Eramet : Taking profits and updating recommendations
Following the coup in Gabon in late August, Eramet bonds were hit hard: in the wake of this announcement the price of the 2025 issue dropped 4.7 points to 96.5% and that of the 2028 fell 6.5 points to 94%, which seems justified given Eramet's heavy exposure to Gabon (Comilog accounted for 38% of adjusted EBITDA in 2022). - However, we were betting that a diplomatic solution would be found, as dialogue remained open and Comilog's weight (90% of Gabon's production) militated in fav...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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