Rio Tinto Plc : Ideally positioned to benefit from the current uptrend in iron but valuation is demanding, Neutral rating maintained and target price cut to 5,300p
>From mixed operating performance in H1 towards a recovery in H2 - H1 results accentuated the imbalance between a very solid core iron ore business and the rest of the divisions which are more under pressure due to a raft of operating problems. In iron ore in Australia, the group is benefiting from its significant investment in recent years and following a solid performance in H1, it now expects to be in the upper end of the 2023 guidance range for shipments at Pilba...Rio Tinto is engaged in finding, mining and processing mineral resources. Co. has four product groups: iron ore, which supplies the global seaborne iron ore trade; aluminium, which includes bauxite mines, alumina refineries, and aluminium smelters; Copper and Diamonds, which has managed operations in Australia, Canada, Mongolia and the U.S., and non-managed operations in Chile and Indonesia, with by-product including gold, silver, molybdenum and others such as sulphuric acid, rhenium, and lead carbonate; and Energy and Minerals, which comprises mining, refining and marketing operations across borates, coal, iron ore concentrate and pellets, salt, titanium dioxide and uranium sectors.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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