Eramet : Momentum less favourable on manganese and nickel but long-term trajectory unchanged. Target price adjusted to € 140 vs € 143
>Momentum less favourable on manganese and especially nickel - After having long underperformed, Eramet has recently delivered a decent stock market performance, gaining 14% year-to-date. On top of the good full-year results released on 23 February, this satisfactory performance in our view reflects the improved perception of its positioning on transition metals (lithium and battery-quality nickel). However, momentum on the group's key commodities is mixed. Manganese ...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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