Vale generates profits even given the decline in iron ore prices, owing to its low-cost production.
We maintain our USD 8.90 per share fair value estimate for no-moat-rated Vale. Second-quarter realised prices for Vale's key commodities were largely as expected. The 3.6% higher spot nickel price assumption of USD 6.29 per pound is a minor benefit. We’ve also increased our coal price forecasts between 2018 and 2020 by about 10%, however, coal is a small part of Vale's business. We estimate it will contribute just 1% to group EBIT in 2018. Our 4% lower 2018 capital expenditure forecast of USD 3....
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