Jacquet Metal Service : Road show feedback: resilience in a lacklustre climate
>Fall in H1 earnings - strong slowdown in Germany - Following the road show with the management (CEO + CFO), we give a recap on the first-half earnings report and the outlook for JMS. H1 2019 results fell short of expectations. The context was particularly difficult for IMS Group (50% of sales) which has strong exposure to Germany (46% of sales) in a sluggish economic environment. The l-f-l decline of 3.8% comprised a -5.9% volume effect (mainly IMS, -10.2% in H1) wh...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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