Chulete escribió:Siempre confiamos...
$VALE3: Wooing Morgan to Macquarie, Iron Giant Vale Closes Valuation Gap (Bloomberg)
There hasn’t been this much love for Brazil’s iron-ore behemoth in years. A murky ownership structure, high shipping costs and its status as an emerging-market stock have meant Vale SA traditionally traded at a discount to peers. That was exacerbated by a commodity downturn that made one of the industry’s heaviest debt loads even heavier, exposing an aggressive expansion push undertaken when prices were high. Now, the Rio de Janeiro-based company’s efforts to close its valuation gap are bearing fruit.
The stock is trading at the smallest discount to an index of iron-ore and steel producers since 2015 and analysts are the most bullish in more than three years. In the past six months, Vale has overshadowed its main rivals -- BHP Billiton Ltd. and Rio Tinto Group -- in the stock market amid a string of accomplishments, culminating with Monday’s announcement that it finally signed a $2.7 billion financing deal for its Mozambique coal project. It has also offloaded fertilizer assets, engaged in a share-conversion program to boost transparency and completed the industry’s largest project -- the $14 billion S11D mine, which is increasing output of high-quality, low-cost ore. That’s won over analysts including Morgan Stanley, BTG Pactual and Macquarie, all of which have raised their recommendation to the equivalent of buy in the past week. “The market has favored Rio Tinto over Vale, but we think this can change going forward,” Morgan Stanley analyst Carlos de Alba wrote in a note to clients.
Y recién arranca a acomodarse los ratios etc...vamos muy bien. Gracias Chulete x tus aportes constantes q tanto nos ayudan...
