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Eramet: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF reaffirms its 'outperform' rating on Eramet shares, raising its target price for them from E94 to E109, based on slightly higher estimates, updated market parameters and the deconsolidation of the state loan to SLN.


The broker explains that its recommendation is underpinned by the rather attractive commodity mix, with nickel rebounding on the LME, along with lithium and especially manganese, while ferronickel and NPI remain depressed.

It is also based on a very attractive valuation, with a 2025 adjusted EV/EBITDA multiple limited to 3.3x, i.e. a third discount to other mining companies, it adds.


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