Wall Street fecha semana sem rumo. Grandes tecnológicas pressionam

[RaposoTavares]

Um abraço,
Raposo Tavares

[AC1974]

Não, não vai haver uma opa. Pelo menos por enquanto. Oh pah!...
A Valourec deve apresentar amanhã o seu plano de capitalização. Este plano deverá ser sujeito a deliberação em assembleia geral. Vai ser durinho... há caramelos que já perderam 95% do seu capital neste título... e pede-se-lhes que assegurem 50% dos mil milhões de euros do aumento previsto. Para a coisa correr bem devem ser feitas algumas consessões aos acionistas.

Armado em chico esperto dividi a minha particiação em duas e dei duas ordens de venda... O pudor, por um lado, o medo do ridículo, por outro e um minímo de sensatez impedem-me de dizer o valor das ordens de venda. Só posso dizer que virei aqui armar-me em bom se uma delas, basta uma!, correr bem. A sério, enquanto estava lúcido, ria-me da possibilidade de alguém o fazer. Ao segundo Bushmills disse aos meus botões imaginários (não se esqueçam de que falo nú...): e porque não? E pronto.

http://www.reuters.com/article/valloure ... ompanyNews

http://www.lesechos.fr/industrie-servic ... 196464.php

http://www.lefigaro.fr/societes/2016/01 ... lourec.php

Há por aqui um doze ou treze neurónios que ainda funcionam, e que, apesar do disparate, estão espectantes... os tipos recordam-se do que se passou com a Peugeot... Os outros já não se lembram de nada e riem-se bastante. Haja paciência.

EDITEI: http://www.vallourec.com/FR/group/MEDIA ... ation.aspx

Reeditei:

REG-VALLOUREC : Major strategic initiatives accelerate Vallourec's transformation and reinforce its balance sheet VLLP.PA
31/01/16 - 23:06 H

Press release
February 2016 http://www.vallourec.com



Not for publication, release, or distribution directly or indirectly in the
United States, Canada, Australia or Japan.

Major strategic initiatives accelerate Vallourec's transformation and
reinforce its balance sheet






Boulogne-Billancourt (France), 1 February 2016 - Vallourec, world leader in
premium tubular solutions, announces today major strategic initiatives aiming
at transforming its operational set-up, improving its competitiveness in the
short and longer term and reinforcing its financial strength to secure
long-term profitable growth and sustained shareholder value creation.





Commenting on these major initiatives, Philippe Crouzet, Chairman of the
Management Board, said:



"Since the beginning of the downturn, we have undertaken important measures
to adapt both in the short term and structurally. Today, we announce a
comprehensive set of major strategic initiatives, which reshape Vallourec for
long term profitable growth.

Our plan significantly adjusts our industrial footprint in Europe, to address
overcapacity and focus on highly specialized activities in France and Germany.
It rationalizes and optimizes our Brazilian operations. It gives us access to
a second, highly competitive production hub in Tianda Oil Pipe.

I am conscious of the impact of those measures on our employees. They are
necessary if we want to position Vallourec as a strong and sustainable
company, able to successfully compete over the years.

In this context, the commitment of Bpifrance and NSSMC as anchor investors is
a key support to Vallourec's strategy, while ensuring its independence, and I
am convinced that our long term R&D cooperation with NSSMC will enhance the
technical leadership of our VAM® connections.

Through these decisive actions, we fully demonstrate our confidence in the
long-term prospects of our business and our determination to maintain and
develop Vallourec's position as a leader in premium tubular solutions, for the
benefit of our customers, employees and shareholders."





I. Project 5 to enhance Vallourec Global Industrial
Set up

Europe

Vallourec's European operations which suffer from global overcapacity and low
cost competition will be rationalized to centralize rolling activities in
Germany and finishing activities in France.

This rationalization project will lead to the closure of two rolling mills
(Saint-Saulve and Deville in France), one threading line (Mülheim in Germany)
as well as one heat treatment line (Bellshill in Scotland), resulting in a 50%
cut in tube production capacity by 2017 versus 2014 level. It will result in
approximately 1,000 FTE's reduction in addition to the Valens plan.

In line with its premium positioning, Vallourec will focus Europe on the
production and design of high value added products and solutions and will
continue to place a strong emphasis on Research & Development activities in
France and Germany.

Vallourec's overcapacity in steel production will be fixed through the
planned sale of a majority interest in the Saint-Saulve French steel mill.

The revised industrial footprint will be fully operational by the end of
2017.

The implementation of these measures is subject to consultation of the work's
councils.

Furthermore, Vallourec announces it has entered into exclusive negotiations
in view of the disposal of Vallourec Heat Exchanger Tubes, a subsidiary
specialized in welded stainless steel and titanium tubes with assets in
France, India, USA, China and Korea.

Brazil

Vallourec is rationalizing its Brazilian operations through the merger 6 of
Vallourec & Sumitomo Tubos do Brasil (VSB, Jeceaba site, operated by Vallourec
and NSSMC in a 56/40.4% joint operation, with Sumitomo Corp. holding the
remaining 3.6%) and Vallourec Tubos do Brasil (VBR, fully owned by Vallourec)
into a single new entity to be called Vallourec Soluções Tubulares do Brasil
in which Vallourec will hold a majority stake of 84.6% stake, NSSMC 15% and
Sumitomo Corp. 0.4%. NSSMC will keep its supply agreement for 300kt to be
manufactured in the Jeceaba plant.

By creating a single production hub, Vallourec will generate significant
industrial synergies, capex avoidance, as well as administrative and tax
synergies while resulting in the full consolidation of VSB debt of
approximately ?200 million.

The rationalization of Brazilian operations will lead to the closure of two
blast furnaces and one steel mill over 2016 - 2018, to concentrate all steel
production in Jeceaba's state-of-the-art facility.

The new entity, which does not include the mine and eucalyptus plantations
assets, will also fully benefit from the optimal operational performance
reached by VSB's state-of-the-art PQF® mill and premium finishing facilities,
and from the support of the BRL/USD parity, making it a highly competitive
export route.

China

Since 2011, Vallourec has owned a 19.46% stake in Tianda Oil Pipe (TOP), a
Chinese seamless pipe manufacturer listed on the Hong Kong Stock Exchange. On
29 January 2016 Vallourec and TOP signed a conditional sale and purchase
agreement whereby Vallourec would acquire a further 50.61% stake. Following
completion of this transaction 7 , Vallourec will hold a 70.07% controlling
interest in TOP and shall subsequently launch a Mandatory General Offer to
acquire all remaining shares, as required by the Hong Kong Code on Takeovers
and Mergers. The total maximum cash out would be USD175m. Trading in TOP is
suspended pending validation of the full announcement by Hong Kong
authorities.

TOP's industrial assets comprise a state-of-the-art PQF® seamless rolling
mill with 500kt capacity, qualified by tier one OCTG end-users. Building on a
successful five-year cooperation with TOP, this acquisition will enable
Vallourec to develop an enlarged highly competitive offer combining VAM®
connections with Tianda low cost pipes, thereby supporting VAM®'s market
share.

Benefits and costs of the industrial optimisation

The plan is expected to generate additional EBITDA contribution of around
?750m arising from:

· New competitiveness plan which will include initially
identified savings as part of Valens 2015 as well as additional savings from
Europe and Brazil - Total gross savings of around ?400m.

- This figure is on top of the c.?100m of
benefits from Valens achieved in 2015.

· Optimisation of the industrial footprint with
utilisation of new highly competitive production hubs, with production costs
lower by 30%-40% compared with previous routes - Total benefits of around
?250m (in 2020).

· Consolidation of Tianda and VSB - Total Benefits of
around ?100m (in 2020).

· Most measures implemented by end 2017.

Cost for achieving the above plan will include:

· The restructuring costs associated to the additional
European measures, evaluated at ?76m and to be provisioned in Q1 2016.

· Impairment charges related to the European
restructuring project, amounting to ?61m and to be accounted for in Q1 2016.


II. Reinforcing Vallourec's partnership with NSSMC

Since 1985, VAM® connection development is a joint effort between Vallourec
and NSSMC. This cooperation has made the VAM® brand the world's reference in
the OCTG industry.

The partnership will be reinforced with the ambition of continuing to
leverage on each company competences to secure VAM® competitiveness and
worldwide technical leadership in the long term in three respects:

· Improve efficiency of the R&D cooperation to
accelerate the development and the release of new VAM® connections in order
to strengthen VAM®'s worldwide premium positioning.

· Secondly, reinforce the Brazilian set-up through the
contemplated merger of the companies' existing operations.

· Finally, NSSMC will subscribe to Vallourec's equity
issuance, acting as anchor investor.

III. Strengthening Vallourec's Balance Sheet



Capital increase

Vallourec intends to raise ?1.0 billion of new equity to strengthen its
balance sheet and finance its transformation to secure long term growth
through a combination of an equity instrument (Mandatory Convertible Bond)
reserved to Bpifrance and NSSMC and a rights issue.



The mandatory convertible bond will be subscribed by Bpifrance and NSSMC up
to an amount which will allow them to reach a 15% ownership post completion of
the equity issuance and conversion on a fully diluted basis.

* Mandatory conversion of the bond into ordinary shares will take place at the
earliest of competition authorities' approvals and maturity date of the
instrument (24 months after the issue date).
* Issuance of the mandatory convertible bond will be subject to the successful
execution of the rights issue.
* The mandatory convertible bond has been structured in order to receive 100%
equity credit.




NSSMC will increase its stake entirely through the subscription to the
Mandatory Convertible Bond, while Bpifrance reserves the right to acquire
shares in the market prior to the rights issue. As a consequence, the size of
the subscription of Bpifrance in the Mandatory Convertible Bond will vary
according to the amount of shares which Bpifrance will decide to purchase
before the Shareholders' Meeting.



In a mid-point scenario the equity issuance will be structured as follows:

* Rights issue of approximately ?510m:
* Bpifrance and NSSMC have committed to subscribe to the offering through the
exercise of the preferential subscription rights allocated to them;
* the remainder, approximately ?445m, will be subscribed by the market.


* Mandatory Convertible Bond of approximately ?490m, including:
* approximately ?365m tranche convertible into shares at a conversion price
of ?11 per share representing a premium of c.44% over last 3 months VWAP;
and
* approximately ?125m tranche convertible into shares at the rights issue
subscription price.






Depending on the number of shares eventually acquired by Bpifrance on the
market, the size of the rights issue to be subscribed by the market may vary,
up to +/- approximately ?90m.



In all cases, Bpifrance and NSSMC subscription commitment will represent
approximately half or more of the total equity issuance.



The closing of the rights issue will take place concurrently with the
completion of the mandatory convertible bond issue. The equity issuance will
be implemented in Q2 2016, subject to Vallourec shareholders' approval and
market conditions.



An Ordinary and Extraordinary Shareholders' Meeting will be convened on 6
April 2016 to submit the equity issuance for shareholders' approval.



Goldman Sachs International and Société Générale Corporate & Investment
Banking have been mandated by the Company to act as Joint Global Coordinators
and Joint Bookrunners on its intended rights issue.

Governance



Subject to certain exceptions, both Bpifrance and NSSMC will be subject to a
standstill at 15% in voting rights for a period of 15 years.



During such period, sales of Vallourec shares or bonds by Bpifrance or NSSMC
will be subject to orderly disposal requirements.



Subject to certain exceptions, both Bpifrance and NSSMC will be subject to a
lock-up on their entire 15% interest in Vallourec for a period of 12 months
starting, for Bpifrance, from the date of the Shareholders' Meeting to be held
on 6 April 2016 and, for NSSMC, from the date of conversion of the Mandatory
Convertible Bonds into ordinary shares.



A resolution will be presented at the 2016 Ordinary and Extraordinary
Shareholders' Meeting in order for Bpifrance to have a Supervisory Board
member.



A resolution will be presented at the first Ordinary and Extraordinary
Shareholders' Meeting following the conversion of the Mandatory Convertible
Bond into ordinary shares in order for NSSMC to have a Supervisory Board
member, which will be subject to ring-fencing measures to prevent the exchange
of any competitively sensitive information.





IV. Looking beyond the trough : 2020 targets



The combination of the above actions is expected to enable Vallourec to
address short term challenges as well as to be uniquely positioned to fully
benefit from any recovery in the oil & gas market:

* Operational leverage allowing to fully benefit from volume recovery - 2020
EBITDA impact of approximately ?900m assuming 2020 volumes comparable to
2014;
* Strategic initiatives adding approximately ?750 million of additional
EBITDA contribution by 2020, with most measures fully implemented by the end
of 2017;
* Rebalancing of production footprint allowing for enhanced competitiveness;
* Securing VAM® competitiveness and success in the long-term;
* Addressing any potential balance sheet risk (both in terms of liquidity and
covenants).




This new configuration will drive Vallourec's return to solid profitability
and cash generation. By 2020, assuming volumes comparable to 2014, the company
expects to reach:

* EBITDA of ?1.2-1.4bn
* Normalized Free Cash Flow of ?500-?600m assuming ?350m annual capex
* Net Debt/EBITDA < 1.0x
* Investment Grade rating
* ROCE above WACC






V. 2015 and 2016 guidances

Vallourec confirms its 2015 guidance regarding the generation of positive
free cash flow and that4Q-15 EBITDA will be below 3Q-2015. 2015 year end net
debt will be slightly lower than 2014 year end level. Vallourec's 2015 full
year results will be released on 18 February 2016.

In 2016, based on current market conditions and currency trends, Vallourec
targets the generation of a negative free cash flow of around ?-600m
(assuming same working capital level as end of 2015) and a negative EBITDA.

Net debt would accordingly not exceed ?1.5 billion at end of 2016, after
taking into account the completion of Tianda Oil Pipe acquisition, the
creation of Vallourec Soluções Tubulares do Brasil and the ?1 billion
capital increase.

VI. Conditions and timetable considerations



The subscription by Bpifrance and NSSMC to their pro-rata share of the rights
offering and to the Mandatory Convertible Bonds are subject to the vote of the
necessary resolutions by the Shareholders' Meeting of Vallourec and the
completion of the rights offering. The conversion of the Mandatory Convertible
Bonds into Vallourec shares will be subject to applicable competition
authorities' clearances or exceptions thereof.



It is anticipated that the necessary resolutions will be presented for the
vote of the shareholders of Vallourec at the annual Ordinary and Extraordinary
Shareholders' Meeting to be held on 6 April 2016 and that the rights offering
will be launched thereafter subject to market conditions.

Goldman Sachs International, Rothschild and Société Générale Corporate &
Investment Banking are acting as financial advisors of the Company.




About Vallourec

Vallourec is a world leader in premium tubular solutions primarily serving
the energy markets, as well as other industrial applications.



With over 20,000 employees in 2015, integrated manufacturing facilities,
advanced R&D and a presence in more than 20 countries, Vallourec offers its
customers innovative global solutions to meet the energy challenges of the 21
st century.



Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible
for the Deferred Settlement System (SRD), Vallourec is included in the
following indices: Euronext 100 and SBF 120.





http://www.vallourec.com

Follow us on Twitter @Vallourec










Disclaimer

This press release and the information contained herein do not constitute
either an offer to sell or purchase or the solicitation of an offer to sell or
purchase securities of Vallourec.

No communication or information relating to the contemplated capital increase
may be distributed to the public in any jurisdiction in which registration or
approval is required. No action has been (or will be) undertaken in any
jurisdiction outside of France where such steps would be required. The
subscription for or purchase of securities of Vallourec may be subject to
legal or statutory restrictions in certain jurisdictions. Vallourec assumes no
responsibility for any violation of such restrictions by any person. The
distribution of this press release in certain jurisdictions may be restricted
by law. This press release does not constitute an offer for sale of
securities.

European Economic Area

This press release does not constitute a prospectus within the meaning of
Directive 2003/71/EC as amended to the extent that such amendments have been
implemented in the Member States of the European Economic Area (the
"Prospectus Directive").

The rights issue will be open to the public in France only pursuant to a
prospectus having received the visa of the French Autorité des marchés
financiers (the "AMF") and prepared in accordance with the Prospectus
Directive.

With respect to each Member State of the European Economic Area other than
France which has implemented the Prospectus Directive (the "Member State"), no
action has been undertaken or will be undertaken to make an offer to the
public of securities requiring a publication of a prospectus in any Member
State. As a result, the securities of Vallourec may only be offered in the
Member States (i) to qualified investors, as defined by the Prospectus
Directive; or (ii) in any other circumstances, not requiring Vallourec to
publish a prospectus as provided under Article 3(2) of the Prospectus
Directive.

For the purposes of this paragraph, "securities offered to the public" in a
given Member State, means, any communication in any form and by any means, of
sufficient information about the terms and conditions of the offer and the
securities, so as to enable an investor to decide to buy or subscribe for the
securities, as the same may be varied in that Member State.

This selling restriction applies in addition to any other selling
restrictions which may be applicable in the Member States who have implemented
the Prospectus Directive.

United Kingdom

The distribution of this press release is directed only at (i) persons
outside the United Kingdom, subject to applicable laws, or (ii) persons having
professional experience in matters relating to investments who fall within the
definition of "investment professionals" in Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the
"Order") or (iii) high net worth bodies corporate, unincorporated associations
and partnerships and trustees of high value trusts as described in Article
49(2) (a) to (d) of the Order (all such persons together being referred to as
"relevant persons"). The rights issue is only available to, and any
invitation, offer or agreement to subscribe, purchase or otherwise acquire
such rights will be engaged in only with, relevant persons. Any person who is
not a relevant person should not act or rely on, this press release or any
information contained herein.

United States

This press release does not constitute an offer or invitation to sell or
purchase, or any solicitation of any offer to purchase or subscribe for, any
securities of Vallourec in the United States of America. Securities may not be
offered, subscribed or sold in the United States of America absent
registration under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"), except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements thereof. The securities of
Vallourec have not been and will not be registered under the U.S. Securities
Act and Vallourec does not intend to make a public offer of its securities in
the United States of America.



Forward-looking statements

This press release includes information about the objectives of the Group and
forward-looking statements. These statements are sometimes identified by the
use of the future or conditional tense, as well as terms such as "estimate",
"believe", "have the objective of", "intend to", "expect", "result in",
"should" and other similar expressions. It should be noted that the
realisation of these objectives and forward-looking statements is dependent on
the circumstances and facts that arise in the future. Forward-looking
statements and information about objectives may be affected by known and
unknown risks, uncertainties and other factors that may significantly alter
the future results, performance and accomplishments planned or expected by the
Company. These factors may include changes in the economic and commercial
situation, regulations and the risk factors described in Vallourec's
Registration Document (pages 112 to 122) filed with the AMF under number
D.15-0315 on April 10, 2015.

For further information, please contact
Investor relations Etienne Bertrand Tel: +33 (0)1 49 09 35 58 etienne.bertrand@vallourec.com Communications Director Laurence Pernot Tel: +33 (0)1 41 03 78 48 laurence.pernot@vallourec.com
Investor relations Christophe Le Mignan Tel: +33 (0)1 49 09 38 96 christophe.lemignan@vallourec.fr Press relations Héloïse Rothenbühler Tel: +33 (0)1 41 03 77 50 heloise.rothenbuhler@vallourec.com



Calendar


18/02/2016 Release of full year 2015 results
06/04/2016 Shareholders' Ordinary and Extraordinary Meeting



1 The implementation of the project is subject to prior consultation with
relevant workers council

2 The implementation of the project is subject to prior consultation with
relevant workers council

3 Subject to competition authorities' approval

4 Subject to relevant PRC authorities approval (including Competition
authorities)



5 The implementation of the project is subject to prior consultation with
relevant workers council

6 Subject to competition authorities' approval

7 Subject to relevant PRC authorities' approval (including Competition
authorities)



PDF version


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: VALLOUREC via Globenewswire
HUG#1982451

Já pensei em refazer, em desfazer e em reduzir as ordens. Acabei por deixá-las ficar e, neste momento, já nem faço ideia do que virá a seguir. Não percebo porque não dão dados quanto ao eventual valor de uma venda das unidades desativadas. Estratégia negocial, ou reconversão em cima do joelho?
De maneira que estamos nisto...

Um abraço,
Raposo Tavares

Amigo Raposo pelo menos o conselho de supervisão não abandou o barco, falta saber se é estilo Pinto da Costa a proteger Lopetegui

http://www.zonebourse.com/VALLOUREC-472 ... -21775527/

Boa semana e bons negocios

[RaposoTavares]

Não, não vai haver uma opa. Pelo menos por enquanto. Oh pah!...
A Valourec deve apresentar amanhã o seu plano de capitalização. Este plano deverá ser sujeito a deliberação em assembleia geral. Vai ser durinho... há caramelos que já perderam 95% do seu capital neste título... e pede-se-lhes que assegurem 50% dos mil milhões de euros do aumento previsto. Para a coisa correr bem devem ser feitas algumas consessões aos acionistas.

Armado em chico esperto dividi a minha particiação em duas e dei duas ordens de venda... O pudor, por um lado, o medo do ridículo, por outro e um minímo de sensatez impedem-me de dizer o valor das ordens de venda. Só posso dizer que virei aqui armar-me em bom se uma delas, basta uma!, correr bem. A sério, enquanto estava lúcido, ria-me da possibilidade de alguém o fazer. Ao segundo Bushmills disse aos meus botões imaginários (não se esqueçam de que falo nú...): e porque não? E pronto.

http://www.reuters.com/article/valloure ... ompanyNews

http://www.lesechos.fr/industrie-servic ... 196464.php

http://www.lefigaro.fr/societes/2016/01 ... lourec.php

Há por aqui um doze ou treze neurónios que ainda funcionam, e que, apesar do disparate, estão espectantes... os tipos recordam-se do que se passou com a Peugeot... Os outros já não se lembram de nada e riem-se bastante. Haja paciência.

EDITEI: http://www.vallourec.com/FR/group/MEDIA ... ation.aspx

Reeditei:

REG-VALLOUREC : Major strategic initiatives accelerate Vallourec's transformation and reinforce its balance sheet VLLP.PA
31/01/16 - 23:06 H

Press release
February 2016 www.vallourec.com



Not for publication, release, or distribution directly or indirectly in the
United States, Canada, Australia or Japan.

Major strategic initiatives accelerate Vallourec's transformation and
reinforce its balance sheet






Boulogne-Billancourt (France), 1 February 2016 - Vallourec, world leader in
premium tubular solutions, announces today major strategic initiatives aiming
at transforming its operational set-up, improving its competitiveness in the
short and longer term and reinforcing its financial strength to secure
long-term profitable growth and sustained shareholder value creation.





Commenting on these major initiatives, Philippe Crouzet, Chairman of the
Management Board, said:



"Since the beginning of the downturn, we have undertaken important measures
to adapt both in the short term and structurally. Today, we announce a
comprehensive set of major strategic initiatives, which reshape Vallourec for
long term profitable growth.

Our plan significantly adjusts our industrial footprint in Europe, to address
overcapacity and focus on highly specialized activities in France and Germany.
It rationalizes and optimizes our Brazilian operations. It gives us access to
a second, highly competitive production hub in Tianda Oil Pipe.

I am conscious of the impact of those measures on our employees. They are
necessary if we want to position Vallourec as a strong and sustainable
company, able to successfully compete over the years.

In this context, the commitment of Bpifrance and NSSMC as anchor investors is
a key support to Vallourec's strategy, while ensuring its independence, and I
am convinced that our long term R&D cooperation with NSSMC will enhance the
technical leadership of our VAM® connections.

Through these decisive actions, we fully demonstrate our confidence in the
long-term prospects of our business and our determination to maintain and
develop Vallourec's position as a leader in premium tubular solutions, for the
benefit of our customers, employees and shareholders."





I. Project 5 to enhance Vallourec Global Industrial
Set up

Europe

Vallourec's European operations which suffer from global overcapacity and low
cost competition will be rationalized to centralize rolling activities in
Germany and finishing activities in France.

This rationalization project will lead to the closure of two rolling mills
(Saint-Saulve and Deville in France), one threading line (Mülheim in Germany)
as well as one heat treatment line (Bellshill in Scotland), resulting in a 50%
cut in tube production capacity by 2017 versus 2014 level. It will result in
approximately 1,000 FTE's reduction in addition to the Valens plan.

In line with its premium positioning, Vallourec will focus Europe on the
production and design of high value added products and solutions and will
continue to place a strong emphasis on Research & Development activities in
France and Germany.

Vallourec's overcapacity in steel production will be fixed through the
planned sale of a majority interest in the Saint-Saulve French steel mill.

The revised industrial footprint will be fully operational by the end of
2017.

The implementation of these measures is subject to consultation of the work's
councils.

Furthermore, Vallourec announces it has entered into exclusive negotiations
in view of the disposal of Vallourec Heat Exchanger Tubes, a subsidiary
specialized in welded stainless steel and titanium tubes with assets in
France, India, USA, China and Korea.

Brazil

Vallourec is rationalizing its Brazilian operations through the merger 6 of
Vallourec & Sumitomo Tubos do Brasil (VSB, Jeceaba site, operated by Vallourec
and NSSMC in a 56/40.4% joint operation, with Sumitomo Corp. holding the
remaining 3.6%) and Vallourec Tubos do Brasil (VBR, fully owned by Vallourec)
into a single new entity to be called Vallourec Soluções Tubulares do Brasil
in which Vallourec will hold a majority stake of 84.6% stake, NSSMC 15% and
Sumitomo Corp. 0.4%. NSSMC will keep its supply agreement for 300kt to be
manufactured in the Jeceaba plant.

By creating a single production hub, Vallourec will generate significant
industrial synergies, capex avoidance, as well as administrative and tax
synergies while resulting in the full consolidation of VSB debt of
approximately ?200 million.

The rationalization of Brazilian operations will lead to the closure of two
blast furnaces and one steel mill over 2016 - 2018, to concentrate all steel
production in Jeceaba's state-of-the-art facility.

The new entity, which does not include the mine and eucalyptus plantations
assets, will also fully benefit from the optimal operational performance
reached by VSB's state-of-the-art PQF® mill and premium finishing facilities,
and from the support of the BRL/USD parity, making it a highly competitive
export route.

China

Since 2011, Vallourec has owned a 19.46% stake in Tianda Oil Pipe (TOP), a
Chinese seamless pipe manufacturer listed on the Hong Kong Stock Exchange. On
29 January 2016 Vallourec and TOP signed a conditional sale and purchase
agreement whereby Vallourec would acquire a further 50.61% stake. Following
completion of this transaction 7 , Vallourec will hold a 70.07% controlling
interest in TOP and shall subsequently launch a Mandatory General Offer to
acquire all remaining shares, as required by the Hong Kong Code on Takeovers
and Mergers. The total maximum cash out would be USD175m. Trading in TOP is
suspended pending validation of the full announcement by Hong Kong
authorities.

TOP's industrial assets comprise a state-of-the-art PQF® seamless rolling
mill with 500kt capacity, qualified by tier one OCTG end-users. Building on a
successful five-year cooperation with TOP, this acquisition will enable
Vallourec to develop an enlarged highly competitive offer combining VAM®
connections with Tianda low cost pipes, thereby supporting VAM®'s market
share.

Benefits and costs of the industrial optimisation

The plan is expected to generate additional EBITDA contribution of around
?750m arising from:

· New competitiveness plan which will include initially
identified savings as part of Valens 2015 as well as additional savings from
Europe and Brazil - Total gross savings of around ?400m.

- This figure is on top of the c.?100m of
benefits from Valens achieved in 2015.

· Optimisation of the industrial footprint with
utilisation of new highly competitive production hubs, with production costs
lower by 30%-40% compared with previous routes - Total benefits of around
?250m (in 2020).

· Consolidation of Tianda and VSB - Total Benefits of
around ?100m (in 2020).

· Most measures implemented by end 2017.

Cost for achieving the above plan will include:

· The restructuring costs associated to the additional
European measures, evaluated at ?76m and to be provisioned in Q1 2016.

· Impairment charges related to the European
restructuring project, amounting to ?61m and to be accounted for in Q1 2016.


II. Reinforcing Vallourec's partnership with NSSMC

Since 1985, VAM® connection development is a joint effort between Vallourec
and NSSMC. This cooperation has made the VAM® brand the world's reference in
the OCTG industry.

The partnership will be reinforced with the ambition of continuing to
leverage on each company competences to secure VAM® competitiveness and
worldwide technical leadership in the long term in three respects:

· Improve efficiency of the R&D cooperation to
accelerate the development and the release of new VAM® connections in order
to strengthen VAM®'s worldwide premium positioning.

· Secondly, reinforce the Brazilian set-up through the
contemplated merger of the companies' existing operations.

· Finally, NSSMC will subscribe to Vallourec's equity
issuance, acting as anchor investor.

III. Strengthening Vallourec's Balance Sheet



Capital increase

Vallourec intends to raise ?1.0 billion of new equity to strengthen its
balance sheet and finance its transformation to secure long term growth
through a combination of an equity instrument (Mandatory Convertible Bond)
reserved to Bpifrance and NSSMC and a rights issue.



The mandatory convertible bond will be subscribed by Bpifrance and NSSMC up
to an amount which will allow them to reach a 15% ownership post completion of
the equity issuance and conversion on a fully diluted basis.

* Mandatory conversion of the bond into ordinary shares will take place at the
earliest of competition authorities' approvals and maturity date of the
instrument (24 months after the issue date).
* Issuance of the mandatory convertible bond will be subject to the successful
execution of the rights issue.
* The mandatory convertible bond has been structured in order to receive 100%
equity credit.




NSSMC will increase its stake entirely through the subscription to the
Mandatory Convertible Bond, while Bpifrance reserves the right to acquire
shares in the market prior to the rights issue. As a consequence, the size of
the subscription of Bpifrance in the Mandatory Convertible Bond will vary
according to the amount of shares which Bpifrance will decide to purchase
before the Shareholders' Meeting.



In a mid-point scenario the equity issuance will be structured as follows:

* Rights issue of approximately ?510m:
* Bpifrance and NSSMC have committed to subscribe to the offering through the
exercise of the preferential subscription rights allocated to them;
* the remainder, approximately ?445m, will be subscribed by the market.


* Mandatory Convertible Bond of approximately ?490m, including:
* approximately ?365m tranche convertible into shares at a conversion price
of ?11 per share representing a premium of c.44% over last 3 months VWAP;
and
* approximately ?125m tranche convertible into shares at the rights issue
subscription price.






Depending on the number of shares eventually acquired by Bpifrance on the
market, the size of the rights issue to be subscribed by the market may vary,
up to +/- approximately ?90m.



In all cases, Bpifrance and NSSMC subscription commitment will represent
approximately half or more of the total equity issuance.



The closing of the rights issue will take place concurrently with the
completion of the mandatory convertible bond issue. The equity issuance will
be implemented in Q2 2016, subject to Vallourec shareholders' approval and
market conditions.



An Ordinary and Extraordinary Shareholders' Meeting will be convened on 6
April 2016 to submit the equity issuance for shareholders' approval.



Goldman Sachs International and Société Générale Corporate & Investment
Banking have been mandated by the Company to act as Joint Global Coordinators
and Joint Bookrunners on its intended rights issue.

Governance



Subject to certain exceptions, both Bpifrance and NSSMC will be subject to a
standstill at 15% in voting rights for a period of 15 years.



During such period, sales of Vallourec shares or bonds by Bpifrance or NSSMC
will be subject to orderly disposal requirements.



Subject to certain exceptions, both Bpifrance and NSSMC will be subject to a
lock-up on their entire 15% interest in Vallourec for a period of 12 months
starting, for Bpifrance, from the date of the Shareholders' Meeting to be held
on 6 April 2016 and, for NSSMC, from the date of conversion of the Mandatory
Convertible Bonds into ordinary shares.



A resolution will be presented at the 2016 Ordinary and Extraordinary
Shareholders' Meeting in order for Bpifrance to have a Supervisory Board
member.



A resolution will be presented at the first Ordinary and Extraordinary
Shareholders' Meeting following the conversion of the Mandatory Convertible
Bond into ordinary shares in order for NSSMC to have a Supervisory Board
member, which will be subject to ring-fencing measures to prevent the exchange
of any competitively sensitive information.





IV. Looking beyond the trough : 2020 targets



The combination of the above actions is expected to enable Vallourec to
address short term challenges as well as to be uniquely positioned to fully
benefit from any recovery in the oil & gas market:

* Operational leverage allowing to fully benefit from volume recovery - 2020
EBITDA impact of approximately ?900m assuming 2020 volumes comparable to
2014;
* Strategic initiatives adding approximately ?750 million of additional
EBITDA contribution by 2020, with most measures fully implemented by the end
of 2017;
* Rebalancing of production footprint allowing for enhanced competitiveness;
* Securing VAM® competitiveness and success in the long-term;
* Addressing any potential balance sheet risk (both in terms of liquidity and
covenants).




This new configuration will drive Vallourec's return to solid profitability
and cash generation. By 2020, assuming volumes comparable to 2014, the company
expects to reach:

* EBITDA of ?1.2-1.4bn
* Normalized Free Cash Flow of ?500-?600m assuming ?350m annual capex
* Net Debt/EBITDA < 1.0x
* Investment Grade rating
* ROCE above WACC






V. 2015 and 2016 guidances

Vallourec confirms its 2015 guidance regarding the generation of positive
free cash flow and that4Q-15 EBITDA will be below 3Q-2015. 2015 year end net
debt will be slightly lower than 2014 year end level. Vallourec's 2015 full
year results will be released on 18 February 2016.

In 2016, based on current market conditions and currency trends, Vallourec
targets the generation of a negative free cash flow of around ?-600m
(assuming same working capital level as end of 2015) and a negative EBITDA.

Net debt would accordingly not exceed ?1.5 billion at end of 2016, after
taking into account the completion of Tianda Oil Pipe acquisition, the
creation of Vallourec Soluções Tubulares do Brasil and the ?1 billion
capital increase.

VI. Conditions and timetable considerations



The subscription by Bpifrance and NSSMC to their pro-rata share of the rights
offering and to the Mandatory Convertible Bonds are subject to the vote of the
necessary resolutions by the Shareholders' Meeting of Vallourec and the
completion of the rights offering. The conversion of the Mandatory Convertible
Bonds into Vallourec shares will be subject to applicable competition
authorities' clearances or exceptions thereof.



It is anticipated that the necessary resolutions will be presented for the
vote of the shareholders of Vallourec at the annual Ordinary and Extraordinary
Shareholders' Meeting to be held on 6 April 2016 and that the rights offering
will be launched thereafter subject to market conditions.

Goldman Sachs International, Rothschild and Société Générale Corporate &
Investment Banking are acting as financial advisors of the Company.




About Vallourec

Vallourec is a world leader in premium tubular solutions primarily serving
the energy markets, as well as other industrial applications.



With over 20,000 employees in 2015, integrated manufacturing facilities,
advanced R&D and a presence in more than 20 countries, Vallourec offers its
customers innovative global solutions to meet the energy challenges of the 21
st century.



Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible
for the Deferred Settlement System (SRD), Vallourec is included in the
following indices: Euronext 100 and SBF 120.





www.vallourec.com

Follow us on Twitter @Vallourec










Disclaimer

This press release and the information contained herein do not constitute
either an offer to sell or purchase or the solicitation of an offer to sell or
purchase securities of Vallourec.

No communication or information relating to the contemplated capital increase
may be distributed to the public in any jurisdiction in which registration or
approval is required. No action has been (or will be) undertaken in any
jurisdiction outside of France where such steps would be required. The
subscription for or purchase of securities of Vallourec may be subject to
legal or statutory restrictions in certain jurisdictions. Vallourec assumes no
responsibility for any violation of such restrictions by any person. The
distribution of this press release in certain jurisdictions may be restricted
by law. This press release does not constitute an offer for sale of
securities.

European Economic Area

This press release does not constitute a prospectus within the meaning of
Directive 2003/71/EC as amended to the extent that such amendments have been
implemented in the Member States of the European Economic Area (the
"Prospectus Directive").

The rights issue will be open to the public in France only pursuant to a
prospectus having received the visa of the French Autorité des marchés
financiers (the "AMF") and prepared in accordance with the Prospectus
Directive.

With respect to each Member State of the European Economic Area other than
France which has implemented the Prospectus Directive (the "Member State"), no
action has been undertaken or will be undertaken to make an offer to the
public of securities requiring a publication of a prospectus in any Member
State. As a result, the securities of Vallourec may only be offered in the
Member States (i) to qualified investors, as defined by the Prospectus
Directive; or (ii) in any other circumstances, not requiring Vallourec to
publish a prospectus as provided under Article 3(2) of the Prospectus
Directive.

For the purposes of this paragraph, "securities offered to the public" in a
given Member State, means, any communication in any form and by any means, of
sufficient information about the terms and conditions of the offer and the
securities, so as to enable an investor to decide to buy or subscribe for the
securities, as the same may be varied in that Member State.

This selling restriction applies in addition to any other selling
restrictions which may be applicable in the Member States who have implemented
the Prospectus Directive.

United Kingdom

The distribution of this press release is directed only at (i) persons
outside the United Kingdom, subject to applicable laws, or (ii) persons having
professional experience in matters relating to investments who fall within the
definition of "investment professionals" in Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the
"Order") or (iii) high net worth bodies corporate, unincorporated associations
and partnerships and trustees of high value trusts as described in Article
49(2) (a) to (d) of the Order (all such persons together being referred to as
"relevant persons"). The rights issue is only available to, and any
invitation, offer or agreement to subscribe, purchase or otherwise acquire
such rights will be engaged in only with, relevant persons. Any person who is
not a relevant person should not act or rely on, this press release or any
information contained herein.

United States

This press release does not constitute an offer or invitation to sell or
purchase, or any solicitation of any offer to purchase or subscribe for, any
securities of Vallourec in the United States of America. Securities may not be
offered, subscribed or sold in the United States of America absent
registration under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"), except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements thereof. The securities of
Vallourec have not been and will not be registered under the U.S. Securities
Act and Vallourec does not intend to make a public offer of its securities in
the United States of America.



Forward-looking statements

This press release includes information about the objectives of the Group and
forward-looking statements. These statements are sometimes identified by the
use of the future or conditional tense, as well as terms such as "estimate",
"believe", "have the objective of", "intend to", "expect", "result in",
"should" and other similar expressions. It should be noted that the
realisation of these objectives and forward-looking statements is dependent on
the circumstances and facts that arise in the future. Forward-looking
statements and information about objectives may be affected by known and
unknown risks, uncertainties and other factors that may significantly alter
the future results, performance and accomplishments planned or expected by the
Company. These factors may include changes in the economic and commercial
situation, regulations and the risk factors described in Vallourec's
Registration Document (pages 112 to 122) filed with the AMF under number
D.15-0315 on April 10, 2015.

For further information, please contact
Investor relations Etienne Bertrand Tel: +33 (0)1 49 09 35 58 etienne.bertrand@vallourec.com Communications Director Laurence Pernot Tel: +33 (0)1 41 03 78 48 laurence.pernot@vallourec.com
Investor relations Christophe Le Mignan Tel: +33 (0)1 49 09 38 96 christophe.lemignan@vallourec.fr Press relations Héloïse Rothenbühler Tel: +33 (0)1 41 03 77 50 heloise.rothenbuhler@vallourec.com



Calendar


18/02/2016 Release of full year 2015 results
06/04/2016 Shareholders' Ordinary and Extraordinary Meeting



1 The implementation of the project is subject to prior consultation with
relevant workers council

2 The implementation of the project is subject to prior consultation with
relevant workers council

3 Subject to competition authorities' approval

4 Subject to relevant PRC authorities approval (including Competition
authorities)



5 The implementation of the project is subject to prior consultation with
relevant workers council

6 Subject to competition authorities' approval

7 Subject to relevant PRC authorities' approval (including Competition
authorities)



PDF version


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: VALLOUREC via Globenewswire
HUG#1982451

Já pensei em refazer, em desfazer e em reduzir as ordens. Acabei por deixá-las ficar e, neste momento, já nem faço ideia do que virá a seguir. Não percebo porque não dão dados quanto ao eventual valor de uma venda das unidades desativadas. Estratégia negocial, ou reconversão em cima do joelho?
De maneira que estamos nisto...

Um abraço,
Raposo Tavares

[RaposoTavares]

raposo

a bmw já apresentou earnings? se já qual q a tua leitura

abraço

Ainda não. A BMW apresenta as suas contas em meados de março (dia 16, salvo erro).
Sabe-se já que as vendas subiram pelo 5º ano consecutivo.
Trata-se de uma empresa que tem um alto nível de incorporação de valor nos seus produtos, os seus resultados têm vindo a melhorar de ano para ano e, comparando o último setembro com o setembro de 2014, verifica-se que o valor deste último foi superior.

Em termos estratégicos, a joint venture com a Brilliance, no mercado chinês, permite-lhe assegurar uma quota importante num mercado que cresce acima dos -vamos dizer assim- 5% consistentemente de há quase 20 anos a esta parte. A BMW está ainda na linha da frente na mobilidade eléctrica e é das poucas companhias que continua a vender na Rússia. O petróleo não vai ficar no 30$ eternamente e o mercado russo vai ter de explodir um destes dias.
A propalada ameaça de desaceleração da economia chinesa a mim ainda não me assusta nem compreendo a questão. Repare-se que ninguém sabe explicar porque é que é da maior importância que a China cresça sempre a 7%. O crescimento do presente ano é, em termos brutos, superior ao crescimento de 7% de há uns anos atrás. O disparate é tão grande que parece que ninguém pára para pensar e para questionar o que seria a China daqui a 20 anos se todos os anos subisse a um nível de 7%!
Já agora, vou falar da Peugeot:
Não vou despachá-las, como não penso despachar as BMW a este preço. Não estou a 'engolir' os valores a que a empresa está a cotar.
A empresa cotou quase a 20E em julho. Entretanto surgiram sinais muito consistentes de inversão dos prejuízos dos dois anos anteriores, aumentaram as vendas da empresa e os seus produtos sobem consistentemente na cadeia de valor. Pior e mais estranho: no dia em que a Peugeot recupera o seu mercado no Irão, a ação voltou a cair. Ora, o Irão foi até há 4 anos atrás o segundo mercado da Peugeot.

Por me parecerem 'esquisitos' os dados do Investing, recorri à Reuters para a recolha dos dados abaixo. Os dados financeiros são referentes ao ano de 2014

OVERALL---------------------------------------------BMW--------------------------------------------------Peugeot-----------------Indústria------------------------Sector
Beta:--------------------------------------------------1.33--------------------------------------------------1.65
Market Cap(Mil.):----------------------------------€49,590.05------------------------------------------€11,040.14
Shares Outstanding(Mil.):-----------------------------656.49------------------------------------------808.21
Dividend:-----------------------------------------------------2.90------------------------------------------ ----.--
Yield (%):-----------------------------------------------------3.78------------------------------------------ ----.---

FINANCIALS

P/E (TTM):----------------------------------------------------8.26-----------------------------------------------------------------------14.92----------------------------18.00
EPS (TTM):----------------------------------------------------9.28------------------------------------- -0,45--------------------------- --.-- ---------------------------- ---.---
ROI:------------------------------------------------------------6.15-------------------------------------- -0.79--------------------------12.39----------------------------11.57
ROE:----------------------------------------------------------15.73---------------- --------------------- -3.15--------------------------16.08----------------------------14.9

Entretanto, devo chamar a atenção para o BETA da Peugeot. 65% de volatilidade -vamos dizer assim- face aos preços do mercado. A BMW apresenta 35% de volatilidade. Um número assinalável para uma empresa que tem assumido uma evolução que me parece muito estável em termos de apresentação de resultados e cuja yeld é muito superior aos juros zero que se praticam por essa Europa. Ora a volatilidade costuma ser amiga de quem tem paciência... vou ter de ter alguma paciência... desconfio que nem precisarei de ter muita. Ao fim e ao cabo, os resultados da Peugeot saem já em meados de fevereiro... Os da BMW sairão mais tarde.

Fonte:
http://www.reuters.com/finance/stocks/o ... ol=BMWG.DE
http://www.reuters.com/finance/stocks/o ... ol=PEUP.PA

Um abraço,
Raposo Tavares

[J Alves]

raposo

a bmw já apresentou earnings? se já qual q a tua leitura

abraço

[_x_]

OK.

Não pretendendo influenciar ninguém, nem as carripanas,
SE não for um H&S,
SE não for uma bandeira em baixa,
SE não quebrar as LTA,
Acho eu de que, está num preço simpático.
E deixo o meu bonequito semanal.

[RaposoTavares]

Faço, faço reforços. Evito reforçar quando a ação está a cair, a não ser que esteja apostado nalgum movimento especulativo como ocorreu agora com a Vallourec.
Nesta carteira já fiz dois ou três disparates. Um dos erros cometidos nesta carteira foi precisamente esse: reforcei na Peugeot quando me pareceu que a Peugeot estava num suporte. Hélàs! O suporte já não estava ali nos 14,15/14,25 euros. À distância os erros ficam sempre mais claros...

Um abraço,
Raposo Tavares

[_x_]

Reconheço que a minha escrita não é muito escorreita
Eu resolvi não adquirir porque não mostrava força.
Como entrastes nela a 91 e estando ela a 77 o preço médio no meu entender era bastante melhorado.
Tens alguma razão pois ainda não aparenta inversão e o preço que eu compraria seria muito mais tranquilo do que o preço médio que conseguirias, mas respondestes de certo modo, não fazes reforcos.

[RaposoTavares]

Boas,
A ver se é desta que a carripana, ganha rumo.
Uma pergunta, não pensas em reforçar nos papeis que possues em carteira? tentando fazer um preço médio, eu pessoalmente hoje estive a olhar para a bmw, não entrei mas dado o preço a que comprastes que fui ver agora e ao preço que está agora, seria uma ideia a pensar, não? ficava um bom preço.
As tuas outras aquisições não me gusta e por isso não sei se também não seria de reforçar nelas.

Confuso... não gostas e reforçavas?

Raramente reforço em queda... Ou melhor: não me lembro de alguma vez o ter feito.
Já agora: despachei as Starbucks.

Um abraço,
Raposo Tavares

[_x_]

Boas,
A ver se é desta que a carripana, ganha rumo.
Uma pergunta, não pensas em reforçar nos papeis que possues em carteira? tentando fazer um preço médio, eu pessoalmente hoje estive a olhar para a bmw, não entrei mas dado o preço a que comprastes que fui ver agora e ao preço que está agora, seria uma ideia a pensar, não? ficava um bom preço.
As tuas outras aquisições não me gusta e por isso não sei se também não seria de reforçar nelas.

[RaposoTavares]

Tão lacónico, tão lacónico, tão lacónico que nem é um comunicado. É mais um espirro.
http://www.vallourec.com/EN/group/MEDIA ... nsion.aspx
http://www.vallourec.com/EN/group/MEDIA ... on_ENG.pdf

[RaposoTavares]

Raposo

O q se passou na vallourec? Se não tivesses tido a perda de hoje tinhas tudo uma boa recuperação

Não estás a pense numas entradas nos índices ?

Amigo J Alves, mesmo com boa companhia -como é o caso- não gosto de excursões de autocarro. Vou manter-me pelas ações.
Quanto à Vallourec, a moça é como uma fidalgota tesa. Muitos anéis, muita cagança e nabos no prato. Não há pirlim! Kaputt. Suspensa a cotação em bolsa, procuram soluções. Tendo em atenção as jóias da casa, espero que a coisa me corra bem.

Links:
http://www.bloomberg.com/news/articles/ ... t-oil-rout
http://bourse.lefigaro.fr/indices-actio ... al-4909031
http://investir.lesechos.fr/actions/act ... 523117.php
http://www.abcbourse.com/marches/vallou ... 4_VKp.aspx

Como vês, estamos naquela fase em que cada um diz a sua...

Um abraço,
Raposo Tavares

[J Alves]

Raposo

O q se passou na vallourec? Se não tivesses tido a perda de hoje tinhas tudo uma boa recuperação

Não estás a pense numas entradas nos índices ?

[RaposoTavares]

Editei e corrigi:

BMW - 11.446,1 tavs
PEUGEOT - 40.980,5 tavs
Vallourec - 6.075,5 tavs (Responsável maior pela queda da carteira. Espero que seja simpática e peça fundadas desculpas...)
Zodiac - 17. 343,2 tavs

Total em numerário : 13.935 tavs
Valor da carteira - 88.780,3

Porrada do camandru 29/1/2016:----------- -----------------11.220,7 tavs - (11,220 %)



BMW - 11.446,1 tavs
PEUGEOT - 40.980,5 tavs
Vallourec - 6.075,5 tavs (Responsável maior pela queda da carteira. Espero que seja simpática e peça fundadas desculpas...)
Zodiac - 17. 343,2 tavs
Starbucks - 16. 656,2 tavs Saldadas

Total em numerário: - 3.745,24
Valor da carteira: 88.756,46 tavs

Porrada do camandru 29/1/2016:----------- -----------------11.244,54 tavs - (11,244 %)
Porrada do camandru 28/1/2016:----------- -----------------10.646,54 tavs - (10.646 %)
Porrada do camandru 27/1/2016:----------- -------------------9.442,3 tavs - (9.442 %)
Porrada do camandru 25/1/2016:----------- -------------------8.418,3 tavs - (8.418 %)
Porrada do camandru 22/1/2016:----------- -------------------7.804,5 tavs - (7.804 %)
Porrada do camandru 21/1/2016:----------- -------------------8.010,2 tavs - (8.010 %)
Dia de amnésia terapeutica. (Uma coisa 'salubérrima' que qualquer investidor deve poder ter...)
Porrada do camandru 19/1/2016:----------- -------------------8.117,0 tavs - (8.117 %)
Porrada do camandru 18/1/2016:----------- -------------------9.066,6 tavs - (9.066 %)
Porrada do camandru 15/1/2016:----------- -------------------8.862,18 tavs - (8.862 %)
Porrada do camandru 13/1/2016:----------- -------------------5.152,89 tavs - (5.152 %)
Porrada do camandru 12/1/2016*:-----------------------------4.612,88 tavs - (4.612 %)*
Porrada do camandru no dia 8/1/2016: ----------------------6.488,06 tavs - ( 6.488 %)
Porrada do camandru no dia 7/1/2016*: ---------------------5.856,5 tavs --- ( 5.856,5%)*
Porrada do camandru 6/1/2016: -------------------------------3.827 tavs ------ ( 3.827%)

À espera de fevereiro...

Um abraço,
Raposo Tavares

[RaposoTavares]

Isto hoje mexe. Gosto. Mesmo que tenha de admitir -espero que provisoriamente...- perdas na Vallourec. Depois conto.
Espero que haja uma OPA. Para mim seria o ideal. Até que porque há muito tempo que não 'vou a uma OPA'...
Fala-se, no entanto, numa OPV...

[NM_2]

Vallourec encostou à box. Pode vir a ser uma boa notícia para as despachar... Os franciús não facilitam a vida aos estrangeiros nos aumentos de capital das suas empresas. Na Peugeot, há uns tempos, optei por vender Warrants, títulos e tudo... e reentrei mais tarde.
As notícias são poucas e estou a adivinhar.

NM, podes esbardalhar à tua vontade, gosto prefiro ver os tópicos que abro como locais de partilha a tê-los como cátedra magistral.
Bogos, se me gabas muito, o pessoal desconfia e depois ninguém me compra.

Um abraço a todos,
Raposo Tavares.

Vou mandando só uns comentários, questões, sugestões e postas não intencionalmente más.
Ganhamos todos em que isto continue um espaço de partilha.
Nem que não seja para levarmos com comentários que não esperamos mas que ensinam - que os outros podem ter razão ou então que temos de ter confiança no nosso método.
Começa a haver para todos os gostos.
O meu envolve uma miscelânea de coisas numa coisa que chamo a carteira integrada de NM
Que neste momento está a pender para o lado mais conservativo - sou jovem mas critico quem pensa que devo arriscar muito por ter tempo para recuperar.
Mas também pode ser necessário nos momentos mais idiotas...

[RaposoTavares]

Vallourec encostou à box. Pode vir a ser uma boa notícia para as despachar... Os franciús não facilitam a vida aos estrangeiros nos aumentos de capital das suas empresas. Na Peugeot, há uns tempos, optei por vender Warrants, títulos e tudo... e reentrei mais tarde.
As notícias são poucas e estou a adivinhar.

NM, podes esbardalhar à tua vontade, gosto prefiro ver os tópicos que abro como locais de partilha a tê-los como cátedra magistral.
Bogos, se me gabas muito, o pessoal desconfia e depois ninguém me compra.

Um abraço a todos,
Raposo Tavares.

[J Alves]

NM

sobre esses cuidados é dificil estar a explicar-te, pois teria de estar a fazer um texto enorme e confesso que não tenho tempo, mas tem a ver com um mix de estratégias q fui afinando

Vamos deixar este tópico para comentar a carteira do amigo raposo

[bogos]

BMW - 11.643,1 tavs
PEUGEOT - 41.400,2 tavs
Vallourec - 7.090,5 tavs
Zodiac - 16. 677,7 tavs
Starbucks - 16. 287,2 tavs

Total em numerário: - 3.745,24 tavs Lêem bem: situação negativa no numerário! Situação escabrosa originada por um tiro sem dinheiro e, calhando, sem pólvora...

Valor da carteira: 89.353,46 tavs

Porrada do camandru 28/1/2016:----------- -----------------10.646,54 tavs - (10.646 %)
Porrada do camandru 27/1/2016:----------- -------------------9.442,3 tavs - (9.442 %)
Porrada do camandru 25/1/2016:----------- -------------------8.418,3 tavs - (8.418 %)
Porrada do camandru 22/1/2016:----------- -------------------7.804,5 tavs - (7.804 %)
Porrada do camandru 21/1/2016:----------- -------------------8.010,2 tavs - (8.010 %)
Dia de amnésia terapeutica. (Uma coisa 'salubérrima' que qualquer investidor deve poder ter...)
Porrada do camandru 19/1/2016:----------- -------------------8.117,0 tavs - (8.117 %)
Porrada do camandru 18/1/2016:----------- -------------------9.066,6 tavs - (9.066 %)
Porrada do camandru 15/1/2016:----------- -------------------8.862,18 tavs - (8.862 %)
Porrada do camandru 13/1/2016:----------- -------------------5.152,89 tavs - (5.152 %)
Porrada do camandru 12/1/2016*:-----------------------------4.612,88 tavs - (4.612 %)*
Porrada do camandru no dia 8/1/2016: ----------------------6.488,06 tavs - ( 6.488 %)
Porrada do camandru no dia 7/1/2016*: ---------------------5.856,5 tavs --- ( 5.856,5%)*
Porrada do camandru 6/1/2016: -------------------------------3.827 tavs ------ ( 3.827%)

À espera de fevereiro...

Um abraço,
Raposo Tavares

Agora como resposta ao trade nú...

Com a tua sabedoria e aquela exacta paciência, mesmo incorrendo num devaneio de tiro sem dinheiro, algures num desses dias de preço, terás com certeza a recompensa para cobrires o teu nú.

Despido na mente (ao vislumbre de todos), mas agasalhado como o caraças na carteira para quando a coisa vier a virar para o teu lado...

É preciso neste negocio mesmo uma paciência de Jó. Por si só mostra-se como uma verdadeira probabilidade vencedora.

Cumprimentos e força na lambreta...

[NM_2]

NM

repara. eu neste momento só negoceio índices, a questão dos fundamentais é muito discutível. O que é que tu podes dizer q é análise fundamental pra negociar um indice?? Muitas vezes um gajo entra e fecha no mesmo dia. Outros mantém o trade 1,2,3 dias....

Um investimento especulativo em indices, é complicado, pelo menos para mim, negociar noticias ou outras coisas. Mas claro cada um usa a estratégia com que se sente mais confortável e que melhores resultados lhe dá

Pois fundamentais de um índice só os associados ao país e esses têm alterações em prazos mais longos.
A expectativa de dados como o pib vai sendo incorporada.
Acho que o que disse só se aplica a empresas e eventualmente matérias primas.

[NM_2]

Percebo aqui uma certa diferença entre o ponto de vista do investidor e do especulador, e entendo-a.

A minha posição nos mercados e apenas especulativa

Mesmo assim, não procuras qualquer informação fundamental em relação aos trades que fazes?


a informação que procuro é o preço com base na AT. notícias pra mim são ruído.

Apenas tenho alguns cuidados acrescidos em dias de reuniões de bancos centrais e dados económicos relevantes nos states

Por curiosidade que cuidados são esses?
Redução de exposição? Alargar stops eventuais? Outros?

[J Alves]

NM

repara. eu neste momento só negoceio índices, a questão dos fundamentais é muito discutível. O que é que tu podes dizer q é análise fundamental pra negociar um indice?? Muitas vezes um gajo entra e fecha no mesmo dia. Outros mantém o trade 1,2,3 dias....

Um investimento especulativo em indices, é complicado, pelo menos para mim, negociar noticias ou outras coisas. Mas claro cada um usa a estratégia com que se sente mais confortável e que melhores resultados lhe dá

[J Alves]

Percebo aqui uma certa diferença entre o ponto de vista do investidor e do especulador, e entendo-a.

A minha posição nos mercados e apenas especulativa

Mesmo assim, não procuras qualquer informação fundamental em relação aos trades que fazes?

a informação que procuro é o preço com base na AT. notícias pra mim são ruído.

Apenas tenho alguns cuidados acrescidos em dias de reuniões de bancos centrais e dados económicos relevantes nos states

[NM_2]

Percebo aqui uma certa diferença entre o ponto de vista do investidor e do especulador, e entendo-a.

A minha posição nos mercados e apenas especulativa

Mesmo assim, não procuras qualquer informação fundamental em relação aos trades que fazes?

No curto prazo os fundamentais só são alterados por notícias e estas são imediatamente incorporadas no preço quase sem tempo de reação...

[JohnyRobaz]

Percebo aqui uma certa diferença entre o ponto de vista do investidor e do especulador, e entendo-a.

A minha posição nos mercados e apenas especulativa

Mesmo assim, não procuras qualquer informação fundamental em relação aos trades que fazes?