Duyuru • 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. Duyuru • 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 Duyuru • 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 Duyuru • 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. New Risk • Feb 25
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 British 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. Cash payout ratio: 0% Reported Earnings • Feb 24
Full year 2025 earnings released 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 is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Metals and Mining industry in the United Kingdom. Duyuru • 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. 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 British stocks, typically moving 7.1% 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 (7.1% average weekly change). Duyuru • 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. 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 1.7% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. 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 British dividend payers (5.7%). Lower than average of industry peers (4.2%). New Risk • Apr 23
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 British stocks, typically moving 7.6% 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. Payout ratio: 307% 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 (7.6% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Duyuru • 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 14
Full year 2024 earnings released: EPS: €0.49 (vs €3.60 in FY 2023) 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 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 the United Kingdom. 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 14
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 7.3%. Sustainability & Growth Dividend is not covered by earnings (307% earnings payout ratio) and the company has 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. The company's earnings per share (EPS) would need to grow by 241% to bring the payout ratio under control. EPS is expected to grow by 439% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Duyuru • 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. Duyuru • 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 Duyuru • 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 22
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 10% to €58.50. The fair value is estimated to be €47.94, 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. Duyuru • 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. Duyuru • 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. Duyuru • 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 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 1.6% growth forecast for the Metals and Mining industry in the United Kingdom. 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 8% per year, which means it is well ahead of earnings. 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 British dividend payers (5.7%). Lower than average of industry peers (3.7%). 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 7.3%. 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. New Risk • Feb 25
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.6% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.6% operating cash flow to total debt). High level of non-cash earnings (30% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.1% net profit margin). Shareholders have been diluted in the past year (7.2% increase in shares outstanding). Duyuru • Feb 22
ERAMET S.A., Annual General Meeting, May 30, 2024 ERAMET S.A., Annual General Meeting, May 30, 2024. Duyuru • 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. Duyuru • 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. 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 4.7% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom 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 52% per year, which means it is significantly lagging earnings growth. Duyuru • 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. Upcoming Dividend • May 19
Upcoming dividend of €3.50 per share at 3.9% yield Eligible shareholders must have bought the stock before 26 May 2023. Payment date: 30 May 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (8.0%). Reported Earnings • Apr 24
Full year 2022 earnings released: EPS: €31.25 (vs €25.34 in FY 2021) Full year 2022 results: EPS: €31.25 (up from €25.34 in FY 2021). Revenue: €5.10b (up 38% from FY 2021). Net income: €896.0m (up 24% from FY 2021). Profit margin: 18% (down from 20% in FY 2021). Production and reserves: Nickel Production: 55,064 t (54,093 t in FY 2021) Proved and probable reserves (ore): 624.9 Mt (396.9 Mt in FY 2021) Number of mines: 2 (2 in FY 2021) Titanium Production: 94,000 t (0.105 Mt in FY 2021) Manganese Production: 7.539 Mt (7.024 Mt in FY 2021) Proved and probable reserves (ore): 225 Mt (225 Mt in FY 2021) Number of mines: 1 (1 in FY 2021) Revenue is forecast to stay flat during the next 3 years compared to a 1.0% decline forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 01
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be €121, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 0.8% per annum. Earnings is forecast to decline by 12% per annum over the same time period. Buying Opportunity • Mar 15
Now 23% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be €122, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 0.8% per annum. Earnings is forecast to decline by 12% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €110, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 301% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €161 per share. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: €31.25 (vs €25.34 in FY 2021) Full year 2022 results: EPS: €31.25 (up from €25.34 in FY 2021). Revenue: €5.01b (up 35% from FY 2021). Net income: €896.0m (up 24% from FY 2021). Profit margin: 18% (down from 20% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.3% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €106, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 171% over the past three years. Reported Earnings • Jul 28
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €53.0m from profit in 1H 2021). Profit margin: (down from 2.8% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 1.7%, compared to a 13% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €87.68, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €151 per share. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €120, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 128% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €175 per share. Buying Opportunity • May 31
Now 21% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be €177, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings is forecast to decline by 34% per annum over the same time period. Upcoming Dividend • May 27
Upcoming dividend of €2.50 per share Eligible shareholders must have bought the stock before 03 June 2022. Payment date: 07 June 2022. Payout ratio is a comfortable 9.9% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of British dividend payers (4.8%). Lower than average of industry peers (8.5%). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 15% share price gain to €137, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 168% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €180 per share. Reported Earnings • Apr 09
Full year 2021 earnings released: EPS: €25.34 (vs €6.00 loss in FY 2020) Full year 2021 results: EPS: €25.34 (up from €6.00 loss in FY 2020). Revenue: €3.71b (up 32% from FY 2020). Net income: €724.0m (up €883.0m from FY 2020). Profit margin: 20% (up from net loss in FY 2020). Production and reserves: Nickel Production: 54,093 t (56,895 t in FY 2020) Proved and probable reserves (ore): 396.9 Mt (275 Mt in FY 2020) Number of mines: 2 (1 in FY 2020) Titanium Production: 0.105 Mt (99,500 t in FY 2020) Manganese Production: 7.024 Mt (5.803 Mt in FY 2020) Proved and probable reserves (ore): 225 Mt (198 Mt in FY 2020) Number of mines: 1 (3 in FY 2020) Over the next year, revenue is forecast to grow 29%, compared to a 6.5% growth forecast for the mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 19% share price gain to €143, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 209% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €101 per share. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 17% share price gain to €133, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 165% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €103 per share. Reported Earnings • Feb 26
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: €25.32 (up from €25.47 loss in FY 2020). Revenue: €3.67b (up 2.2% from FY 2020). Net income: €724.0m (up €1.40b from FY 2020). Profit margin: 20% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 16%. Over the next year, revenue is forecast to grow 25%, compared to a 4.1% growth forecast for the mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 03
First half 2021 earnings released: EPS €1.98 (vs €23.48 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €1.88b (up 12% from 1H 2020). Net income: €53.0m (up €676.0m from 1H 2020). Profit margin: 2.8% (up from net loss in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Executive Departure • Jun 04
Director Michel Antseleve has left the company On the 29th of May, Michel Antseleve's tenure as Director ended after 8.0 years in the role. As of March 2021, Michel still personally held only 100.00 shares (€6.1k worth at the time). Michel is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.04 years. Reported Earnings • Apr 17
Full year 2020 earnings released: €25.47 loss per share (vs €6.94 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: €3.59b (down 3.2% from FY 2019). Net loss: €675.0m (loss widened 267% from FY 2019). Production and reserves: Nickel Production: 58,160 t (54,750 t in FY 2019) Proved and probable reserves (ore): 203.9 Mt (107.4 Mt in FY 2019) Number of mines: 1 (1 in FY 2019) Titanium Production: 99,500 t (94,500 t in FY 2019) Manganese Production: 5.803 Mt (4.765 Mt in FY 2019) Proved and probable reserves (ore): 198 Mt (210 Mt in FY 2019) Number of mines: 3 (3 in FY 2019) Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 02
New 90-day high: €65.10 The company is up 71% from its price of €38.18 on 02 December 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.02 per share. Reported Earnings • Feb 19
Full year 2020 earnings released: €25.46 loss per share (vs €6.94 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: €3.55b (down 3.5% from FY 2019). Net loss: €675.0m (loss widened 267% from FY 2019). Production and reserves: Nickel Production: 8.814 Mt (47,400 t in FY 2019) Titanium Production: 0.199 Mt (94,500 t in FY 2019) Manganese Production: 5.803 Mt (4.8 Mt in FY 2019) Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Feb 19
Revenue beats expectations Revenue exceeded analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 10%, compared to a 21% growth forecast for the Metals and Mining industry in the United Kingdom. Is New 90 Day High Low • Feb 11
New 90-day high: €52.01 The company is up 75% from its price of €29.78 on 12 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.07 per share. Is New 90 Day High Low • Jan 04
New 90-day high: €45.27 The company is up 114% from its price of €21.17 on 06 October 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.36 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €40.28 The company is up 46% from its price of €27.57 on 04 September 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.06 per share. Is New 90 Day High Low • Nov 11
New 90-day high: €29.70 The company is up 8.0% from its price of €27.62 on 12 August 2020. The British market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.66 per share. 
