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Eramet SA (ERA) fair value: what the stock is really worth

As of Nov 13, 2026: fair value (intrinsic value) of Eramet SA stock €48.26, price €32.92, upside +46.6%, quality 25 out of 100. Rating: undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials FR · ISIN FR0000131757

ES Eramet SA logo Thin data Nov 11, 2026

Eramet SA

ERA · PA

Cheap (32% below fair value), but weak company and falling price: meets 1 of 3 rules.

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Fair value €48.26 · Undervalued 
Recent news mostly positive 
Revenue last quarter +16% vs. a year ago. 
Mixed vs. peers (7/13) 
Quality 25/100 
Falling price (downtrend) 
Weak Growth (revenue 5y −0.4 %/yr in EUR) 
Loss-making · -17.3% net margin (TTM) 
High debt 
Negative free cash flow 
Narrow moat 11/100 · thin data
Thin data 
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€145.15 €32.92 Fair Value €48.26 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range €32.92 – €145.15 · fair‑value band €19.12 – €77.39 · the €32.92 price screens below the €48.26 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 11, 2026.

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Company profile

ERAMET S.A. produces and sells manganese and nickel metals in Asia, Europe, North America, and internationally. It extracts and processes manganese and nickel ores; extracts and develops mineral sands; and mines and processes lithium deposits.

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The company also offers manganese alloys, including silicomanganese, low-carbon silicomanganese, and manganese dioxide, as well as medium, low, and high carbon ferromanganese; manganese ores, such as lumpy ores, fines, HM, and sinter products; ferronickel, nickel pig iron, briquettes, nickel salts, nickel ferroalloys, ferronickel slag, and other nickel products; and mineral sands, ilmenite, rutile, and leucoxene, such as zircon and titanium dioxide used in building, decoration, and ceramics, and abrasives.

In addition, it operates Moanda mine in Gabon; nickel mines in New Caledonia and Indonesia; and mineral sand mine in Senegal. The company was incorporated in 1880 and is headquartered in Paris, France.

Stock analysis

Eramet SA (ERA) currently trades at €32.92, while our model-based Fair Value estimate is €48.26, implying the stock looks roughly 32% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 81/100, which puts the data coverage at low.

Scenario range: €19.12 (bear) to €77.39 (bull), the price of €32.92 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 25/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Eramet SA reported revenue of €2.8B in FY2025 versus €3.7B in FY2021, a compound −7.2%/yr. Reported net income was −€477M in FY2025.

Key figures

Market cap €943M Small · P/S ratio 0.32 · EPS (TTM) €−18.17 · Dividend yield 4.4% · Net margin −17.3% · Return on equity −38.7% · Return on assets (EBIT) 4.7% (5-year average) · Operating margin 1.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 11 out of 100 (low confidence).

What moves the price

The share trades about 62% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −7% fair-value upside, at 47%, ERA screens cheaper than that median.

Fair Value models

Bear €19.12 Fair Value €48.26 Bull €77.39
Price €32.92 · Upside +46.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EV/EBITDA €19.12 €48.26 €77.39 63
NCAV (Graham) €9.58 €12.83 €19.16 54
All 2 models by family
Multiples
EV/EBITDA €19.12 €48.26 €77.39 63
Asset-Based
NCAV (Graham) €9.58 €12.83 €19.16 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 25/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 6
How much profit the company makes from its sales and capital
Quality Growth 16
Are margins and returns getting better?
Cashflow 2
Do the profits arrive as real cash?
Financial strength 9
Debt, balance sheet and risk of trouble
Investment 72
Does it invest with discipline instead of growing at any price?
Low Volatility 33
How calm the share price moves, does not count
Price momentum 5
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 83
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 4/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−6.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−18.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.4%
Start year 2020 (pandemic). Over 10 years: −0.9% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
0.9% (2020) → −4.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Earlier news

News mood ⓘNews mood, the average tone of recent news (90 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Other Industrial Metals & Mining · 577 stocks

Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 25 · Bottom 25%
Fair Value upside +46.6% · Top 25%
Profitability
Return on assets −8.1% · Below median
Net margin (12 months) −17.3% · Bottom 25%
Operating margin (12 months) 1.4% · Above median
Growth and dividend
Revenue growth (quarter YoY) 15.7% · Above median
Dividend yield (12 months) 4.4% · Top 25%
Balance sheet
Debt / equity 2.76× · Highest 25%

Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper

P/B 1.31× · Cheaper than median
P/S (12 months) 0.31× · Cheapest 25%
EV/EBITDA 12.3× · Pricier than median
PEG 0.42× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)95 · sector 8
FUTURE (revenue growth)79 · sector 45
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)89 · sector 35

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Vedanta Limited VEDL ₹259.68 ₹334.17 +29% vs ERA
Western Mining Co 601168 ¥26.44 ¥31.35 +19% vs ERA
Hindustan Zinc Limited HINDZINC ₹554.85 ₹624.91 +13% vs ERA
Saudi Arabian Mining Company 1211 58.55 SAR 64.57 SAR +10% vs ERA
Boliden AB BOL kr 500.40 kr 464.45 −7% vs ERA
Zhejiang Huayou Cobalt Co 603799 ¥31.17 ¥25.57 −18% vs ERA
BHP Group BHP A$58.86 A$48.03 −18% vs ERA
Korea Zinc Company 010130 866,000 KRW 649,125 KRW −25% vs ERA
CMOC Group 603993 ¥12.88 ¥6.82 −47% vs ERA
China Tungsten And Hightech Materials Co 000657 ¥38.46 ¥4.44 −88% vs ERA

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Eramet SA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Eramet SA Fair Value". https://www.fairvalue-calculator.com/stock/ERA

Frequently asked questions

Is Eramet SA (ERA) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of €48.26 versus a price of €32.92, about +47% upside (undervalued).
What is the fair value of ERA?
Our model-based fair value for Eramet SA is €48.26 (as of Nov 11, 2026), built from audited fundamentals. The current price: €32.92.
What is the quality score of ERA?
Eramet SA has a Quality Score of 25/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Eramet SA (ERA)?
Our model-based price target is the fair value of €48.26 (as of Nov 11, 2026) from 2 valuation models. Cautious scenario €19.12, optimistic scenario €77.39. It is a calculation from audited fundamentals, not an analyst target.
What is the Eramet SA stock forecast for 2026?
Our models put fair value at €48.26, about +47% upside versus a price of €32.92 (undervalued). Cautious scenario €19.12, optimistic scenario €77.39. The calculation is refreshed regularly with new filings.
What is the revenue of Eramet SA (ERA)?
Eramet SA reported trailing-twelve-month revenue of about €3.0B (latest available figure, as of Nov 11, 2026).
Does Eramet SA pay a dividend?
Eramet SA currently shows a dividend yield of 4.45% relative to its recent price (as of Nov 11, 2026).
How much is the dividend of Eramet SA (ERA)?
Eramet SA has a dividend yield of 4.4%.
What is the intrinsic value of Eramet SA (ERA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Eramet SA it is €48.26 per share (as of Nov 11, 2026), against a price of €32.92. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Eramet SA stock overvalued or undervalued in 2026?
As of Nov 11, 2026, ERA trades below its calculated fair value: price €32.92, fair value €48.26, a gap of about +47% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ERA?
No. The price is what the market pays today (€32.92); the fair value is what the company's own numbers justify (€48.26). For Eramet SA the two are €15.34 per share apart. That gap is exactly why we show both numbers side by side.
How much is Eramet SA worth?
The market values Eramet SA at about €943M (market capitalisation, as of Nov 11, 2026). Per share that is €32.92; our models calculate a fair value of €48.26 per share.
What do the bullish and bearish scenarios say about ERA?
Our models span a range for Eramet SA: cautious scenario €19.12, base €48.26, optimistic €77.39 per share (as of Nov 11, 2026, price €32.92). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ERA?
The PEG ratio of Eramet SA is 0.42 (P/E divided by earnings growth, as of Nov 11, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Eramet SA (ERA)?
Balance-sheet figures for Eramet SA (as of Nov 11, 2026): return on equity −38.7%, debt of 2.76 per unit of equity. They feed the Quality Score of 25/100, which measures business quality independently of the share price.
How far is ERA from its 52-week high?
Eramet SA trades at €32.92, about 62% below its 52-week high of €87.00 and at the low of €32.92 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of €48.26 is for.
Which stocks are comparable to Eramet SA?
From the same area (Basic Materials) we also value BHP Group, Saudi Arabian Mining Company, CMOC Group, Hindustan Zinc Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Eramet SA stock attractive at the current price?
The data as of Nov 11, 2026: price €32.92, calculated fair value €48.26 (+47%), Quality Score 25/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ERA calculated?
We run Eramet SA through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of €48.26 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. Eramet SA currently trades 32% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Eramet SA (ERA)?
The closing price on Nov 13, 2026 was €32.92. Our model-based fair value is €48.26, about +47% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Eramet SA right now?
The large discount to fair value meets weak quality (25/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (€19.12 to €77.39). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Eramet SA

How large is the market capitalisation of Eramet SA (ERA)?
The market capitalisation of Eramet SA is €943M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Eramet SA (ERA)?
The price-to-sales ratio of Eramet SA is 0.32 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Eramet SA (ERA)?
Earnings per share at Eramet SA are €−18.17. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Eramet SA (ERA)?
The dividend yield of Eramet SA is 4.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Eramet SA (ERA)?
The net margin of Eramet SA is −17.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Eramet SA (ERA)?
The return on equity (ROE) of Eramet SA is −38.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Eramet SA (ERA)?
On an EBIT basis the return on assets of Eramet SA is 4.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Eramet SA (ERA)?
The operating margin of Eramet SA is 1.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Eramet SA (ERA)?
Revenue at Eramet SA is growing +15.7% versus a year earlier (3y avg −18.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Eramet SA (ERA)?
Earnings per share at Eramet SA are growing +425% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Eramet SA (ERA) generate?
The free cash flow of Eramet SA is −€785M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Eramet SA (ERA) carry?
The net debt of Eramet SA is €2.0B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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