Raising Our Vale FVE to USD 7.80 per Share With Higher Commodity Prices
We raise our fair value estimate for no-moat-rated Vale to USD 7.80 per share from USD 6.00 per share to reflect higher near-term and spot commodity prices. We lift our 2018 forecasts for copper by 4% to USD 2.60 per pound, iron ore by 9% to USD 56 per tonne, and coking coal by 27% to USD 175 per tonne. We also raise our 2019 forecasts for iron ore by 22% to USD 47 per tonne and copper by 9% to USD 2.40 per pound. In addition, we have factored in spot prices for nickel and cobalt of USD 5.71 per...
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