Vale Reports Soft 2Q and Remains Overvalued; USD 4 FVE Maintained
We maintain our USD 4 fair value estimate for no-moat-rated Vale. The company's second quarter was weaker sequentially, primarily because of lower realized iron ore prices. Iron ore suffered with the decline in the June quarter price, the impact of provisional pricing, and sales of low-quality iron ore. Our 2017 adjusted earnings forecast declines 6% to USD 1.03 per share as a result. We still expect prices to fall through the rest of the year as China’s 2016 fiscal stimulus unwinds, but if this...
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