Jacquet Metals: Oddo BHF reduces TP after results

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Jacquet Metals shares, with a target price reduced from E18 to E16.
5.

Last night, Jacquet Metals published H1 results that were slightly below analysts' expectations. H1 sales came in at E1,074m (vs. E1,100m e), down 15.5%.

Regarding its outlook, management says that economic conditions are unlikely to improve in the near term, with Q3 sales expected to be significantly lower than in Q3 2023, the analyst notes.

Following this publication, which is slightly below our expectations, we are adjusting our 2024 scenario and are now expecting: i/ sales of E2bn, down 10% (volume -5%, prices -10%, scope 5%), ii/ operating income of E32m (vs. E43m), i.e. an operating margin of 1.6%, and operating profit per share of E9m (vs. E19m), Oddo BHF says.

In particular, the broker expects better visibility for 2025.


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