Eramet S.a. (ERA.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-321.5%

-€82.96

vs €37.46 price

Levered DCF

-€213.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.82

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-3.46×	110.51×	18.98×	3.25×	6.9×	-1.69×	-6.61×	32.98×
P/B	2.3×	1.07×	1.29×	1.35×	2.03×	1.57×	0.87×	1.09×
P/S	0.6×	0.53×	0.62×	0.48×	0.55×	0.4×	0.33×	0.47×
EV / EBITDA	26.13×	6.54×	15.37×	2.48×	2.94×	10.94×	5.57×	4.01×
Gross margin	-5.6%	58.4%	59.9%	24.6%	20.5%	9.1%	14.7%	27.4%
Operating margin	-4.8%	1.7%	-5.8%	20.4%	23.7%	0.9%	8.1%	12.9%
Net margin	-17.3%	0.5%	3.3%	14.8%	8.0%	-24.0%	-5.0%	1.4%
Current ratio	1.37×	1.64×	1.7×	1.3×	1.15×	2.27×	1.65×	2.11×
Debt / equity	3.52×	1.54×	1.39×	1.13×	2.09×	4.4×	1.59×	1.3×
Interest coverage	-0.8×	0.26×	-1.21×	8.76×	7.15×	0.17×	2.28×	5.22×
Dividend yield	2.6%	2.8%	4.8%	3.0%	0.2%	0.4%	1.6%	3.7%
Payout ratio	-9.0%	307.1%	91.7%	9.7%	1.3%	-0.6%	-10.9%	122.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-66.4%	1.0%	6.8%	41.5%	29.4%	-93.1%	-13.2%	3.3%
Return on invested capital	-2.7%	-1.2%	-0.5%	15.1%	16.7%	0.4%	-9.0%	3.3%
Return on assets	-8.1%	0.2%	1.7%	10.2%	4.7%	-10.2%	-3.0%	0.9%
Free cash flow yield	-47.6%	-52.7%	-20.4%	17.8%	22.4%	-0.4%	-27.8%	7.9%
Earnings yield	-28.9%	0.9%	5.3%	30.8%	14.5%	-59.3%	-15.1%	3.0%
Enterprise value	€3.6B	€3.1B	€3.2B	€3.3B	€3.4B	€2.9B	€2.9B	€3B
Net debt / EBITDA	14.18×	3.33×	5.47×	0.67×	1.15×	6.6×	3.22×	1.66×
Cash conversion cycle (days)	96	190	125	87	88	136	136	113