Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ERAMET. We currently have 6 research reports from 1 professional analysts.
|09Dec16 07:22||GNW||ERAMET group: Signature of an agreement in order to sell Eurotungstene to Umicore|
|09Nov16 06:59||GNW||ERAMET Group: 3rd quarter 2016 sales|
|24Oct16 07:24||GNW||ERAMET group: Update regarding operational incident at TiZir in Norway on 15 August 2016|
|30Sep16 04:29||GNW||ERAMET group: ODIRNAN: Final Terms|
|27Sep16 07:32||GNW||ERAMET group: ODIRNAN|
|27Sep16 07:19||GNW||ERAMET group: ODIRNAN|
|22Sep16 04:46||GNW||ERAMET group: Update regarding operational incident at TiZir in Norway on 15 August 2016|
Frequency of research reports
Research reports on
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).
Poor results, poor communication
30 Jul 15
Eramet released its H1 15 results. Sales were up 6% yoy to €1,626m, EBITDA down 62.1% to €78m, current operating income was €-70m vs €14m in H1 14 and, lastly, net income was €-83m vs €-59m. Net financial debt stood at €805m vs €547m in Q1 15 and €473m at year-end 2014.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
Dividends reinstated; is it time to turn (more) optimistic?
08 Dec 16
Glencore continues to surprise the markets, earlier with its fast pace of asset disposals and now with the reinstatement of dividends. The following were the key details shared with investors in a meeting held on 1 December 2016: 1/ completed $6.3bn of asset disposals; 2/ reduced net debt (including readily marketable inventories) by $12.5bn over the last 18 months; 3/ reiterated trading’s 2016 EBIT guidance towards the upper end of the $2.5-2.7bn range; 4/ expects healthy annualised 2016 free cash flows – even at Q1 16 commodity price lows; at 2017 forward prices, FCFs are guided to be $6.5bn; 5/ dividends would be reinstated from 2017 – with $1bn to be paid in two equal tranches in H1 and H2; thereafter (i.e. 2018 onwards), $1bn would be a fixed annual dividend payment (banking on the stability of trading’s cash flows) plus a minimum 25% of FCFs from industrial activities. Production guided to grow Source – Investor Presentation December 2016 While copper would be negatively impacted by the end-of-life impact at Alumbera and the Ernest Henry divestment, the output for all other commodities is guided to be higher (in varying degrees).
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.