(Boursier.com) — Backgammon Metals yields 2.5% to 17.9 euros after its quarterly point. The specialty steels distributor said it had observed a drop in demand and prices at the start of 2023 which, in all likelihood, should intensify in the 2nd quarter.
Oddo BHF is talking about a solid first quarter, but with a slowdown that should worsen in the second quarter. The sequential fall in prices (absence of windfall effect) associated with the decline in volumes should logically have a negative impact on the operating margin over the coming months. Pending more visibility on a return to a bullish phase (rather expected at the beginning of 2024) and despite a still very low valuation of the file (EV/EBITDA 23 less than 5x), the analyst reiterates his ‘neutral’ recommendation and its target of 21 euros.
At the ‘purchase’ on the file, Portzamparc evokes a publication better than anticipated thanks to the resistance of the prices.
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