Eramet : New guidance still at risk and SLN makes the stock quite uninvestible, rating downgraded to Neutral and target price cut to € 93
>A disappointing H1 performance, especially when restated for Weda Bay - Eramet’s H1 performance came out poorer than we expected, with adjusted EBITDA reaching € 339m vs € 388me. Weda Bay was in excellent shape and reached a new record of € 246m (vs € 177me), thereby providing some damage limitation. However, IFRS EBITDA was historically low at € 92m (vs € 210me), i.e. even lower than in H1 2020 when Eramet still held the heavily loss-making high-performance alloy di...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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