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Glencore PLC - Stock Quote GLEN

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Morningstar's Glencore PLC Stock Analysis

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FVEs for Anglo American, BHP, and Glencore Modestly Reduced as Queensland Hikes Coal Royalty Rates

Mathew Hodge, CFA Regional Director

Analyst Note

| Mathew Hodge, CFA |

We modestly reduce our fair value estimates for coal miners operating in Queensland after the state imposed higher royalties on coal sales. Of our coverage, no-moat Anglo American is the most affected, and we reduce our fair value estimate to GBX 3,200 per share from GBX 3,350. We also lower our fair value estimates for no-moat BHP to AUD 38.00 per share, from AUD 38.50, and for no-moat Glencore to GBX 570 per share, down from GBX 580. However, we maintain our fair value estimates for no-moat New Hope and Whitehaven Coal of AUD 4.00 per share and AUD 5.20 per share, respectively.

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Glencore PLC's Company Profile

Business Description

Glencore is one of the world's largest commodities traders, active in markets for metals and minerals, energy products, and agricultural goods. The firm's marketing business provides sourcing, logistics, transportation, storage, and financing services to commodity producers and consumers around the globe. The 2013 merger with diversified miner Xstrata propelled the company to become one of the world's largest commodity producers. Core exposures are in the production of thermal coal, coking coal, copper, zinc, nickel and ferroalloys.

Contact
Baarermattstrasse 3, P.O. Box 1363
Baar, CH-6340, Switzerland
T +41 417092000
Industry Other Industrial Metals & Mining
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Stock Type
Employees 134,914

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