Key headlines
•Oil price comment
April Brent is trading at $77.60, down 68c/bbl vs. yesterday morning. Weak U.S.
consumer data and weak equity markets dragged oil down, after a strong weeklong
rally towards the top end of the recent trading range.
•OMV: Fighting production decline
Following a detailed appraisal of OMV’s businesses, we reiterate our Sell rating on
OMV, with a slightly higher price target of €28 (up from €27). OMV looks cheap
on valuation relative to the sector, but we believe the discount to the sector is
justified given that the upstream business appears to be moving into terminal
decline from 2011 and the downstream business appears ex-growth.
•Vallourec: FY09 above, trough in H1 2010; Neutral
Vallourec reported FY09E sales of €4,464.5m (-31%y/y with volumes down
45.7% y/y and price mix of c25%), EBITDA margin of 22% (26.3% FY08),
EBITDA of €980.6m and Net profit of €517.7m (-46% y/y).(Company)
•Nigerian President Yar’Adua returns
The Financial Times has reported that close allies of Nigeria’s president Yar'Adua
believe he returned to Nigeria last night. He has been absent from Nigeria since
November when he was evacuated to Saudi Arabia after developing a heart
complaint. (Financial Times)
Daily Oil News
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