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Teck Resources Ltd Class B (Sub Voting) TECK

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Stock XNYS Rating as of
$48.54 +0.39 (0.81%)
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As of Delayed Price Post-Trading: $48.16 −0.38
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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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TECK is trading at a 717% premium.
Price
$48.15
Fair Value
$32.00
Uncertainty
High
1-Star Price
$92.10
5-Star Price
$82.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Emerging-market demand for steel, producer consolidation and supply discipline, and the relative paucity of high-grade metallurgical coal deposits could backstop pricing.

Bears

A slower-growing Chinese steel industry, if investment growth in infrastructure and real estate slows and ultimately reverses, would likely exert significant downward pressure on metallurgical coal prices.

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Trading Information

Previous Close Price
$48.15
Day Range
$47.77–48.56
52-Week Range
$34.38–55.13
Bid/Ask
$48.16 / $48.68
Market Cap
$25.19 Bil
Volume/Avg
1.6 Mil / 3.5 Mil

Key Statistics

Price/Earnings (Normalized)
15.86
Price/Sales
2.26
Dividend Yield (Trailing)
0.77%
Dividend Yield (Forward)
0.76%
Total Yield
1.44%

Company Profile

Teck is a diversified miner with coal, copper, and zinc operations in Canada, the United States, Chile, and Peru. Metallurgical coal is Teck's primary commodity in terms of EBITDA contribution, followed by copper and zinc. Teck is the world's second-largest exporter of seaborne metallurgical coal and is a top-three zinc miner. Its major new copper mine in Chile at the majority-owned Quebrada Blanca 2, in partnership with Sumitomo, will drive an increase in Teck’s attributable copper production by roughly 75%. Along with a number of additional copper growth options, Teck’s strategy is to rebalance its portfolio to low-carbon metals such as copper. It sold its oil sands business in early 2023 and has agreed to sell its coal business. The deal is likely to close in the third quarter of 2024.
Sector
Basic Materials
Industry
Other Industrial Metals & Mining
Stock Style Box
Large Value
Total Number of Employees
12,600
Website
https://www.teck.com

Competitors

Valuation

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Metric
TECK
RIO
BHP
Price/Earnings (Normalized)
 15.8611.0210.85
Price/Book Value
 1.302.423.53
Price/Sales
 2.262.402.65
Price/Cash Flow
 12.097.836.86
Price/Earnings
TECK
RIO
BHP

Financial Strength

Metric
TECK
RIO
BHP
Quick Ratio
 0.741.041.08
Current Ratio
 1.491.691.57
Interest Coverage
 17.378.047.59
Quick Ratio
TECK
RIO
BHP

Profitability

Metric
TECK
RIO
BHP
Return on Assets (Normalized)
 3.93%11.84%13.90%
Return on Equity (Normalized)
 8.16%22.48%31.67%
Return on Invested Capital (Normalized)
 5.80%19.38%21.70%
Return on Assets
TECK
RIO
BHP
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