Glencore: UBS reiterates buy rating
(CercleFinance.com) - UBS reiterates its buy rating on the shares of the mining and commodities trading giant Glencore, along with its target price of 520 pence.
"There is a pathway for Glencore to lift recycling EBITDA from ~$250m to ~$1bn over next 5yrs...but Glencore is getting ready for the real growth in 2030s...".
Note that the group announced EPS that slumped 61% to $0.36 for H1 2023, as well as EBITDA that was halved to $9.4bn, on revenues that fell 20 % to $107.4bn.
Adjusted EBITDA of industrial assets, which was also halved (-51%) to $7.4bn, was affected primarily by weak pricing, particularly in coal, as well as the impact of cost inflation across its asset base.
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.