Raising our FVE to USD 6.00 per Share but Vale Still Overvalued
We raise our fair value estimate on no-moat Vale to USD 6.00 per share from USD 4.10 per share previously, but with the shares trading around USD 11.00, Vale remains overvalued. We think the market is too optimistic on future commodity prices following the strong rally in 2016 and 2017, driven by Chinese stimulus spending. We think the market is factoring in a long-term iron ore price close to USD 60 per tonne.The increase to our fair value estimate follows a comprehensive review of our forecas...
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