Jacquet Metals - No improvement expected in the short term, but valuation as low as ever
Q3 results down sharply, as expectedOutlook to remain poor for several months, at least until H1 2024Valuation still far removed from the Group's fundamentals, which could lead to a capital transactionBUY opinion maintained, with a target price of €26Jacquet 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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