degli azionisti (EGM) del 6 aprile 2020.
Comprendiamo che i principali azionisti Bpifrance e Nippon Steel Corp. (entrambi con una partecipazione del 15%) sono pienamente favorevoli alla proposta e il sindacato bancario della società si impegna a sottoscrivere l'intero saldo della questione dei diritti. Consideriamo anche l'impegno del gruppo di creditori di Vallourec di fornire una nuova linea di credito revolving quadriennale non garantita di € 800 milioni (RCF; non recuperata alla chiusura) alla chiusura della transazione, come positiva, perché ciò allevierà eventuali pressioni di liquidità nei prossimi 12 mesi e al di là.
Prevediamo che la dinamica degli utili di Vallourec rimarrà favorevole.
La società ha registrato un EBITDA per l'intero anno 2019 significativamente migliorato di quasi 350 milioni di euro, in aumento rispetto ai 150 milioni di euro del 2018. Ciò è stato possibile grazie al recupero dei mercati internazionali, al miglioramento dei prezzi e del mix, al contributo favorevole della miniera di ferro e ai risparmi di efficienza derivanti dalla sua trasformazione Piano. Per quanto riguarda il 2020, prevediamo che il rimbalzo delle attività brasiliane della società nel quarto trimestre 2019 consentirà a Vallourec di raggiungere l'obiettivo EBITDA di € 500 milioni, che è un fattore chiave per la valutazione. Riteniamo che l'azienda tragga vantaggio da una posizione competitiva molto forte nella regione in quanto unico importante fornitore nazionale di tubi senza saldatura per aziende chiave come Petrobras, TechnipFMC e Royal Dutch Shell, con una buona visibilità del portafoglio ordini per almeno i prossimi 12 mesi ( il conteggio dei pozzi offshore aumenterà materialmente di anno in anno). A nostro avviso, tale slancio, unitamente alle continue iniziative di riduzione dei costi dell'azienda, dovrebbe più che compensare il rallentamento dell'attività di scisto negli Stati Uniti.
AtuttoGAZ
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@waltermasoni non essendo un dei "tonni" che ieri ha venduto alla ca..o, avra' anche notato come la curva dei rendimenti e' ancora invertita... Ergo la 22 devo ancora salire
A 103,3 rende come la 22, ma più della 24. Però sono anche molto poco liquide e con spread elevati.
Massimo1974
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Io sono dentro si botto vero però ieri non sono riuscito a vendere a quei prezzi. Non so perché mi diceva scostamento troppo alto dei prezzi ci riprovo oggi e vediamo. Ciao
waltermasoni
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