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Vale S.A. Message Board

  • ivaderperswader ivaderperswader Aug 29, 2013 5:01 PM Flag

    Target price of $22 after minor changes to our adjusted 13 EPS

    S&P MAINTAINS BUY RECOMMENDATION ON ADSS OF VALE
    (S&P Capital IQ)
    We maintain our target price of $22 after minor changes to our adjusted 13 EPS forecast of $2.57 as Vale's Q2 adjusted EPS of $0.64 was in line. Reported EPS of $0.08 was impacted by derivative/currency losses due to the weaker Real and drives a $0.56 cut to our reported 13 EPS forecast of $1.99. Underlying EBIT of $3.6B was down 17% from a year ago due to lower commodity prices, but cost savings of $700M helped mitigate this. We see a stronger H2 with iron ore prices $15/tonne higher than a year ago due to low inventories and robust demand, while cost savings should help.

    Sentiment: Buy

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VALE
7.665-0.185(-2.36%)12:22 PMEST

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