Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ERAMET. We currently have 7 research reports from 1 professional analysts.
|23Feb17 17:10||GNW||ERAMET group: Deployment of a new Governance cycle|
|23Feb17 17:01||GNW||ERAMET group: A recovery strategy which gives the expected results: a strong improvement in the ERAMET group performance in 2016|
|17Jan17 07:46||GNW||ERAMET group: 2-year maturity extension of the Syndicated Revolving Credit Facility|
|03Jan17 21:30||GNW||ERAMET group: Closing as of 30 December 2016 of the sale of ERACHEM (manganese chemicals) to PMHC II, Inc., for an amount of USD193 million|
|23Dec16 07:38||GNW||ERAMET group: Update regarding operational incident at TiZir (a 50% ERAMET subsidiary) in Norway on 5 August 2016|
|12Dec16 07:41||GNW||ERAMET group: Agreement to sell ERACHEM (Manganese Chemicals) to PMHC II, Inc.|
|09Dec16 07:22||GNW||ERAMET group: Signature of an agreement in order to sell Eurotungstene to Umicore|
Frequency of research reports
Research reports on
FY16 above expectations and prospects improving
24 Feb 17
Eramet released its FY16 results. Sales reached €2,984m (-4%), EBITDA €375m (vs €92m), current operating income €84m (vs €-207m) and net income €-179m (vs €-714m) after an impairment of €167m on assets and tax receivables. Net debt at the end of FY16 reached €836m. No dividend will be proposed for FY16. The group has raised its cost savings target from €360m to €400m at the recurring operating income level. Moreover, the group is working on a new cash-cost target reduction, with the new target to be disclosed in July 2017. Lastly, Mrs Christel Bories (ex-Pechiney and Constellium) was appointed Deputy CEO by the Board of Directors on 23 February 2017 and will be proposed as the successor to Mr Patrick BUFFET as Chairman and Chief Executive Officer at the AGM on 23 May 2017.
Q3 trading statement: a clear improvement
09 Nov 16
Eramet released its Q3 16 trading statement. Sales reached €714m (-3.4% in Q3 yoy, +1% sequentially), in particular thanks to nickel (+6% yoy, +12.4% qoq) and manganese (-6% yoy but +9% qoq). For the first 9 months, sales were down 12% (-25% in nickel, -3% in alloys and -11% in manganese).
H1 16 not so bad...but cash worries ahead ?
28 Jul 16
Sales reached €1,373m (-15.6%), EBITDA €56m (-28.2%), current operating income €-91m (vs €-70m) and net income €-141m vs €-83m (after a €64m impairment on assets and tax receivables on H1 16). Net debt at the end of H1 16 reached €1,163m vs €878m at year-end 2015. No outlook is disclosed, which is not a surprise given the volatility in prices. Lastly, the group will issue a €100m perpetual convertible bond, the ownership interests planned by SORAME/CEIR (Duval family) and the French State amounting to at least their share in the company (37.05% and 25.66% respectively).
FY15: the context is not improving
18 Feb 16
Eramet released FY15 results. Sales reached €3,109m (-1.2%), EBITDA €92m (vs 363m), operating income €-207m (vs €75m) and net result €-714m (vs €-159) after a €668m impairment charge on assets and tax receivables (€474m and €194m, respectively). Net debt at year-end 2015 reached €878m (vs €552m). No dividend will be paid. No real outlook was given at this stage, the group only stating that cost reductions were more than ever on the agenda.
Q3 15: from bad to worse
30 Oct 15
Eramet released its Q3 trading statement. Sales in Q3 reached €739m, down 6% yoy. Over 9 months, sales are up 2% to €2,365m. The Board has decided to strengthen its action plan to improve free cash flow by reducing capex to pure maintenance, postponing all other projects (and sticking to its cost reduction plan aimed at saving €360m yearly). The group also indicates that its operating profit in H2 will be lower than in H1 (where, as a reminder, EBITDA was €79m and current operating income €-70m).
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
Bang to rights
21 Mar 17
Tullow unexpectedly announced a US$750m rights issue on Friday at a 45.2% discount to the previous close. While this step confirms our investment thesis, the scale of the discount and the timing look like a slap in the face for investors and/or indicative of a weaker financial position than we are modelling. We publish revised estimates to reflect the impact of the issue and cut our Target Price to 215p per share (from 245p). We maintain our Hold recommendation.
Panmure Morning Note 22-03-2017
22 Mar 17
Acacia Mining and Endeavour Mining confirmed merger talks have now ended with Endeavour claiming an inability to “create adequate value for Endeavour shareholders”, most likely, we believe, given the disappointing ruling from the Tanzanian government on copper-gold concentrate sales. We were positive on the merger and believed a credible London listed Pan-African producer capable of challenging Randgold, would have been established. We make no change to our Hold recommendation today, and expect the shares to be marked lower in early trade.