Rio Tinto Dividends Likely Rise with 2017 Result, but Shares Remain Overvalued
Fourth-quarter production for Rio Tinto was in line with our expectations and guidance, however, commodity prices and not volumes are the dominant force. We raise our fair value estimate for no-moat Rio Tinto to AUD 48 per share from AUD 46 per share previously. The increase reflects higher near-term earnings forecasts, primarily due to very strong commodity prices--particularly iron ore and metallurgical coal--in the past few months. We lift our 2018 forecasts for copper by 4% to USD 2.60 per p...Rio Tinto is a mining group based in the United Kingdom and Australia. Co. is engaged in the business of finding, mining and processing mineral resources. Co.'s major products are iron ore, aluminium, copper, diamonds, coal, uranium, gold and industrial minerals (borax, titanium dioxide and salt). Co.'s activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and Africa. Co.'s operations comprise four principal product groups - Iron Ore, Aluminium, Copper and Diamonds, and Energy & Minerals.
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