Glencore Shares Poised For Rerating -- Market Talk

Dow Jones09-20

0808 GMT - Glencore has several paths to a share rerating, Jefferies analysts Christopher LaFemina and Patricia Hove write in a research note. These include an increase in capital returns from next year as a result of higher copper prices and cash flows from its Elk Valley Resources acquisition, the analysts say. Other factors include a recognition that thermal coal demand is likely to decline much slower than many market watchers had expected, and moving its base of operations and listing to the U.S., which would likely improve the liquidity in its shares and broaden its shareholder base, they say. They expect prices for copper and metallurgical coal to rise, and a growth in capital returns and value creation from opportunistic M&A to lead to a higher valuation for Glencore's shares over time. Shares are down 0.3% at 387.35 pence. (christian.moess@wsj.com)

(END) Dow Jones Newswires

September 20, 2024 04:09 ET (08:09 GMT)

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