Vale on Track to Meet Full-ear Guidance, Raising our FVE to USD 8.90 due to Strong Prices
We raise our fair value estimate for no-moat-rated Vale to USD 8.90 per share from USD 7.80. The increase reflects higher near-term commodity prices and the higher nickel price.First-quarter output was weak with a severe rainy season impacting iron ore shipments and an unplanned production disruption at the Sudbury nickel operations. Despite this, Vale remains on track to meet full-year 2018 guidance. The company still expects to ship 390 million tonnes of iron ore and 55 million tonnes of iron...
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