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ERAMET S.A (ERMAF) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of ERAMET S.A $14.69, price $49.40, upside -70.3%, quality 26 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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

ES ERAMET S.A logo Thin data Sep 24, 2026

ERAMET S.A

ERMAF · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $14.69 · Strongly overvalued (−70.3%)
!Quality 26/100
!Weak Growth (revenue 5y −0.4 %/yr)
!Loss-making · -17.1% net margin (TTM)
!High debt · negative free cash flow
!Narrow moat 9/100
!Evidence only low, so the estimate is less certain

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

$161.13 $25.63 Fair Value $14.69 Oct 2015 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $25.63 – $161.13 · fair‑value band $10.96 – $21.92 · the $49.40 price screens above the $14.69 fair value. Dashed = 300-day average. As of Sep 24, 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 S.A (ERMAF) currently trades at $49.40, while our model-based Fair Value estimate is $14.69, 70.3% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 80/100, which puts the evidence level at low.

Scenario range: $10.96 (bear) to $21.92 (bull), the price of $49.40 sits above 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 26/100 (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 S.A 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 $1.6B · P/S ratio 0.57 · EPS (TTM) $−19.34 · Net margin −17.3% · Return on equity −31.4% · Return on assets (EBIT) 4.7% · Operating margin −7.7% · Revenue (TTM) €2.8B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).

What moves the price

The share trades about 55% 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 10% fair-value upside, at −70%, ERMAF screens richer than that median.

Fair Value models

Bear $10.96 Fair Value $14.69 Bull $21.92
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
EV/EBITDA n/a n/a $12.34 62
NCAV (Graham) $14.09 $18.89 $28.19 54
All 2 models by family
Multiples
EV/EBITDA n/a n/a $12.34 62
Asset-Based
NCAV (Graham) $14.09 $18.89 $28.19 54

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Quality Score breakdown

Overall quality 26/100

Of which business quality 24 · Market factors (momentum, volatility) 25

Profitability 6
Margins and returns on capital today
Quality Growth 11
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 9
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 33
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 82
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
−6.2%
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

ERMAF screens overvalued: fair value 70% below the price. Compare with Saudi Arabian Mining Company →

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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%
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%
Vedanta Limited VEDL ₹266.35 ₹655.92 +146%

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ERAMET S.A · Fair Value
$14.69 −70%Fair Value
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Cite: Fair Value Calculator (2026). "ERAMET S.A Fair Value". https://www.fairvalue-calculator.com/stock/ERMAF

Frequently asked questions

Is ERAMET S.A (ERMAF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $14.69 versus a price of $49.40, about −70% upside (overvalued).
What is the fair value of ERMAF?
Our model-based fair value for ERAMET S.A is $14.69 (as of Sep 24, 2026), built from audited fundamentals. The current price: $49.40.
What is the quality score of ERMAF?
ERAMET S.A has a Quality Score of 26/100. 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 S.A (ERMAF)?
Our model-based price target is the fair value of $14.69 (as of Sep 24, 2026) from 2 valuation models. Cautious scenario $10.96, optimistic scenario $21.92. It is a calculation from audited fundamentals, not an analyst target.
What is the ERAMET S.A stock forecast for 2026?
Our models put fair value at $14.69, about −70% upside versus a price of $49.40 (overvalued). Cautious scenario $10.96, optimistic scenario $21.92. The calculation is refreshed regularly with new filings.
What is the revenue of ERAMET S.A (ERMAF)?
ERAMET S.A reported trailing-twelve-month revenue of about €2.8B (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of ERAMET S.A (ERMAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ERAMET S.A it is $14.69 per share (as of Sep 24, 2026), against a price of $49.40. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is ERAMET S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ERMAF trades above its calculated fair value: price $49.40, fair value $14.69, a gap of about −70% (overvalued). 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 ERMAF?
No. The price is what the market pays today ($49.40); the fair value is what the company's own numbers justify ($14.69). For ERAMET S.A the two are $34.71 per share apart. That gap is exactly why we show both numbers side by side.
How much is ERAMET S.A worth?
The market values ERAMET S.A at about $1.6B (market capitalisation, as of Sep 24, 2026). Per share that is $49.40; our models calculate a fair value of $14.69 per share.
What do the bullish and bearish scenarios say about ERMAF?
Our models span a range for ERAMET S.A: cautious scenario $10.96, base $14.69, optimistic $21.92 per share (as of Sep 24, 2026, price $49.40). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is ERMAF from its 52-week high?
ERAMET S.A trades at $49.40, about 55% below its 52-week high of $108.81 and at the low of $49.40 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $14.69 is for.
Which stocks are comparable to ERAMET S.A?
From the same area (Basic Materials) we also value Saudi Arabian Mining Company, CMOC Group, Hindustan Zinc Limited, China Tungsten And Hightech Materials Co, 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 S.A stock attractive at the current price?
The data as of Sep 24, 2026: price $49.40, calculated fair value $14.69 (−70%), Quality Score 26/100, 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 ERMAF calculated?
We run ERAMET S.A through 2 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 $14.69, 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 14.5 % above its aggregate fair value. ERAMET S.A itself currently trades above fair value. 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 S.A (ERMAF)?
The closing price on Oct 2, 2026 was $49.40. Our model-based fair value is $14.69, about −70% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ERAMET S.A right now?
The price sits above even our optimistic bull case ($21.92). The favourable scenario is already priced in. Weak quality (26/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($10.96 to $21.92) leaves room in how you read the outcome.

Key figures of ERAMET S.A

How large is the market capitalisation of ERAMET S.A (ERMAF)?
The market capitalisation of ERAMET S.A is $1.6B. 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 S.A (ERMAF)?
The price-to-sales ratio of ERAMET S.A is 0.57 (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 S.A (ERMAF)?
Earnings per share at ERAMET S.A are $−19.34. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ERAMET S.A (ERMAF)?
The net margin of ERAMET S.A 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 S.A (ERMAF)?
The return on equity (ROE) of ERAMET S.A 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 S.A (ERMAF)?
On an EBIT basis the return on assets of ERAMET S.A 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 S.A (ERMAF)?
The operating margin of ERAMET S.A 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 S.A (ERMAF)?
Revenue at ERAMET S.A 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 S.A (ERMAF)?
Earnings per share at ERAMET S.A are growing +425% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ERAMET S.A (ERMAF) generate?
The free cash flow of ERAMET S.A 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 S.A (ERMAF) carry?
The net debt of ERAMET S.A 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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