Eramet: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF has confirmed its 'outperform' rating on Eramet shares, raising its target price for them from E109 to E157, to take into account the increase in its short-term forecasts, as well as the recent rise in reserves announced by the Group.


After a difficult year in 2023, the planets are finally aligning for Eramet, with the combination of good prices and exchange rates, rising production and well-controlled costs, the analyst says, pointing to the surge in manganese prices.

Oddo BHF now expects 2024 adjusted EBITDA of E1.11bn (compared with E757m), and considers the share's valuation to be more attractive than ever, with a 2025 EBITDA multiple of 3.8x, almost a third lower than that of the major mining companies.


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