Raising Anglo American's Fair Value Estimate on Higher Met Coal Prices; Long-Term Outlook Intact
Anglo American reported decent production figures in third-quarter 2016, with year-on-year growth across all commodities except copper and thermal coal. We are increasing our fair value estimate for Anglo American slightly to GBX 320 per share from GBX 310 previously, based on higher near-term metallurgical coal prices. However, with shares trading above GBX 1000 per share currently, we view Anglo American shares as significantly overvalued.Overall production, expressed in copper equivalent te...
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