Analyst Note
| Mathew Hodge, CFA |We raise our fair value estimates for no-moat BHP, Rio Tinto, Vale, and Anglo American to AUD 38.50, AUD 108, USD 20.50, and GBX 3,350, respectively, up from AUD 36, AUD 101, USD 17.50, and GBX 3,150 previously. The increases are driven by higher assumed midcycle iron ore prices, partially offset by lower near-term prices and higher unit costs.