(News Bulletin 247) – Oddo BHF reaffirms its ‘outperformance’ opinion on Eramet while lowering its price target from 143 to 140 euros, an adjustment in estimates being partly offset by the drop in the weighted average cost of capital, thanks to the improving market conditions.
Despite a momentum deemed less buoyant, the research office considers that the mining and metallurgical group ‘still benefits from an attractive valuation with a discount of more than 50% of the 2024-2025 EBITDA multiples in the sector’.
Oddo also highlights an improvement in Eramet’s operational profile, which according to him ‘should accelerate with the imminent sale of Aubert & Duval and the start of the Centenario lithium project in Argentina in early 2024’.
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