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Glencore PLC GLEN

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Stock XLON Rating as of
GBX 480.80 +3.80 (0.80%)
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Company Report

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Commodity Price Update Q3 2024: Value in Mineral Sands, Gold, and Thermal Coal

Jon Mills

Base metals prices surged earlier in the June quarter of 2024 before partially reversing due to concerns over China’s economy. Iron ore prices are broadly stable despite China's struggling property market and weak infrastructure spending, leading to questions over China's steel demand. After updating our commodity price assumptions, no-moat Iluka is the cheapest miner we cover, trading 31% below its unchanged fair value estimate of AUD 9.50.

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Price vs Fair Value

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GLEN is trading at a 119% premium.
Price
GBX 477.00
Fair Value
GBX 761.00
Uncertainty
High
1-Star Price
GBX 737.50
5-Star Price
GBX 486.00
Economic Moat
Xdwhy
Capital Allocation
Ncpmdxpz

Bulls Say, Bears Say

Bulls

Glencore's globe-spanning network of traders and logistics assets generates significant economies of scope.

Bears

Glencore's mining portfolio is overweight higher-risk countries with relatively underdeveloped institutions and limited legal safeguards for foreign investors.

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Trading Information

Previous Close Price
GBX 477.00
Day Range
GBX 474.10–483.30
52-Week Range
GBX 365.31–506.72
Bid/Ask
GBX 452.00 / GBX 485.00
Market Cap
GBX 5.84 Tril
Volume/Avg
17.1 Mil / 37.6 Mil

Key Statistics

Price/Earnings (Normalized)
9.93
Price/Sales
0.34
Dividend Yield (Trailing)
4.76%
Dividend Yield (Forward)
2.15%
Total Yield
9.86%

Company Profile

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. Core exposures are in the production of thermal coal, coking coal, copper, zinc, nickel, cobalt, and ferroalloys. Unlike other major miners, Glencore plans to produce thermal coal until its mines exhaust, arguing that it is better for listed, western companies to own these assets and then rehabilitate them consistent with western standards. It has also agreed to buy Teck's metallurgical coal business, with the deal likely closing in the third quarter of 2024.
Sector
Basic Materials
Industry
Other Industrial Metals & Mining
Stock Style Box
Large Value
Total Number of Employees
140,000
Website
https://www.glencore.com

Competitors

Valuation

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Metric
GLEN
RIO
BHP
Price/Earnings (Normalized)
 9.9311.4511.19
Price/Book Value
 1.702.523.64
Price/Sales
 0.342.492.73
Price/Cash Flow
 10.218.137.08
Price/Earnings
GLEN
RIO
BHP

Financial Strength

Metric
GLEN
RIO
BHP
Quick Ratio
 0.351.041.08
Current Ratio
 1.291.691.57
Interest Coverage
 2.918.047.59
Quick Ratio
GLEN
RIO
BHP

Profitability

Metric
GLEN
RIO
BHP
Return on Assets (Normalized)
 5.31%11.84%13.90%
Return on Equity (Normalized)
 14.49%22.48%31.67%
Return on Invested Capital (Normalized)
 11.14%19.38%21.70%
Return on Assets
GLEN
RIO
BHP
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