Eramet : Turbulence in sight heading into H1 2020 results. Neutral vs Buy
>H1 2020 EBITDA expected to be down sharply - We expect H1 2020 EBITDA of € 198m (vs € 307m last year). The manganese business unit should show EBITDA of € 220m, down on last year (€ 316m) as the resilience of Comilog (ore business in Gabon) is unlikely to offset the expected strong pressure in manganese alloys. EBITDA in the mineral sands business should reach € 43m (vs € 52m last year) thanks to the increase in production partially offsetting the negative price effe...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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