Jacquet Metals - EV still below the value of inventories...
2023 results down sharply but in line with our expectationsA further significant fall in earnings is forecast for 2024 in a deteriorated economic climate in EuropeThe Group should continue to reduce its debt, which leaves it considerable room for maneuver to make acquisitions and/or carry out a buyback operation.Valuation remains totally uncorrelated with fundamentals: current EV (excluding IFRS 16) is less than the value of inventories at the end of 2023 (€680m).Despite the downward revision of our forecasts, we remain Buy with an unchanged target price of €26.0.Jacquet Metal Services is a European distributor of specialty steels, also active in China and the U.S.A. Co.'s main activity consists of purchasing, storing, and delivering different families of products. Co. is active in four markets for the distribution of special steels through four brands: JACQUET (distribution of stainless steel thick "Quarto" plates); Stappert (distribution of long stainless steel products); Abraservice (distribution of wear-resistant "Quarto" plates); IMS group (distribution of engineering steels). Co.'s main consumer sectors are the following industries: chemical; agro foods; treatment and storage of gases; water treatment; environment and cleanup; and energy.
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