GS starts Vallourec, Tenaris expecting their valuation gap to narrow
Goldman Sachs initiates pipes makers Vallourec VLLP.PA and Tenaris TENR.MI with "buy" and "neutral", respectively, expecting their valuation gap to narrow
GS expects lower global oil prices and OCTG drilling activity to be partially offset in 2026 by demand from complex wells and offshore projects, shift towards gas for power, and strong LNG pricing from deepwater and high-pressure wells
It sees Vallourec as better positioned in 2026, benefiting from full vertical integration in the U.S., while Tenaris faces tariff payments on steel bars and higher reliance on the market
With Vallourec closing the EBITDA/ton and cash conversion gap with Tenaris, its historical discount vs the peer should narrow to 5%, GS adds
It sees Vallourec's "robust international order backlog" to drive earnings momentum until the end of 2026-2027
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