Oddo BHF reaffirms its 'outperform' rating on Eramet, raising its target price from €94 to €109 on slightly higher estimates, updated market parameters and the deconsolidation of the state loan to SLN.

The research firm explains that its recommendation 'remains underpinned by the rather attractive commodity mix, with nickel rebounding at the LME, lithium and especially manganese, while ferronickel and NPI remain depressed'.

It is also based on a very attractive valuation, with an adjusted EV/EBITDA 2025 multiple limited to 3.3 times, i.e. a one-third discount to other mining companies", adds the analyst in charge of the metals group.

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