Jacquet Metal Service : Q1 earnings close to our expectations - target price reduced to € 23 vs € 25
>Q1 revenue: € 482m (vs € 480m est.), i.e. -4.1% y-o-y / underlying operating profit: € 19.1m (vs -€ 22m est.) - Jacquet Metal Service has reported yesterday evening, for H1 2019, earnings close to our estimates. Sales declined by 4.1% y-o-y to € 482m (vs € 480m and -4.5% est.). This drop is made of a volume effect of -4.6%, a price effect of +3.1% and a scope effect of -2.6% linked to the disposal of non-strategic activities at the end of 2018. EBITDA totaled € 26.5...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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