Vallourec: I Moved To The Sidelines On Valuation (Rating Downgrade)
Vallourec S.A. reported strong Q1 results with improved EBITDA margins and solid free cash flow. However, the author decided to exit their position due to deteriorating risk/reward dynamics as the share price reached their target. Additionally, a reduction in stake by ArcelorMittal raises concerns about potential mergers and acquisitions.
- ▪Vallourec's EBITDA margins improved to 22.6% in Q1.
- ▪The author exited their position as the risk/reward deteriorated.
- ▪ArcelorMittal reduced its stake in Vallourec, raising concerns about M&A.
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