Glencore Expects to Lift Volumes, but High Coal Price Sees Shares Overvalued
We raise our fair value estimate on no-moat rated Glencore to GBX 250 from GBX 240 previously. The primary driver is depreciation of the GBP/USD exchange rate from 1.32 to 1.27. We also incorporate updated guidance for production and costs across its mining business and softer short-term guidance for marketing. On a net basis, those changes are a wash. On the plus side, volume guidance for cobalt, zinc, coal, and ferrochrome is stronger and the outlook for copper cash costs is better than expect...Glencore is engaged as a natural resource companies. Co. is organized and operates on a worldwide basis in three main business segments: Metals and minerals, which comprised of zinc, copper, lead, alumina, aluminium, ferroalloys, nickel, cobalt and iron ore; Energy products, which comprised of crude oil, oil products, steam coal and metallurgical coal; and Agricultural products, which comprised of wheat, corn, canola, barley, rice, oil seeds, meals, edible oils, biofuels, cotton and sugar supported by investments in storage, handling, processing and port facilities.
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