Added to YB: 2025-12-19
Pitch date: 2025-11-02
ERMAY [bearish]
ERAMET S.A.
+15.53%
current return
Author Info
No bio for this author
Company Info
ERAMET S.A. produces and sells manganese and nickel metals in Asia, Europe, North America, and internationally.
Market Cap
EUR 1.3B
Pitch Price
EUR 59.25
Price Target
4.11 (-92%)
Dividend
3.16%
EV/EBITDA
10.13
P/E
-14.05
EV/Sales
1.30
Sector
Metals and Mining
Category
N/A
ERAMET S.A. - $ERMAY (short)
ERMAY (short): French metals miner with debt exceeding market cap, burning €414M FCF vs €595M cash. Requested covenant waivers to avoid breach (net debt/equity at 0.94). Manganese prices down 19% to $4.5/dmtu for 2025, nickel oversupplied at $15.3k/t. Gabon export ban by 2029, Indonesia permit constraints at WBN, lithium at $8.8k vs projected $15-20k needed for viability.
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