Morningstar - Teck Resources Limited Class B (TECK.B) Strong 2017 Result for Teck Reflects Favorable Prices, Shares Still Overvalued

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Morningstar

Mathew Hodge

Strong 2017 Result for Teck Reflects Favorable Prices, Shares Still Overvalued

We raise our fair value estimate for no-moat Teck Resources to USD 16 per share from USD 13 per share previously, due to higher near-term forecasts for coking coal and copper and higher spot prices for zinc and lead. We lift our copper forecasts by 4% to USD 2.60 per pound in 2018 and 9% to USD 2.40 per pound in 2019 while 2018 coking coal rises 27% to USD 175 per tonne. Spot prices for zinc and lead also increase by 1.3% and 6%, respectively. Despite 2019 operating cost guidance generally being...

15/02/2018 12 EN

Underlying

Teck Resources Limited Class B

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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CA8787422044 Toronto Stock Exchange Canada

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Mathew Hodge

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Strong 2017 Result for Teck Reflects Favorable Prices, Shares Still Overvalued

Teck Resources Ltd: 1 director

Vermilion Short Shots: Technically Vulnerable Stocks

Vermilion Compass: Weekly Equity Strategy

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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