Eramet : Stronger EBITDA than expected in 2020 despite the effects of the crisis Recommendation raised from Reduce to Neutral malgré les effets de la crise. Recommandation relevée d’Alléger à Neutre.
Despite the uncertainties surrounding the fate of SLN and Aubert & Duval, the EBITDA target of around EUR 600m this year, representing a strong improvement relative to 2020 and in line with the consensus, prompts us to raise our recommendation from Reduce to Neutral on the most liquid bonds 2024 (94.7%, ytm: 6.2%) and 2025 (96.9%, ytm: 6.7%). - > - - Thanks to a good resilience in H2, Eramet generated an annual EBITDA, down sharply vs. 2019, but stronger ...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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