Glencore 3Q Production In Line With Expectations; Slightly Raising FVE on Higher Met Coal Prices
We are slightly raising our Glencore fair value estimate to GBX 60 from GBX 50 previously to reflect the impact of higher near-term met coal prices. While Glencore does not have significant met coal exposure, the company's high financial leverage means that small changes in our cash flow forecast have a large impact on the residual equity value. Our longer-term outlook is unchanged and we continue to view shares as considerably overvalued.Third-quarter production came in broadly in line with e...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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