Eramet : Profit-taking pending new and better entry points on 2024 and 2025 bonds
In our Special Comment of 18 March 2020, we reviewed our recommendation from Reduce to opportunistic Buy on all bonds because the market correction seemed excessive on all bonds. - Indeed, since our previous recommendation downgrade to Reduce from Neutral (Special Comment of 25/07/19), driven by disappointing H1 2019 results, we had taken advantage of the market window offered by the start of the Covid 19 crisis to reposition on bonds. - The 2020 bond price dropped from 104.9% to 88...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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