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).
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.