Financials Eramet

Equities

ERA

FR0000131757

Diversified Mining

Market Closed - Euronext Paris Other stock markets 11:36:23 2024-05-17 am EDT			5-day change	1st Jan Change
101.3 ^EUR	+0.60%		-0.59%	+41.68%

May. 14	Anglo-BHP takeover saga is full of twists and turns
May. 13	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	2,886	-	-
Enterprise Value (EV) ¹	2,521	2,469	3,000	2,571	2,041	3,566	3,314	2,826
P/E ratio	-6.61 x	-1.69 x	6.9 x	3.25 x	18.9 x	12.2 x	4.98 x	4.79 x
Yield	-	-	3.47%	4.17%	-	1.97%	2.66%	3.95%
Capitalization / Revenue	0.33 x	0.32 x	0.56 x	0.44 x	0.63 x	0.78 x	0.67 x	0.65 x
EV / Revenue	0.69 x	0.69 x	0.82 x	0.51 x	0.63 x	0.96 x	0.77 x	0.64 x
EV / EBITDA	4 x	6.2 x	2.85 x	1.66 x	5.88 x	3.97 x	3.16 x	2.07 x
EV / FCF	-7.48 x	-48.4 x	7.48 x	4.39 x	-	-7.74 x	37.4 x	4.5 x
FCF Yield	-13.4%	-2.07%	13.4%	22.8%	-	-12.9%	2.67%	22.2%
Price to Book	0.87 x	1.49 x	1.89 x	1.37 x	-	1.52 x	1.2 x	1 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	101.3	101.3	101.3
Announcement Date	2/19/20	2/16/21	2/23/22	2/22/23	2/21/24	-	-	-

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	2/19/20	2/16/21	2/23/22	2/22/23	2/21/24	-	-	-

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	2/19/20	7/29/20	2/16/21	7/28/21	2/23/22	7/27/22	2/22/23	4/27/23	7/26/23	2/21/24	-	-

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	2/19/20	2/16/21	2/23/22	2/22/23	2/21/24	-	-	-

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

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

101.3 EUR

Average target price

134.4 EUR

Spread / Average Target

+32.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Integrated Mining

	1st Jan change	Capi.
ERAMET	+41.68%	3.14B
BHP GROUP LIMITED	-10.95%	152B
RIO TINTO PLC	-0.98%	125B
GLENCORE PLC	+5.27%	76.75B
GRUPO MÉXICO, S.A.B. DE C.V.	+19.27%	52.64B
SAUDI ARABIAN MINING COMPANY (MA'ADEN)	+2.68%	49.11B
ANGLO AMERICAN PLC	+35.87%	41.27B
HINDUSTAN ZINC LIMITED	+94.59%	29.89B
TECK RESOURCES LIMITED	+30.73%	27.93B
VEDANTA LIMITED	+77.37%	19.73B

Integrated Mining