Eramet S.A. - Primary ticker: ERA:PA - only the Euronext-traded shares offer proper liquidity.
ADR: OTCPK:ERMAY, Grey Market: OTC:ERMAF.
Market capitalization @52€/share: €1,385M ($1,567M)
Our price target: €115 ($130) for the Euronext Paris-traded shares
Investment Thesis
Eramet S.A. is a French mining and metallurgical company, and one of the world's largest producers of nickel and manganese. Despite solid financial results, Eramet's share price has been cut in half since May, as a result of:
- The potential impact of decelerating Chinese growth on carbon steel and stainless steel; the main markets for manganese and