Eramet : Still much uncertainty in H2 2020. Neutral rating maintained
>Aubert & Duval at the heart of discussions - EBITDA in the high performance alloys (HPA) business unit came to -€ 66m in H1 2020 (vs 1e€ 5m in H1 2019) with -€52m due to Aubert & Duval (A&D). A&D was affected by: 1/ the slowdown in the aerospace sector (70% of A&D sales); 2/ the COVID-19 pandemic (impact estimated at € 48m in H1); and 3/ its inability to rapidly adjust its cost structure (60% fixed costs). The management still believes that A&D sales will be down 20% ...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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