Inflation Starting to Pressure Rio Tinto’s Margins; FVE Maintained
We maintain our AUD 48 per share fair value estimate for no-moat-rated Rio Tinto. First-half 2018 adjusted net profit after tax of USD 4.4 billion was 5% higher than a year ago but slightly below our expectations. Adjusted EBITDA increased 1.7% to USD 9.2 billion, with the contribution from copper and diamonds up 76% to USD 1.4 billion on stronger prices and volumes. This outweighed the headwind from energy and minerals, where EBITDA fell 28% to USD 1.0 billion, mainly due to the loss of earning...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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