Financials ERAMET S.A. OTC Markets

Equities

ERMAY

US29478X1090

Diversified Mining

Delayed OTC Markets Other stock markets 09:01:06 15/05/2024 pm IST			5-day change	1st Jan Change
10.81 ^USD	-5.59%		+7.83%	+39.30%

14/05	Anglo-BHP takeover saga is full of twists and turns
13/05	Anglo also snubs BHP’s revised offer

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,217	1,136	2,064	2,227	2,041	3,037	-	-
Enterprise Value (EV) ¹	2,521	2,469	3,000	2,571	2,041	3,717	3,465	2,977
P/E ratio	-6.61 x	-1.69 x	6.9 x	3.25 x	18.9 x	12.8 x	5.24 x	5.04 x
Yield	-	-	3.47%	4.17%	-	1.87%	2.53%	3.75%
Capitalization / Revenue	0.33 x	0.32 x	0.56 x	0.44 x	0.63 x	0.82 x	0.7 x	0.69 x
EV / Revenue	0.69 x	0.69 x	0.82 x	0.51 x	0.63 x	1.01 x	0.8 x	0.68 x
EV / EBITDA	4 x	6.2 x	2.85 x	1.66 x	5.88 x	4.14 x	3.31 x	2.19 x
EV / FCF	-7.48 x	-48.4 x	7.48 x	4.39 x	-	-8.07 x	39.1 x	4.74 x
FCF Yield	-13.4%	-2.07%	13.4%	22.8%	-	-12.4%	2.56%	21.1%
Price to Book	0.87 x	1.49 x	1.89 x	1.37 x	-	1.6 x	1.26 x	1.05 x
Nbr of stocks (in thousands)	26,541	26,459	28,683	26,558	28,542	28,493	-	-
Reference price ²	45.84	42.92	71.95	83.85	71.50	106.6	106.6	106.6
Announcement Date	19/02/20	16/02/21	23/02/22	22/02/23	21/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,671	3,553	3,668	5,014	3,251	3,697	4,331	4,407
EBITDA ¹	630	398	1,051	1,553	347	897.5	1,048	1,362
EBIT ¹	223	106	784	1,280	127	542	760.9	790.2
Operating Margin	6.07%	2.98%	21.37%	25.53%	3.91%	14.66%	17.57%	17.93%
Earnings before Tax (EBT) ¹	82	-555	889	1,194	100	377.1	1,294	1,350
Net income ¹	-184	-675	298	740	109	147.6	468.5	604
Net margin	-5.01%	-19%	8.12%	14.76%	3.35%	3.99%	10.82%	13.7%
EPS ²	-6.930	-25.46	10.42	25.81	3.790	8.330	20.36	21.13
Free Cash Flow ¹	-337	-51	401	586	-	-460.8	88.55	628.3
FCF margin	-9.18%	-1.44%	10.93%	11.69%	-	-12.46%	2.04%	14.26%
FCF Conversion (EBITDA)	-	-	38.15%	37.73%	-	-	8.45%	46.12%
FCF Conversion (Net income)	-	-	134.56%	79.19%	-	-	18.9%	104.02%
Dividend per Share ²	-	-	2.500	3.500	-	1.995	2.697	4.000
Announcement Date	19/02/20	16/02/21	23/02/22	22/02/23	21/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 Q1	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	1,862	1,687	1,866	1,878	1,790	2,635	2,379	775	1,604	1,647	1,682	2,144
EBITDA	323	120	278	293	758	982	571	-	339	-	355	750
EBIT	54	-32	137	159	625	853	427	-	-	-	74	403
Operating Margin	2.9%	-1.9%	7.34%	8.47%	34.92%	32.37%	17.95%	-	-	-	4.4%	18.8%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-623	-52	53	-	677	-	-	-	-	31	269
Net margin	-	-36.93%	-2.79%	2.82%	-	25.69%	-	-	-	-	1.84%	12.55%
EPS	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	19/02/20	29/07/20	16/02/21	28/07/21	23/02/22	27/07/22	22/02/23	27/04/23	26/07/23	21/02/24	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,304	1,333	936	344	-	679	427	-
Net Cash position ¹	-	-	-	-	-	-	-	60.8
Leverage (Debt/EBITDA)	2.07 x	3.349 x	0.8906 x	0.2215 x	-	0.7568 x	0.4078 x	-
Free Cash Flow ¹	-337	-51	401	586	-	-461	88.6	628
ROE (net income / shareholders' equity)	-4.39%	-62.4%	26%	51%	-	11.8%	20.7%	19.9%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	52.70	28.90	38.10	61.30	-	66.80	84.40	102.0
Cash Flow per Share ²	3.240	11.70	24.90	38.90	-	8.770	22.50	49.50
Capex ¹	423	360	312	530	-	920	713	477
Capex / Sales	11.52%	10.13%	8.51%	10.57%	-	24.88%	16.46%	10.83%
Announcement Date	19/02/20	16/02/21	23/02/22	22/02/23	21/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ERAMET S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

106.6 EUR

Average target price

134.4 EUR

Spread / Average Target

+26.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Integrated Mining

	1st Jan change	Capi.
BHP GROUP LIMITED	-12.54%	145B
RIO TINTO PLC	-5.48%	119B
GLENCORE PLC	+3.35%	75.31B
SAUDI ARABIAN MINING COMPANY (MA'ADEN)	+1.44%	48.7B
GRUPO MÉXICO, S.A.B. DE C.V.	+10.36%	47.4B
ANGLO AMERICAN PLC	+33.21%	39.98B
HINDUSTAN ZINC LIMITED	+76.26%	28.34B
TECK RESOURCES LIMITED	+26.82%	27.27B
VEDANTA LIMITED	+69.17%	19.23B

Integrated Mining