Raising our Anglo American FVE to GBX 460 but Shares Still Overvalued
We raise our fair value estimate for no-moat-rated Anglo American to GBX 460 from GBX 430 per share. The increase primarily reflects small reductions in expected capital and operating costs for Anglo, given the current focus on efficiency and productivity, and the time value of money. Despite the increase, we still think Anglo American is overvalued. Current commodity prices are elevated reflecting the cyclical upturn in global growth as well as the benefit from China’s stimulus in 2016. The eff...
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