Financials Eramet

Equities

ERA

FR0000131757

Diversified Mining

Market Closed - Euronext Paris Other stock markets 11:35:24 2024-04-26 am EDT			5-day change	1st Jan Change
88.25 ^EUR	+11.29%		+15.97%	+23.43%

Apr. 26	The BHP-Anglo takeover saga takes an interesting turn
Apr. 26	Fitch Cuts Eramet's Ratings on Reduced Financial Flexibility	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,217	1,136	2,064	2,227	2,041	2,514	-	-
Enterprise Value (EV) ¹	2,521	2,469	3,000	2,571	2,041	3,172	3,383	3,086
P/E ratio	-6.61 x	-1.69 x	6.9 x	3.25 x	18.9 x	16.4 x	4.52 x	4.33 x
Yield	-	-	3.47%	4.17%	-	1.98%	3.44%	4.53%
Capitalization / Revenue	0.33 x	0.32 x	0.56 x	0.44 x	0.63 x	0.69 x	0.61 x	0.55 x
EV / Revenue	0.69 x	0.69 x	0.82 x	0.51 x	0.63 x	0.88 x	0.82 x	0.68 x
EV / EBITDA	4 x	6.2 x	2.85 x	1.66 x	5.88 x	3.85 x	3.16 x	2.5 x
EV / FCF	-7.48 x	-48.4 x	7.48 x	4.39 x	-	-5.43 x	120 x	7.34 x
FCF Yield	-13.4%	-2.07%	13.4%	22.8%	-	-18.4%	0.83%	13.6%
Price to Book	0.87 x	1.49 x	1.89 x	1.37 x	-	1.38 x	1.27 x	0.91 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	88.25	88.25	88.25
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	3,625	4,107	4,545
EBITDA ¹	630	398	1,051	1,553	347	822.9	1,072	1,237
EBIT ¹	223	106	784	1,280	127	368.9	842.8	1,124
Operating Margin	6.07%	2.98%	21.37%	25.53%	3.91%	10.18%	20.52%	24.73%
Earnings before Tax (EBT) ¹	82	-555	889	1,194	100	71.54	1,269	1,324
Net income ¹	-184	-675	298	740	109	154.2	561.6	584.4
Net margin	-5.01%	-19%	8.12%	14.76%	3.35%	4.25%	13.67%	12.86%
EPS ²	-6.930	-25.46	10.42	25.81	3.790	5.395	19.54	20.36
Free Cash Flow ¹	-337	-51	401	586	-	-584	28.15	420.5
FCF margin	-9.18%	-1.44%	10.93%	11.69%	-	-16.11%	0.69%	9.25%
FCF Conversion (EBITDA)	-	-	38.15%	37.73%	-	-	2.63%	33.99%
FCF Conversion (Net income)	-	-	134.56%	79.19%	-	-	5.01%	71.95%
Dividend per Share ²	-	-	2.500	3.500	-	1.750	3.036	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
Net sales ¹	1,862	1,687	1,866	1,878	1,790	2,635	2,379	775	1,604	1,647
EBITDA	323	120	278	293	758	982	571	-	339	-
EBIT	54	-32	137	159	625	853	427	-	-	-
Operating Margin	2.9%	-1.9%	7.34%	8.47%	34.92%	32.37%	17.95%	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-
Net income	-	-623	-52	53	-	677	-	-	-	-
Net margin	-	-36.93%	-2.79%	2.82%	-	25.69%	-	-	-	-
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	-	658	869	572
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.07 x	3.349 x	0.8906 x	0.2215 x	-	0.7991 x	0.8104 x	0.4624 x
Free Cash Flow ¹	-337	-51	401	586	-	-584	28.2	420
ROE (net income / shareholders' equity)	-4.39%	-62.4%	26%	51%	-	9.5%	20%	19.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	52.70	28.90	38.10	61.30	-	63.80	69.50	97.00
Cash Flow per Share ²	3.240	11.70	24.90	38.90	-	12.40	34.70	31.80
Capex ¹	423	360	312	530	-	949	667	440
Capex / Sales	11.52%	10.13%	8.51%	10.57%	-	26.18%	16.25%	9.68%
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

88.25 EUR

Average target price

116.6 EUR

Spread / Average Target

+32.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Integrated Mining

	1st Jan change	Capi.
ERAMET	+23.43%	2.42B
BHP GROUP LIMITED	-14.40%	149B
RIO TINTO PLC	-6.66%	115B
GLENCORE PLC	-0.55%	71.16B
SAUDI ARABIAN MINING COMPANY (MA'ADEN)	+6.69%	50.97B
GRUPO MÉXICO, S.A.B. DE C.V.	+13.30%	45.47B
ANGLO AMERICAN PLC	+34.12%	38.8B
TECK RESOURCES LIMITED	+22.92%	25.62B
HINDUSTAN ZINC LIMITED	+32.58%	20.87B
IVANHOE MINES LTD.	+58.44%	17.52B

Integrated Mining