Oddo BHF has reaffirmed its 'outperform' rating and target price of 21 euros for Vallourec, following a CMD (investor day), 'the first in almost 10 years, which provided a number of figures never before communicated'.

'The message of transparency (and of a return to control of the Group) set in motion since the arrival of the new CEO and CFO is continuing, which should eventually enable new investors to return to the share', believes the analyst.

The priority given to optimizing cash generation following the financial restructuring is bearing fruit, and the new industrial set-up is set to accelerate sharply", he continues.

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