Raising Our Anglo American FVE to GBX 1040 with Higher Prices
We raise our fair value estimate for no-moat rated Anglo American to GBX 1040 per share from GBX 950 previously. The increase reflects stronger near-term commodity prices, particularly for coal and copper. In addition, the spot price of nickel has also risen. Loss of a few months' iron ore production from Brazil, due to a pipeline outage, will see Anglo American's output decline by about three million tonnes or 5%. It's a mild negative given the favourable iron ore price but is more than offset ...
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