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FVEs Increased for Iron Ore Miners on Higher Midcycle Prices, Partially Offset by Higher Costs

Regional Director Mathew Hodge

Mathew Hodge, CFA Regional Director

Analyst Note

| Mathew Hodge, CFA | Jun 3, 2022

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.

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Vale SA ADR's Company Profile

Business Description

Vale is the world’s largest iron ore miner and one of the largest diversified miners, along with BHP and Rio Tinto. Earnings are dominated by the bulk materials division, primarily iron ore and iron ore pellets, with minor contributions from iron ore proxies, including manganese and coal. The base metals division is much smaller, primarily consisting of nickel mines and smelters with a small contribution from copper.

Contact

Praia de Botafogo, 186, Offices 701 - 1901
Rio de Janeiro, RJ, 22250-145, Brazil

T +55 2134855000

Vale.RI@vale.com

Sector Basic Materials

Industry Other Industrial Metals & Mining

Most Recent Earnings Mar 31, 2022

Fiscal Year End Dec 31, 2021

Stock Type —

Employees 72,266

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