Raising Teck's Fair Value on Short-Term Met Coal Price Rally, but Our Long-Term Outlook Unchanged
We are raising our fair value estimate for Teck Resources to $6.50 from $5 and CAD 9 from CAD 7 based on higher metallurgical coal prices in the short term, but we believe this recent rally is unsustainable. We expect met coal prices to decline significantly from recent peaks as currently tight market conditions will loosen with weaker demand and additional supply coming on line. Teck shares remain significantly overvalued in our view.ÂThe company reported third-quarter results better than we e...
Teck Resources is engaged in mining and related activities including exploration, development, processing, smelting and refining. Co.'s major products are steelmaking coal, copper and zinc. Co. also produces precious metals, lead, molybdenum, electrical power, fertilizers and other metals. Co. also owns an interest in certain oil sands leases and have partnership interests in an oil sands development project and wind power project.
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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