Glencore FVE Increased to GBX 250 with Commodity Prices Still Benefiting
We raise our fair value estimate for no-moat-rated Glencore to GBX 250 from GBX 220 per share. The increase reflects stronger near-term commodity prices, particularly for coal and copper. In addition, spot prices for nickel and cobalt have also risen. The firm continues to be an active buyer and seller of assets, particularly coal. The proposed acquisition of Rio Tinto's 82% stake in the Hail Creek coking and thermal coal mine is highly likely to go ahead. We think it’s slightly value-dilutive, ...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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