Eramet : Oddo BHF lowers its price target

(CercleFinance.com) - After a roadshow with Eramet executives, Oddo BHF reiterates its 'outperform' recommendation on the stock, albeit with a target price lowered from E163 to E126, in particular noting that the end of summer saw a sharp deterioration in the Chinese steel market.


In the near term, the fall in manganese prices has led the broker to reduce its estimates: it now expects 2024 adjusted EBITDA of E954m (-25%), based on an average manganese price of $6.1/dmtu.

However, the analyst believes that management's speech was convincing in terms of its ability to achieve its medium-term capacity increase targets for its four main activities, particularly lithium and nickel at Weda Bay.


Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.