Dividends Feature in 2017 as China Stimulus Buoys Result, but Rio Tinto Is Not an Income Stock
No-moat Rio Tinto's first-half 2017 adjusted net profit after taxes of USD 3.9 billion was slightly weaker than we expected, primarily due to costs associated with the repurchase of bonds and a higher effective tax rate on underlying earnings, and we're not changing our AUD 42 fair value estimate. We had forecast a full-year tax rate of 26%, more in keeping with the historical average, but Rio Tinto guides to a full-year rate of about 30%. The higher tax rate reduces adjusted profit by about USD...Rio Tinto is engaged in finding, mining and processing mineral resources. Co. has four product groups: iron ore, which supplies the global seaborne iron ore trade; aluminium, which includes bauxite mines, alumina refineries, and aluminium smelters; Copper and Diamonds, which has managed operations in Australia, Canada, Mongolia and the U.S., and non-managed operations in Chile and Indonesia, with by-product including gold, silver, molybdenum and others such as sulphuric acid, rhenium, and lead carbonate; and Energy and Minerals, which comprises mining, refining and marketing operations across borates, coal, iron ore concentrate and pellets, salt, titanium dioxide and uranium sectors.
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