Eramet : Quelques éléments de déception dans la publication du S1 2018. Recommandation abaissée d’Achat à Neutre.
Nous abaissons notre recommandation d’Achat à Neutre. Au-delà des tensions commerciales sur le plan mondial qui pénalisent la visibilité, cette action est motivée par quelques points décevants dans la publication des résultats semestriels qui nous rendent moins confiants à court terme. - 1/ la dégradation du cash cost de la SLN au S1 2018 (vs. S2 2017). L’atteinte de l’objectif de 4.50 USD/lb en 2018 est désormais challenging compte tenu du retard pris en début d’année. - 2/ la cont...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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