Eramet : 2021-2022e EBITDA estimates raised, strong FCF generation...but a less appealing risk/reward profile. Neutral vs Outperform
>Sustainability of the current prices in question - At the Q3 2021 results release, management confirmed its mining targets for 2021 in Gabon (namely 7 Mt of manganese ore) and raised those for production at Weda Bay in Indonesia (to around 14 Mth of nickel ore vs 12 Mth). However, the nickel ore export targets for SLN (Société Le Nickel 56%-owned by Eramet) were reduced to above 3 Mth (vs 3.5 Mth), as were those for ferronickel production (40 kt vs 45 kt), impacting...Eramet is a mining and metallurgical group, which specializes in the extraction, production and marketing of non-ferrous metals, their chemical derivatives, alloys and superalloys, and parts. Co.'s operations are divided into three divisions: Nickel division which focuses on nickel and its derivative applications; Manganese division which focuses on manganese alloys, manganese chemical derivatives and provides recovery and recycling services of metals contained in oil-industry catalysts, electric batteries and acid solutions; and Alloys division which produces and sells special high-performance steels, superalloys and pre-machined parts based on these materials or aluminium and titanium.
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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