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1. Company Snapshot

1.a. Company Description

ERAMET S.A. operates as a mining and metallurgical company worldwide.The company extracts and processes manganese ore, nickel ore, and mineral sands.It also produces ferronickel, high purity nickel metal, nickel salts, nickel and cobalt chlorides, nickel carbonate, nickel ferroalloys, and other metallic salts used in stainless steel, catalysis and pigments, and alloy steel and casting; manganese alloys, such as high-carbon ferromanganese, silicomanganese, low and medium-carbon ferromanganese, and low-carbon silicomanganese for use in batteries, fertilizers, pigments, different reagents, construction, and automotive industries; and mineral sands, such as titanium dioxide, high-purity pig iron, zircon, and ilmenite used in ceramics and pigments.


In addition, it operates Moanda mine in Gabon; nickel mines in New Caledonia and Indonesia; and mineral sand mine in Senegal and Argentina.ERAMET S.A. was incorporated in 1880 and is headquartered in Paris, France.

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1.b. Last Insights on ERA

ERAMET's recent activity is marked by a turnover decline in Q3 2025, down 10% to €720m, primarily due to a negative price effect (-25%) and an unfavorable currency effect (-6%). However, the company reported a positive volume effect, notably for manganese ore (+8%) and nickel ore sales. Additionally, ERAMET has been engaged in share buybacks, purchasing 16,600, 16,400, and 16,500 of its own shares in recent weeks to cover employee and corporate officer allocations. These buybacks reduce outstanding shares, potentially benefiting shareholders.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Eramet: Purchase of own shares

Dec -03

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Eramet: Purchase of own shares

Dec -01

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Eramet: Purchase of own shares

Nov -24

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Eramet: Purchase of own shares

Nov -17

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Eramet: Purchase of own shares

Nov -10

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Eramet: Purchase of own shares

Nov -03

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Eramet: Turnover down in third quarter 2025

Oct -30

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Eramet: Purchase of own shares

Oct -27

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.86%)

6. Segments

Manganese

Expected Growth: 8%

ERAMET S.A.'s 8% growth in Manganese is driven by increasing demand from the steel industry, particularly in Asia, and growing adoption in battery production for electric vehicles. Additionally, supply constraints and rising prices of other metals have led to increased substitution with Manganese, further boosting demand.

Nickel

Expected Growth: 7%

ERAMET S.A.'s nickel segment growth is driven by increasing demand from electric vehicle batteries, stainless steel production, and alloy manufacturing. Rising adoption of renewable energy sources and energy storage systems also boosts demand. Additionally, supply constraints in Indonesia and the Philippines, coupled with ERAMET's cost-efficient production, contribute to the 7% growth.

Mineral Sands

Expected Growth: 10%

ERAMET S.A.'s Mineral Sands segment growth is driven by increasing demand for titanium dioxide, a key pigment in paint and coatings, as well as rising sales of high-grade ilmenite to the welding rods industry. Additionally, the company's cost-cutting initiatives and operational efficiencies have improved profitability, supporting the 10% growth rate.

Holding and Eliminations

Expected Growth: 6%

ERAMET S.A.'s 6% growth in Holding and Eliminations is driven by strategic diversification, improved operational efficiency, and effective cost management. The company's focus on high-growth markets, such as lithium and nickel, has also contributed to this growth. Additionally, the successful integration of acquired businesses and a strong balance sheet have enabled ERAMET to invest in growth initiatives and drive profitability.

7. Detailed Products

Manganese Alloys

ERAMET S.A. produces a range of manganese alloys used in the production of steel, foundry, and welding applications.

Nickel Alloys

ERAMET S.A. offers a variety of nickel alloys used in high-temperature, corrosion-resistant, and electrical resistance applications.

Stainless Steel

ERAMET S.A. produces a range of stainless steel grades used in various industries, including food processing, construction, and automotive.

Specialty Alloys

ERAMET S.A. offers specialty alloys used in high-performance applications, including aerospace, defense, and energy.

Lithium-Ion Battery Recycling

ERAMET S.A. provides lithium-ion battery recycling services, recovering valuable metals and reducing waste.

Mineral Sands

ERAMET S.A. extracts and processes mineral sands, including ilmenite, rutile, and zircon, used in various industrial applications.

8. ERAMET S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

ERAMET S.A. operates in the mining and metallurgy industry, where substitutes are limited. However, the company's products can be replaced by alternative materials or technologies, posing a moderate threat.

Bargaining Power Of Customers

ERAMET S.A.'s customers are primarily industrial companies, which have limited bargaining power due to the specialized nature of the company's products.

Bargaining Power Of Suppliers

ERAMET S.A. relies on a diverse range of suppliers for its mining and metallurgy operations. While some suppliers may have bargaining power, the company's diversified supply chain mitigates this risk.

Threat Of New Entrants

The mining and metallurgy industry has high barriers to entry, including significant capital requirements and regulatory hurdles, making it difficult for new entrants to compete with ERAMET S.A.

Intensity Of Rivalry

The mining and metallurgy industry is highly competitive, with several established players competing for market share. ERAMET S.A. faces intense rivalry from companies such as Rio Tinto, BHP, and Glencore.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 57.47%
Debt Cost 4.92%
Equity Weight 42.53%
Equity Cost 11.36%
WACC 7.66%
Leverage 135.12%

11. Quality Control: ERAMET S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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ERAMET

A-Score: 3.5/10

Value: 7.3

Growth: 1.9

Quality: 2.3

Yield: 4.4

Momentum: 2.5

Volatility: 2.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

51.15$

Current Price

51.15$

Potential

-0.00%

Expected Cash-Flows