Eramet : An excessively discounted valuation and on track for a better newsflow. We upgrade to Outperform
>A satisfactory quarter for production and costs - Eramet reported on Thursday adjusted revenues of € 980m, broadly in line with our forecasts thanks to a rebound in production at the main divisions. Comilog and Weda Bay both reported record ore output and SLN’s ferronickel volumes are at a three-year high. Manganese alloys also returned to production levels close to normal thanks to the fall in electricity prices. Only Mineral Sands were down with the (expected) lowe...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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