Eramet : La nouvelle guidance reste à risque et SLN rend le dossier peu investissable, recommandation abaissée à Neutre et objectif de cours à 93 €
>Une performance S1 décevante en particulier retraitée de Weda Bay - La performance d’Eramet au S1 s’est révélée inférieure à nos attentes avec un EBITDA ajusté de 339 M€ vs 388 M€ attendus. L’excellente forme de Weda Bay qui a réalisé un nouvel EBITDA record de 246 M€ (vs 177 M€ attendus) a permis de limiter l’ampleur des dégâts. Cependant, l’EBITDA IFRS est historiquement bas à 92 M€ (vs 210 M€ attendus), plus faible encore qu’au S1 2020 lorsqu’Eramet portait encore...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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