olivLaw · European equity research
JACQUET METALS JCQ.PA
France · Euronext Paris · ISIN FR0000033904 · Vertical: Listed companies from France
JACQUET METALS is a French distributor of specialty metals that stores and sells stainless steels and mechanical metals to a broad industrial customer base. The group operates from a network of depots spread across several continents, and its exposure to metal price swings and the economic cycle remains central to the analysis. The size of its network, with 120 depots in 23 countries, makes its distribution model relevant for investors and the public following the metals industry.
At the close of 05 Nov 2026, JACQUET METALS (JCQ.PA) stock was 21.00 EUR (−1.64% on the day), with market capitalisation 435.3 m EUR, P/E 42.0 on diluted EPS of 0.50 EUR over the last 12 months, beta 0.66, 52-week range 17.20–25.15 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.1
- strong (55–70)
- Bollinger (20, 2)
- 19.32 – 21.55
- in the upper half of the band · %B 0.75 · band width 10.9%
- SMA 50 / 200
- 20.67 / 21.70
- mixed trend
- MACD (12, 26, 9)
- 0.19 / 0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.9% | −0.6% | +2.6 pp | — |
| 3 months | −2.1% | −4.2% | +2.1 pp | — |
| 6 months | −7.9% | +4.3% | −12.2 pp | — |
| Year to date | +5.5% | +7.5% | −2.0 pp | — |
| 1 year | +21.0% | +9.9% | +11.0 pp | −6.8% |
| 3 years | +28.8% | +49.8% | −21.0 pp | −15.9% |
| 5 years | −8.9% | +42.8% | −51.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 8.7, median 39.8, max 58.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.2 bn | 2.0 bn | 1.8 bn |
| Revenue YoY | unavailable | −11.7% | −6.6% |
| Net income | 50.7 m | 6.0 m | 10.4 m |
| Net income YoY | unavailable | −88.1% | +72.1% |
| Diluted EPS | 2.26 | 0.29 | 0.50 |
| Diluted EPS YoY | unavailable | −87.2% | +72.4% |
| net % | 2.3% | 0.3% | 0.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 179.0 m EUR
- Financial debt
- 234.6 m EUR
- Net debt
- 55.6 m EUR
- Equity
- 654.3 m EUR
- Total assets
- 1.4 bn EUR
- Debt / equity
- 0.36x
- Current ratio
- 2.26x
- ROE
- 1.6%
- ROA
- 0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.2 bn | 2.0 bn | 1.8 bn | esef· 29 Apr 2026verified |
| Cost of revenue | 1.7 bn | 1.5 bn | 1.4 bn | esef· 29 Apr 2026verified |
| Gross profit | 480.6 m | 441.9 m | 445.0 m | esef· 29 Apr 2026verified |
| Operating income | 102.1 m | 48.1 m | 52.9 m | esef· 29 Apr 2026verified |
| Depreciation & amortisation | 40.7 m | 52.0 m | 42.9 m | esef· 29 Apr 2026verified |
| EBITDA | 142.9 m ≈ | 100.1 m ≈ | 95.8 m ≈ | esef· 29 Apr 2026derived |
| Pre-tax income | 83.5 m | 29.2 m | 30.9 m | esef· 29 Apr 2026verified |
| Income tax | 28.5 m | 19.9 m | 18.5 m | esef· 29 Apr 2026verified |
| Net income | 50.7 m | 6.0 m | 10.4 m | esef· 29 Apr 2026verified |
| Diluted EPS | 2.26 | 0.29 | 0.50 | esef· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 342.3 m | 355.7 m | 179.0 m | esef· 29 Apr 2026verified |
| Inventories | 677.3 m | 614.8 m | 568.8 m | esef· 29 Apr 2026verified |
| Current assets | 1.3 bn | 1.2 bn | 970.2 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 221.3 m | 262.4 m | 253.2 m | esef· 29 Apr 2026verified |
| Goodwill | 70.2 m | 69.9 m | 69.7 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 2.6 m | 1.8 m | 1.2 m | esef· 29 Apr 2026verified |
| Total assets | 1.7 bn | 1.7 bn | 1.4 bn | esef· 29 Apr 2026verified |
| Long-term debt | 385.0 m | 419.8 m | 234.6 m | esef· 29 Apr 2026verified |
| Current liabilities | 529.1 m | 484.3 m | 430.0 m | esef· 29 Apr 2026verified |
| Equity | 680.7 m | 658.4 m | 654.3 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 22.5 m | 20.8 m | 20.7 m | esef· 29 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 435.3 m EUR
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.55 – 48.08 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA25.94 – 48.08 (Mid 33.64)4 companies used · median multiple 7.9x · quartiles 6.2x – 11.0xABEO.PA, AI.PA, ANTIN.PA, ATE.PA
- Peers: P/E5.55 – 14.90 (Mid 8.57)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.2% | 48 (vs peers) | 20% |
| Net margin · Quality | 0.6% | 36 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.6x | 43 (vs peers) | 20% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 42.0x | 17 (vs peers) | 20% |
| EV/EBITDA · Valuation | 5.1x | 80 (vs peers) | 20% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet59/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality43/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation49/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
JACQUET METALS (JCQ.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.8 bn EUR in 2025; YoY growth -6.6%; net margin 0.6%; ROE 1.6%; net debt/EBITDA 0.6x.
The estimated value range is 15.74–31.49 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 21.10 EUR, the price of 21.00 EUR leaves a potential of 0.5% (value / price − 1) and a margin of safety of 0.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.3x
- EV/EBITDA: 5.1x
What contradicts it
- P/E (TTM): 42.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| JCQ.PAJacquet Metals | 435.3 m | 42.0 | 1.6% | 0.6% | −6.6% | +19% / +15% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for JCQ.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 11.23 Total return -47% · Per year -47% | 19.95 Total return -5% · Per year -5% | 30.19 Total return 44% · Per year 44% |
| 3 years | 8.92 Total return -58% · Per year -25% | 18.00 Total return -14% · Per year -5% | 30.19 Total return 44% · Per year 13% |
| 5 years | 7.08 Total return -66% · Per year -20% | 16.25 Total return -23% · Per year -5% | 30.19 Total return 44% · Per year 8% |
- Exit P/E± 4.50
- Net margin± 3.15
- Annual revenue growth± 2.85
- Annual dilution± 0.26
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
JACQUET METALS is a French distributor of specialty metals that stores and sells stainless steels and mechanical metals to a broad industrial customer base. The group operates from a network of depots spread across several continents, and its exposure to metal price swings and the economic cycle remains central to the analysis. The size of its network, with 120 depots in 23 countries, makes its distribution model relevant for investors and the public following the metals industry.
SWOT
Strengths
- A depot network close to customers and a highly diversified customer base give relative stability against cyclical swings 1.
- A proprietary information system and centralised purchasing help control inventories and improve turnover 1.
- Presence in distinct markets, stainless and mechanical steels, reduces dependence on a single industrial cycle 1.
Weaknesses
- The absence of hedging instruments for raw material prices leaves margins exposed to metal price movements 1.
- Long production lead times for some metals can make it difficult to adjust purchase prices quickly 1.
- Digitalisation of sales remains limited compared with customer and supplier expectations 1.
Opportunities
- Acquisitions in markets with growth potential, such as North America, the United Kingdom or Spain, could extend the network and range 1.
- Expanding e-commerce, EDI and electronic invoicing could strengthen the relationship with customers 1.
- Developing digital certification and documentation services could create value for industrial customers 1.
Risks
- Metal price fluctuationshigh
The purchase price includes a component linked to nickel, chromium and other metals, and pass-through to customers is not always immediate. Inventories may be valued differently depending on these prices 1.
- Economic conditionshigh
A deterioration in industrial activity could reduce volumes, revenue and gross margin, as well as inventory turnover 1.
- Information systems and cybersecuritymedium
System failures or cyberattacks can cause business interruptions, data losses and damage to reputation 1.
- Acquisitions and integrationmedium
Integrating acquired companies depends on correctly identifying their specifics and on an effective integration plan, and failure could reduce the expected financial performance 1.
- Skills shortagemedium
Difficulty recruiting and retaining talent could delay projects and affect operational performance over the medium and long term 1.
Investment thesis
What would need to be true (bull case)
- The wide depot network and highly diversified customer base can cushion economic cycles, and if the price pass-through policy works well, gross margin can be protected 1.
- Digitalisation of sales and acquisitions in new markets could raise market share and recurring revenue, provided the company keeps operational discipline 1.
- The proprietary information system and centralised purchasing can support better inventory turnover and tighter cost control 1.
What would break the thesis
- The lack of hedging against metal prices leaves margins exposed to price shocks, and a rapid fall in prices could reduce the value of inventories 1.
- Sensitivity to the industrial cycle and competitive pressure could limit margin growth if demand stays weak for a long period 1.
- Compliance costs linked to European climate regulation and difficulty recruiting could weigh on financial results in coming years 1.
What to watch
- Trend in gross margin and selling prices relative to purchase prices2026
- Pace of international acquisitions and integration of acquired companies2026
- Effects of the European carbon border adjustment mechanism on import costs2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group buys specialty metals, mainly stainless steels and mechanical metals, stores them close to customers and sells them on short lead times. The purchase price has a base component negotiated with the producer and a variable part tied to raw material prices, such as nickel, chromium or molybdenum 1. The model rests on a depot network across 23 countries, a proprietary information system and centralised purchasing negotiation 1.
The group has about 120 depots in 23 countries and more than 65,000 active customers across diverse industrial sectors 1. The company presents this geographic and sector diversity as a factor that cushions cyclical variations. Its strategy also includes growth through acquisitions, particularly in markets such as North America, the United Kingdom or Spain, with prior assessments carried out by dedicated teams 1.
The company has built a distributor profile with significant inventory, whose turnover and gross margin depend on its ability to pass price rises and falls on to customers quickly 1. The reference document stresses that no financial hedging instruments are used against raw material price fluctuations, so performance remains sensitive to metal markets 1.
Segments
Stainless steels
Stainless steels are one of the group's two main markets, where the variable price depends on formulas linked to nickel, chromium, titanium, molybdenum, scrap and the euro dollar parity 1. The company notes that it cannot provide reliable figures on price and margin elasticity in this segment 1.
Market context
The specialty metals market depends on economic conditions and industrial investment levels, and demand can fall during periods of trade tensions, restrictions or geopolitical events 1. The company operates in a fragmented market, where competition can increase pressure on gross margin when demand is weak 1.
Digitalisation of specialty metals distribution is still at an early stage, and the group is preparing for the shift toward e-commerce, EDI and electronic invoicing to stay close to suppliers and customers 1. Competitive pressure and decarbonisation requirements, such as the European carbon border adjustment mechanism, already influence market conditions 1.
Trends
- Digitalisation of sales channelstailwind
Industrial customers increasingly expect online documents and orders, and the group is developing a customer area, e-commerce and EDI protocols. If these tools achieve their aim, they could support market share and margins 1.
- European climate regulationheadwind
The European carbon border adjustment mechanism, which entered into force at the start of 2026, could raise the cost of metal imports and alter prices 1.
- Volatility of metal pricesmixed
The group does not use hedging instruments for raw material prices, so movements in nickel and other metals pass through to inventories and margins, with effects that can be positive or negative 1.
- Talent shortages and recruitmentheadwind
The company recruits almost 500 employees a year, and a shortage of skills could slow growth and digitalisation projects 1.
Competitive position
Specialty metals distribution is a sector with many players, from global distributors to producers and regional networks. Competition may limit the group's ability to pass on price increases in full to customers, especially when demand falls 1.
The group differentiates itself through the density of its depot network, the breadth of its range and the size of its customer base, advantages that, according to the reference document, reduce competitive pressure 1. However, when demand is weak, competition can squeeze the gross margins of distributors 1.
- Regional metal distributors
Local or regional operators competing in the same stainless steel and mechanical steel segments, especially in markets where the group has depots.
- Specialty steel producers
Producers are both suppliers to the group and players that can sell directly to end customers, affecting distribution share.
- Global steel distributors
International distribution groups that can compete for large industrial customers through extensive networks and centralised pricing.
- Digital sourcing platforms
New online intermediaries could reduce the advantage of traditional channels as specialty metal sales digitalise.
News & filings
In the press
- Jacquet among new faces in Zidane's first France squadCNA (Channel NewsAsia) · 18 Sept 2026 · EN
- Liverpool's Jacquet among new faces in Zidane's first France squadCNA (Channel NewsAsia) · 18 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / JACQUET METALS · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.