Live News • Jul 08
Eramet Signs Joint Venture Agreement to Fund Exploration at Québec’s Serpent Project Harfang Exploration and Eramet have signed a Letter of Intent to form a joint venture on Harfang’s Serpent Project in Québec, with Eramet able to earn up to a 65% interest by funding exploration through to a Preliminary Economic Assessment, while Harfang remains operator and Eramet takes a supervisory role.
The agreement gives Eramet exposure to a new exploration-stage asset and expands its resource pipeline without taking on day-to-day operational responsibility, which concentrates its role on oversight and funding decisions as the project advances.
Eramet’s shares trade around €45.00, with the stock down about 26.9% year to date, so this kind of portfolio addition arrives at a time when the market has been marking the shares lower.
The key question for investors is whether Eramet’s funding commitments at Serpent ultimately translate into an economically viable resource, since any joint venture benefits depend on the outcome of the planned assessment work. Live News • Jun 13
Orion CMC Eyes 37% Stake in Eramet as Governance Shifts Continue Orion Critical Mineral Consortium (Orion CMC), backed by US and Abu Dhabi interests, is considering acquiring a stake in French mining group Eramet.
The consortium is reportedly focused on the 37% holding currently owned by the Duval family.
Eramet has recently faced internal governance turbulence, including the dismissal of its CEO and finance chief, and is evaluating the sale of minority stakes in certain assets.
A possible entry of Orion CMC as a shareholder highlights how contested Eramet’s ownership structure may become, especially with the French state already in the register and governance issues still fresh.
You should watch how any potential transaction reshapes board influence, capital allocation priorities and the terms of any asset stake sales, as these factors could affect Eramet’s risk profile and access to funding. Announcement • May 28
Eramet Approves Board Changes, Effective May 27, 2026 Eramet held its Ordinary General Meeting on May 27, 2026 in Paris. Shareholders ratified the co-optation as Director, effective from May 27, 2026, of Ms. Murielle Minkoué Mézui, which occurred during the Board Meeting of March 19, 2026, to replace Mr. Tanguy Gahouma-Békalé, who has resigned, for the remaining term of his mandate, until the General Meeting called to approve the financial statements for fiscal year 2028. Following the Shareholders' General Meeting, Eramet's Board of Directors consisted of 18 members, including two employee representatives. It comprised 7 independent members and 8 women, representing respectively 44% and 50% of the Board members, excluding employee representatives. Live News • May 27
Eramet Resumes Senegal Mineral Sands Output at 30% With Full Recovery Targeted for 2027 Eramet has partially restarted mineral sands production in Senegal at around 30% of nameplate capacity since the end of April.
The company now guides to mineral sands production of 300 to 400 kt-HMC in 2026.
Reconstruction of the damaged facilities is underway, with a target to reach 100% capacity in the first quarter of 2027.
The key takeaway is that Senegalese mineral sands operations are back online at limited capacity, with a clearer production path laid out through 2026 and into early 2027.
You may want to pay close attention to how quickly reconstruction progresses and whether the company updates its guidance range as work on the facilities advances. Announcement • Apr 26
Eramet S.A. Provides Its Production Guidance for the Year 2026 ERAMET S.A. provided its production guidance for the year 2026. For the period, the company expects manganese ore Transported volumes between 6.4 to 6.8 Mt; Nickel ore: Limited to 9 Mwmt on the basis of the initial 12 Mwmt RKAB, with a request for an upward revision currently being submitted; Lithium carbonate: 17 - 20 kt-LCE. Announcement • Apr 21
ERAMET S.A., Annual General Meeting, May 27, 2026 ERAMET S.A., Annual General Meeting, May 27, 2026. Location: 10 boulevard de grenelle, paris France Announcement • Apr 11
ERAMET S.A. to Report First Half, 2026 Results on Jul 29, 2026 ERAMET S.A. announced that they will report first half, 2026 results on Jul 29, 2026 Announcement • Feb 26
Eramet Group Announces the Fire At the Extraction Unit of the Eramet Grande Cote Site in Senegal Eramet announced that on February 22, at around 3:00 p.m., a fire broke out at the extraction plant of the Eramet Grande Cote site, a subsidiary of the Eramet Group in Senegal specializing in the mining of mineral sands. The facility, which had been shut down for several days for scheduled maintenance operations, was immediately evacuated and secured. No casualty or injuries have been reported. The fire was brought under control at around 8:00 p.m. Investigations are underway to determine its causes and assess its impact on the site's operations. As soon as the fire started at the WCP (Wet Concentration Plant) extraction facility, territorial and administrative authorities were informed, and a dedicated system was activated to ensure regular and transparent communication with neighboring communities regarding developments. The immediate intervention of Eramet Grande Cote's internal emergency response teams (ERT - Emergency Response Team), mobilized without delay in coordination with firefighters from nearby localities, made it possible to contain the situation and extinguish the fire. The teams then carried out cooling operations on the facilities while continuing to secure the affected perimeter. The safety of employees, contractors, and surrounding communities remains the absolute priority of the Eramet Group and its subsidiary Eramet Grande Cote. An investigation is ongoing to determine the causes of the fire, verify the overall condition of the plant, and assess the impact of the event on the site's operations. Initial findings indicate that the fire was contained upstream of the WCP and that the spiral concentrators used for mineral sands separation were not affected. The Eramet Group will provide further updates as soon as additional information becomes available. Reported Earnings • Feb 24
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: €2.75b (down 9.0% from FY 2024). Net loss: €477.0m (down €491.0m from profit in FY 2024). Revenue missed analyst estimates by 4.4%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Metals and Mining industry in Europe. Major Estimate Revision • Feb 20
Consensus revenue estimates decrease by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from €3.67b to €3.23b. EPS estimate unchanged from €0.92 per share at last update. Metals and Mining industry in France expected to see average net income growth of 46% next year. Consensus price target down from €62.30 to €55.40. Share price fell 18% to €48.98 over the past week. New Risk • Feb 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (11% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Price Target Changed • Feb 19
Price target decreased by 7.9% to €57.40 Down from €62.30, the current price target is an average from 5 analysts. New target price is 25% above last closing price of €46.10. Stock is down 19% over the past year. The company is forecast to post a net loss per share of €9.09 compared to earnings per share of €0.49 last year. Major Estimate Revision • Feb 16
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €3.23b to €2.88b. EPS estimate unchanged from -€9.09 per share at last update. Metals and Mining industry in France expected to see average net income growth of 46% next year. Consensus price target down from €62.30 to €59.00. Share price fell 7.8% to €59.00 over the past week. Announcement • Feb 02
Eramet Announces CEO Changes, Effective from February 1, 2025 The Board of Directors of Eramet, meeting on February 1st, has decided to terminate the mandate of Mr. Paulo Castellari as Chief Executive Officer, due to divergences on operating methods. The termination of his mandate as Chief Executive Officer takes effect this evening. The Board of Directors has appointed its Chairwoman, Ms. Christel Bories, as Chief Executive Officer of the Group on an interim basis, pending the completion of a process to select a new Chief Executive Officer. Upon the appointment of the new CEO, the roles of Chair and Chief Executive Officer will once again be separated. The Board of Directors thanks Paulo Castellari for his efforts and reaffirms its support for the teams, who remain strongly committed to improving safety, operational performance and cost-reduction efforts. These priorities continue to be key in a challenging environment. Eramet operates a portfolio of world-class assets, particularly well positioned to support the energy transition. The successful ramp-up of the lithium site in Argentina provides the Group with a new pillar of growth and performance. Major Estimate Revision • Jan 28
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€7.11 to -€8.01 per share. Revenue forecast unchanged at €3.12b. Metals and Mining industry in France expected to see average net income growth of 34% next year. Consensus price target up from €59.90 to €61.50. Share price fell 3.4% to €78.80 over the past week. Price Target Changed • Jan 15
Price target increased by 20% to €61.38 Up from €51.00, the current price target is an average from 4 analysts. New target price is 28% below last closing price of €85.20. Stock is up 54% over the past year. The company is forecast to post a net loss per share of €7.40 compared to earnings per share of €0.49 last year. Price Target Changed • Jan 08
Price target increased by 7.7% to €54.13 Up from €50.25, the current price target is an average from 4 analysts. New target price is 21% below last closing price of €68.35. Stock is up 23% over the past year. The company is forecast to post a net loss per share of €9.65 compared to earnings per share of €0.49 last year. New Risk • Jan 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Major Estimate Revision • Nov 05
Consensus EPS estimates fall by 44% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €3.11b to €2.80b. Losses expected to increase from €6.70 per share to €9.62. Metals and Mining industry in France expected to see average net income growth of 30% next year. Consensus price target down from €52.00 to €50.25. Share price fell 8.5% to €54.75 over the past week. Announcement • Oct 09
ERAMET S.A. (ENXTPA:ERA) commences an Equity Buyback Plan for 10% of its issued share capital, under the authorization approved on May 26, 2025. ERAMET S.A. (ENXTPA:ERA) commences share repurchases on October 1, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 26, 2025. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital. The shares will be repurchased at a maximum purchase price of €200 per share. The purpose of the program is to support the market share price, to delivery the shares upon the exercise of rights attached to securities giving access to the share capital by redemption, conversion, exchange or otherwise, to implement any share purchase option plan, allocate bonus shares, allocate or transferred to the employees as their share in the profits of the business or for the purpose of implementing any employee savings plan and to cancel the repurchased shares. The share repurchase program will end at the General Meeting to approve the financial statements for 2025. Major Estimate Revision • Sep 17
Consensus EPS estimates fall by 26% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€5.32 to -€6.70 per share. Revenue forecast unchanged at €3.11b. Metals and Mining industry in France expected to see average net income growth of 27% next year. Consensus price target down from €53.25 to €52.00. Share price rose 7.3% to €51.40 over the past week. Major Estimate Revision • Sep 11
Consensus EPS estimates upgraded to €3.69 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -€5.47 to -€3.69 per share. Revenue forecast steady at €3.11b. Metals and Mining industry in France expected to see average net income growth of 26% next year. Consensus price target of €53.25 unchanged from last update. Share price fell 3.7% to €46.28 over the past week. Buy Or Sell Opportunity • Sep 02
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €48.66. The fair value is estimated to be €61.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 38% in the next year. Reported Earnings • Aug 03
First half 2025 earnings released: €5.31 loss per share (vs €1.44 loss in 1H 2024) First half 2025 results: €5.31 loss per share (further deteriorated from €1.44 loss in 1H 2024). Revenue: €1.38b (down 7.4% from 1H 2024). Net loss: €152.0m (loss widened 271% from 1H 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Price Target Changed • Aug 01
Price target decreased by 11% to €54.25 Down from €61.00, the current price target is an average from 4 analysts. New target price is 14% above last closing price of €47.44. Stock is down 35% over the past year. The company is forecast to post a net loss per share of €7.42 compared to earnings per share of €0.49 last year. Major Estimate Revision • Jun 29
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €3.20b to €3.16b. Losses expected to increase from €2.74 per share to €3.49. Metals and Mining industry in France expected to see average net income growth of 29% next year. Consensus price target of €58.60 unchanged from last update. Share price was steady at €46.64 over the past week. Upcoming Dividend • May 26
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 04 June 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.1%. Lower than top quartile of French dividend payers (5.4%). Lower than average of industry peers (3.9%). Price Target Changed • Apr 28
Price target decreased by 13% to €61.40 Down from €70.60, the current price target is an average from 5 analysts. New target price is 25% above last closing price of €48.94. Stock is down 48% over the past year. The company is forecast to post a net loss per share of €1.06 compared to earnings per share of €0.49 last year. Major Estimate Revision • Apr 24
Consensus EPS estimates increase by 102% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €3.22b to €3.36b. EPS estimate increased from €0.632 to €1.28 per share. Net income forecast to shrink 106% next year vs 26% growth forecast for Metals and Mining industry in France . Consensus price target broadly unchanged at €69.80. Share price rose 6.1% to €50.75 over the past week. Announcement • Apr 19
ERAMET S.A., Annual General Meeting, May 26, 2025 ERAMET S.A., Annual General Meeting, May 26, 2025. Location: 10 boulevard de grenelle, paris France Reported Earnings • Apr 15
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: €0.49 (down from €3.60 in FY 2023). Revenue: €3.03b (down 9.4% from FY 2023). Net income: €14.0m (down 86% from FY 2023). Profit margin: 0.5% (down from 3.1% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) also missed analyst estimates by 80%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Declared Dividend • Apr 10
Dividend of €1.50 announced Dividend of €1.50 is the same as last year. Ex-date: 2nd June 2025 Payment date: 4th June 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. High level of non-cash earnings (28% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Announcement • Apr 08
ERAMET S.A. announces Annual dividend, payable on June 04, 2025 ERAMET S.A. announced Annual dividend of EUR 1.5000 per share payable on June 04, 2025, ex-date on June 02, 2025 and record date on June 03, 2025. Announcement • Apr 04
ERAMET S.A. to Report Q2, 2025 Results on Jul 30, 2025 ERAMET S.A. announced that they will report Q2, 2025 results on Jul 30, 2025 Announcement • Feb 27
Eramet Launches eraLow, its Low-CO2 Manganese Alloy Brand Eramet introduced eraLow, its new brand for low-CO2 manganese alloys. This brand sets a new standard for manganese alloys with a low CO2 footprint, thus offering steelmakers a quick-win solution to accelerate the decarbonization of their products. With eraLow, Eramet offers the hard-to-abate steel industry some of the most sustainable manganese alloys available on the global market: Already, one of the lowest CO2 footprints on the market: eraLow products are guaranteed below 1.9t CO2 /t of alloy for scope 1 and 2 emissions, outperforming significantly the manganese alloys global industry average of 3.9t CO2 /t of alloy (CRU study based on 2023 data). These exceptional results are due to the use of carbon-free electricity in Norway and France, combined with cutting-edge production processes. A verified carbon intensity: eraLow comes with a carbon intensity assurance statement verified by DNV, an internationally recognized third party. Transparency along the entire value chain with eraTrace: eraLow products are traced through eraTrace, Eramet's unique traceability service using blockchain technology and offering a digital passport for each delivery order. For each order of eraLow products, eraTrace provides Eramet customers with transparent data about the production process (e.g. raw material used, suppliers' origin.), a CO2 emissions calculator on aadle-to-gate scope as well as a full visibility on CSR KPIs of production sites. A production process meeting the highest ESG standards of the industry: while Eramet smelters are ISO certified for Energy (ISO50001) and Environmental Management Systems (ISO14001), the overall corporate sustainability performance of the Eramet Group has been rated Silver by Ecovadis, A- for Climate and B for Water Security by CDP. A first step towards producing zero CO2 manganese alloys: Eramet's ultimate ambition is to provide its steel industry customers with zero CO2 emission manganese alloy products in support of their own decarbonization missions. Amongst other initiatives, Eramet is currently constructing a first-of-its-kind pilot plant at its Sauda smelter in Norway to test innovative technologies that could enable the future capture and storage of CO2 gases emitted from the furnaces. The Group is also trialing the usage of bio-reductants in its furnaces as a potential partial replacement of coke. New Risk • Feb 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. High level of non-cash earnings (25% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (0.5% net profit margin). Buy Or Sell Opportunity • Feb 16
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €58.05. The fair value is estimated to be €47.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Meanwhile, the company became loss making. Announcement • Feb 14
Eramet Announces Chief Executive Officer Changes Eramet announced following the prior announcement on the evolution of Eramet governance on January 21, 2025, the Board of Directors has appointed Paulo Castellari as Eramet's next Chief Executive Officer. He will succeed Christel Bories in her executive functions at the end of her current term, after the Shareholder’s General Meeting on May 27, 2025. Christel Bories will remain Chairwoman of the Group. Born in 1970, a dual Brazilian and Italian citizen, Paulo Castellari has over 30 years' experience in mining and metals as well as in the fertilizers and energy industries. During his international career in South and North America, Europe and Africa, he has held senior leadership positions in different mining companies, with a strong focus on operations, finance and complex projects management. From 2003 to 2015, at Anglo American, Paulo Castellari served successively as Director, Marketing & Business Development in Brazil, Head of the Group’s Centre of Excellence, CEO, Phosphates and Niobium businesses in Brazil, then as CEO, Iron Ore Brazil, where he oversaw the execution of the Minas-Rio iron ore project, one of the world’s most complex mining and infrastructure projects. In 2016, he was appointed Deputy CEO and Chief Financial Officer of CEMIG, before joining EGA as CEO of Guinea Alumina Corporation. Since 2019, Paulo Castellari has been CEO of the Brazilian branch of Appian Capital Advisory. In his early career, he also worked for AngloGold Ashanti and Minorco. Having graduated from the Escola de Administração de Empresas de São Paulo /FGV, Paulo Castellari also holds an MBA from London Business School. Announcement • Oct 24
ERAMET S.A. (ENXTPA:ERA) acquired 49.90% stake in Eramine Sud America S.A. from Tsingshan Holding Group Co., Ltd. for approximately $700 million. ERAMET S.A. (ENXTPA:ERA) acquired 49.90% stake in Eramine Sud America S.A. from Tsingshan Holding Group Co., Ltd. for approximately $700 million on October 24, 2024. Transaction completed using Group’s available liquidity, with an impact of $699 million on the Group’s net debt.
ERAMET S.A. (ENXTPA:ERA) completed the acquisition of 49.90% stake in Eramine Sud America S.A. from Tsingshan Holding Group Co., Ltd. on October 24, 2024. Announcement • Oct 16
ERAMET S.A. to Report Fiscal Year 2024 Results on Feb 19, 2025 ERAMET S.A. announced that they will report fiscal year 2024 results on Feb 19, 2025 Price Target Changed • Oct 16
Price target decreased by 10% to €118 Down from €131, the current price target is an average from 5 analysts. New target price is 79% above last closing price of €65.95. Stock is up 2.8% over the past year. The company is forecast to post earnings per share of €8.79 for next year compared to €3.60 last year. Price Target Changed • Oct 01
Price target decreased by 9.5% to €125 Down from €138, the current price target is an average from 5 analysts. New target price is 77% above last closing price of €70.80. Stock is up 4.2% over the past year. The company is forecast to post earnings per share of €10.04 for next year compared to €3.60 last year. Price Target Changed • Sep 12
Price target decreased by 9.4% to €138 Down from €153, the current price target is an average from 5 analysts. New target price is 126% above last closing price of €61.20. Stock is down 16% over the past year. The company is forecast to post earnings per share of €11.89 for next year compared to €3.60 last year. Reported Earnings • Jul 28
First half 2024 earnings released: €1.44 loss per share (vs €2.95 profit in 1H 2023) First half 2024 results: €1.44 loss per share (down from €2.95 profit in 1H 2023). Revenue: €1.49b (down 8.5% from 1H 2023). Net loss: €41.0m (down 149% from profit in 1H 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €96.90, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 104% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €42.92 per share. New Risk • Jun 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). Shareholders have been diluted in the past year (7.0% increase in shares outstanding). Price Target Changed • Jun 10
Price target increased by 7.6% to €145 Up from €134, the current price target is an average from 5 analysts. New target price is 32% above last closing price of €110. Stock is up 26% over the past year. The company is forecast to post earnings per share of €10.56 for next year compared to €3.60 last year. Major Estimate Revision • Jun 06
Consensus EPS estimates increase by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €3.70b to €3.74b. EPS estimate increased from €8.33 to €10.56 per share. Net income forecast to grow 134% next year vs 24% growth forecast for Metals and Mining industry in France. Consensus price target broadly unchanged at €137. Share price was steady at €104 over the past week. Upcoming Dividend • May 28
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 04 June 2024. Payment date: 06 June 2024. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of French dividend payers (5.2%). Lower than average of industry peers (3.6%). Major Estimate Revision • May 14
Consensus EPS estimates increase by 47% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €3.63b to €3.70b. EPS estimate increased from €5.66 to €8.33 per share. Net income forecast to grow 43% next year vs 21% growth forecast for Metals and Mining industry in France. Consensus price target up from €119 to €134. Share price rose 8.8% to €102 over the past week. Price Target Changed • May 13
Price target increased by 13% to €134 Up from €119, the current price target is an average from 5 analysts. New target price is 32% above last closing price of €102. Stock is up 16% over the past year. The company is forecast to post earnings per share of €8.33 for next year compared to €3.60 last year. Price Target Changed • May 11
Price target increased by 8.9% to €125 Up from €115, the current price target is an average from 5 analysts. New target price is 22% above last closing price of €102. Stock is up 17% over the past year. The company is forecast to post earnings per share of €5.66 for next year compared to €3.60 last year. Declared Dividend • Apr 23
Dividend reduced to €1.50 Dividend of €1.50 is 57% lower than last year. Ex-date: 4th June 2024 Payment date: 6th June 2024 Dividend yield will be 2.0%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 249% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €3.59 (down from €31.25 in FY 2022). Revenue: €3.34b (down 35% from FY 2022). Net income: €103.0m (down 89% from FY 2022). Profit margin: 3.1% (down from 18% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) also missed analyst estimates by 45%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Announcement • Feb 22
ERAMET S.A., Annual General Meeting, May 30, 2024 ERAMET S.A., Annual General Meeting, May 30, 2024. Major Estimate Revision • Feb 21
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €3.54b to €3.45b. EPS estimate also fell from €11.90 per share to €9.26 per share. Net income forecast to shrink 26% next year vs 4.7% growth forecast for Metals and Mining industry in France . Consensus price target broadly unchanged at €118. Share price fell 5.7% to €59.70 over the past week. Announcement • Jan 30
ERAMET S.A. Announces Executive Changes ERAMET S.A. announced Charles Nouel, currently Director of the Mineral Sands Business Unit, has been appointed Chief Operating Officer of the Eramet Group. In this capacity, he will become a member of the Executive Committee. This appointment will take effect on April 1, 2024. He will succeed Kléber Silva, who has decided to leave the Group to pursue another professional opportunity. Charles Nouel has over 30 years' experience in the mining industry, including 24 years with Eramet. His international career in Europe, Africa and Oceania has enabled him to develop solid technical and managerial skills in all aspects of mining and metallurgy: geology, mining engineering, operations, industrial projects, mineral processing and metallurgy, ore purchasing and sales, operational management and business unit leadership. Since 2016, he was Director of the Mineral Sands Business Unit, the world's 4th largest producer of Zircon and titanium products. Born in 1967, Charles Nouel is a graduate of the Ecole Nationale Supérieure de Géologie de Nancy (1991). He began his career as a Geostatistical Geologist for Cogema in Australia, before working as a Geologist and then Director of the Mines d'Or de Salsigne open-pit mine in France (1993), then as Senior Mining Engineer for Mining & Resource Technology in Australia (1998). In 2000, he joined Eramet as Project Manager for the Tiébaghi mine in New Caledonia, before moving on to various management positions within the Nickel Business Unit, where he became Deputy Director of Industrial Affairs in 2009. Ore Market Director for the Manganese Division in 2010, he took over as Director of the Mineral Sands Business Unit in 2016, while serving as the Group's Chief Technical Officer from 2020 to 2022. Major Estimate Revision • Oct 27
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €3.51b to €3.64b. EPS estimate fell from €7.68 to €6.81 per share. Net income forecast to grow 5.8% next year vs 9.9% growth forecast for Metals and Mining industry in France. Consensus price target down from €127 to €123. Share price was steady at €61.75 over the past week. Announcement • Sep 22
INEOS Enterprises Group Limited completed the acquisition of TiZir Titanium & Iron A/S from ERAMET S.A. (ENXTPA:ERA). INEOS Enterprises Group Limited made an offer to acquire TiZir Titanium & Iron A/S from ERAMET S.A. (ENXTPA:ERA) for an enterprise value of approximately $250 million on July 25, 2023. INEOS Enterprises Group Limited completed the acquisition of TiZir Titanium & Iron A/S from ERAMET S.A. (ENXTPA:ERA) on September 21, 2023. The transaction got approved by regulatory authorities. Price Target Changed • Aug 31
Price target decreased by 8.5% to €126 Down from €138, the current price target is an average from 5 analysts. New target price is 78% above last closing price of €70.85. Stock is down 11% over the past year. The company is forecast to post earnings per share of €7.15 for next year compared to €31.25 last year. Major Estimate Revision • Aug 02
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €3.94b to €3.53b. EPS estimate fell from €12.76 to €7.15 per share. Net income forecast to grow 13% next year vs 6.1% decline forecast for Metals and Mining industry in France. Consensus price target down from €138 to €132. Share price fell 14% to €75.60 over the past week. Reported Earnings • Jul 28
First half 2023 earnings released: EPS: €2.95 (vs €23.99 in 1H 2022) First half 2023 results: EPS: €2.95 (down from €23.99 in 1H 2022). Revenue: €1.60b (down 39% from 1H 2022). Net income: €84.0m (down 88% from 1H 2022). Profit margin: 5.2% (down from 26% in 1H 2022). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Announcement • Jul 26
An unknown buyer made an offer to acquire TiZir Titanium & Iron A/S from ERAMET S.A. (ENXTPA:ERA) for an enterprise value of approximately $250 million. An unknown buyer made an offer to acquire TiZir Titanium & Iron A/S from ERAMET S.A. (ENXTPA:ERA) for an enterprise value of approximately $250 million on July 25, 2023.