Anglo American: Oddo BHF upgrades stock
(CercleFinance.com) - Oddo BHF upgraded Anglo American shares from "underperform" to "neutral", raising its target price for them from 2,200 pence to 2,450 pence, after edging up its estimates and including a value for Woodsmith.
Anglo is now entering a better phase, in particular marked by the the ongoing Quellaveco ramp-up and the expected increase in production in several businesses - notably coal, the analyst says.
In his opinion, the group has the highest upside of the major mining companies in its coverage scope (BHP, Rio Tinto), with its valuation also remaining attractive, trading at 2024 and 2025 EV/EBITDA multiples of below 4x, against 5x for the other players.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Anglo is now entering a better phase, in particular marked by the the ongoing Quellaveco ramp-up and the expected increase in production in several businesses - notably coal, the analyst says.
In his opinion, the group has the highest upside of the major mining companies in its coverage scope (BHP, Rio Tinto), with its valuation also remaining attractive, trading at 2024 and 2025 EV/EBITDA multiples of below 4x, against 5x for the other players.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.