Eramet : H1 2020 more complicated than expected. H2 2020 will be decisive.
>A very tricky H1 2020 - Eramet’s H1 2020 EBITDA came to € 120m (vs € 307m in H1 2019), which is below our forecast (ODDO BHF: € 198m) and that of the consensus (€ 212m). EBITDA fell largely because of a negative price effect of € 280m (primarily manganese ore and ferronickel) and an estimated Covid-19 pandemic effect of € 80m, which intrinsic progress of € 120m was unable to compensate for. A breakdown by business shows that the Manganese BU generated € 234m EBITDA (...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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