Maintain CAD 14 per Share FVE, but Teck’s Buoyant Earnings Unlikely to Last
We maintain our CAD 14 per share fair value estimate for no-moat-rated Teck Resources. This is despite lowering our 2017 adjusted earnings forecast to CAD 4.99 per share from CAD 5.42 previously. The lower earnings forecast primarily reflects appreciation of the Canadian dollar, but also a minor lowering of guidance for coal. Teck now expects to mine 27 million-27.5 million tonnes of metallurgical coal versus 27 million-28 million tonnes previously. Expected cash costs have also increased to CAD...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.
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