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

As of Sep 29, 2026: fair value of Eramet SA €48.23, price €44.50, upside +8.4%, quality 27 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Basic Materials · FR · ISIN FR0000131757

ES Eramet SA logo Some data Sep 27, 2026

Eramet SA

ERA · PA

Low PriorityFair Value upside is limited and quality is weak.

·Fair value €48.23 · Fairly valued (+8.4%)
!Quality 27/100
!Weak Growth (revenue 5y −0.4 %/yr)
!Loss-making · -17.1% net margin (TTM)
!High debt · negative free cash flow
!Trails peers (5/13)
!Narrow moat 8/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range €19.11 to €77.35
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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 €40.52 Fair Value €48.23 Aug 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range €40.52 – €145.15 · fair‑value band €19.11 – €77.35 · the €44.50 price screens below the €48.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 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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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. 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 €44.50, while our model-based Fair Value estimate is €48.23, so the stock looks roughly fairly valued today (gap 7.7%).

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Valuation

Bull case: the Multiples group reads highest at a median of €67.31 per share, and 1 of the 4 models we run sit above the €44.50 price.

Bear case: the Dividend Discount group reads lowest at €12.56, and 3 of the 4 models stay below the price. Evidence for this calculation is medium.

Scenario range: €19.11 (bear) to €77.35 (bull), the price of €44.50 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 27/100 (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 €1.3B · P/S ratio 0.44 · EPS (TTM) €−16.67 · Dividend yield 3.5% · Net margin −17.3% · Return on equity −31.4% · Return on assets (EBIT) 4.7% · Operating margin −7.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 49% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −11% fair-value upside, at 8%, ERA screens cheaper than that median.

Fair Value models

Bear €19.11 Fair Value €48.23 Bull €77.35
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
Gordon GGM €11.65 €12.56 €13.91 69
DDM Multi-Stage €11.65 €13.87 €16.73 67
EV/EBITDA €38.19 €67.31 €96.43 65
All 4 models by family
Dividend Discount
Gordon GGM €11.65 €12.56 €13.91 69
DDM Multi-Stage €11.65 €13.87 €16.73 67
Multiples
EV/EBITDA €38.19 €67.31 €96.43 65
Asset-Based
NCAV (Graham) €12.52 €16.78 €25.04 54

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Quality Score breakdown

Overall quality 27/100

Of which business quality 26 · Market factors (momentum, volatility) 24

Profitability 6
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 2
Earnings quality: real cash, not paper profit
Fin. Strength 9
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 36
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 89
Share count: buybacks or dilution?

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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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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 · 448 stocks

Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 27 · Bottom 25%
Fair Value upside +8.7% · Top 25%
Profitability
Return on assets −2.1% · Above median
Net margin (TTM) −17.1% · Bottom 25%
Operating margin (TTM) −7.7% · Bottom 25%
Growth and dividend
Revenue growth −8.2% · Below median
Dividend yield (TTM) 3.5% · Top 25%
Balance sheet
Debt / equity 2.76× · Highest 25%

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

P/B 2.01× · Pricier than median
P/S (TTM) 0.52× · Cheapest 25%
EV/EBITDA 48.4× · Priciest 25%
PEG 0.42× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)45 · sector 0
FUTURE (revenue growth)0 · sector 38
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)70 · sector 31

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
Saudi Arabian Mining Company 1211 61.10 SAR 67.21 SAR +10%
Vale S.A VALE $13.61 $9.87 −27%
CMOC Group 603993 ¥17.08 ¥19.15 +12%
Hindustan Zinc Limited HINDZINC ₹588.95 ₹647.85 +10%
China Tungsten And Hightech Materials Co 000657 ¥57.18 ¥29.56 −48%
Korea Zinc Company 010130 1,116,000 KRW 646,063 KRW −42%
Boliden AB BOL kr 521.00 kr 464.45 −11%
Western Mining Co 601168 ¥35.19 ¥38.71 +10%
Ivanhoe Mines Ltd IVN C$12.06 C$4.46 −63%
Xiamen Tungsten Co 600549 ¥46.90 ¥23.62 −50%

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Eramet SA · Fair Value
€48.23 +8%Fair Value
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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 Sep 27, 2026, our model estimates a fair value of €48.23 versus a price of €44.50, about +8% upside (fairly valued).
What is the fair value of ERA?
Our model-based fair value for Eramet SA is €48.23 (as of Sep 27, 2026), built from audited fundamentals. The current price: €44.50.
What is the quality score of ERA?
Eramet SA has a Quality Score of 27/100. 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 €48.23 (as of Sep 27, 2026) from 4 valuation models. Cautious scenario €19.11, optimistic scenario €77.35. 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 €48.23, about +8% upside versus a price of €44.50 (fairly valued). Cautious scenario €19.11, optimistic scenario €77.35. 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 €2.8B (latest available figure, as of Sep 27, 2026).
Does Eramet SA pay a dividend?
Eramet SA currently shows a dividend yield of about 3.49% relative to its recent price (as of Sep 27, 2026).
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 €48.23 per share (as of Sep 27, 2026), against a price of €44.50. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Eramet SA stock overvalued or undervalued in 2026?
As of Sep 27, 2026, ERA trades below its calculated fair value: price €44.50, fair value €48.23, a gap of about +8% (fairly valued). 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 (€44.50); the fair value is what the company's own numbers justify (€48.23). For Eramet SA the two are €3.73 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 €1.3B (market capitalisation, as of Sep 27, 2026). Per share that is €44.50; our models calculate a fair value of €48.23 per share.
What do the bullish and bearish scenarios say about ERA?
Our models span a range for Eramet SA: cautious scenario €19.11, base €48.23, optimistic €77.35 per share (as of Sep 27, 2026, price €44.50). 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 Sep 27, 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 Sep 27, 2026): return on equity −31.4%, debt of 2.76 per unit of equity. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is ERA from its 52-week high?
Eramet SA trades at €44.50, about 49% below its 52-week high of €87.00 and 8% above the low of €41.26 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of €48.23 is for.
Which stocks are comparable to Eramet SA?
From the same area (Basic Materials) we also value Saudi Arabian Mining Company, Vale S.A, 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 Sep 27, 2026: price €44.50, calculated fair value €48.23 (+8%), Quality Score 27/100, from 4 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 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €48.23, 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 15.9 % above its aggregate fair value. Eramet SA currently trades 8 % 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 Sep 29, 2026 was €44.50. Our model-based fair value is €48.23, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Eramet SA right now?
The model range is unusually wide (€19.11 to €77.35). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.

Key figures of Eramet SA

How large is the market capitalisation of Eramet SA (ERA)?
The market capitalisation of Eramet SA is €1.3B. 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 0.44 (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 €−16.67. 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 3.5%. 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% (fiscal year 2025). 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 −31.4% (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 −7.7% (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 −8.2% 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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