Raising our Glencore FVE to GBX 220 per Share due to Favourable Prices
We raise our fair value estimate for no-moat rated Glencore to GBX 220 from GBX 105 per share previously. The key driver of the uplift is higher commodity prices. We have factored in spot prices for zinc, lead, nickel, and cobalt of USD 1.53 per pound, USD 1.17 per pound, USD 5.71 per pound, and USD 34.10 per pound respectively. On a weighted basis, this represents a 25% uplift in our forecast revenue for these mined commodities. We have also factored in higher spot prices for ferroalloys. Colle...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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