Rosneft Deal Doesn't Move Needle for Glencore; Shares Remain Overvalued
We do not plan to make any changes to our GBX 60 fair value estimate for Glencore after the announcement that as part of a consortium with the Qatar Investment Authority, the firm is in the final stages of acquiring a 19.5% interest in Rosneft shares. We think the Rosneft deal doesn’t move the needle for Glencore for a few reasons.First, the size of Glencore’s investment is fairly small. Despite the headline EUR 10.2 billion figure, Glencore will only be contributing EUR 300 million in equity, ...
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.
We have operations in 27 countries.
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