Jacquet Metal Service : Q3 earnings close to our forecast – target price lowered to € 30 (vs € 35)
>Q3 sales of € 453.7m (vs € 426.9m est.) and Q3 underlying operating profit of € 20.9m (vs € 18.5m est.) - Yesterday evening, JMS reported Q3 sales of € 453.7m, beating our estimate (€ 426.9m est.), showing an increase of 10.0% (vs 3.5%e) with a +11.9% (2.5%e) price effect and a -1.9% (+1.0%e) volume effect. As expected, profitability improved in the quarter: underlying operating profit came to € 20.9m (vs € 18.5m est.), i.e. an underlying operating margin of 4.6% (vs...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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