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12 Feb 2024
Non material data changes

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Non material data changes
Glencore plc (GLEN:LON) | 349 -29 (-2.3%) | Mkt Cap: 41,264m
- Published:
12 Feb 2024 -
Author:
Zeng Qiang QZ | Spence Alan AS -
Pages:
9 -
We have adjusted our estimates. We do not consider the changes to be material; our rating is unchanged.
Ahead of 2H23 results on 21 February, we make adjustments at the divisional level for some of our operating forecasts. We forecast 2H23 EBITDA of USD 8.1bn vs current Visible Alpha consensus of USD 7.7bn. Net debt at YE23 is forecast at USD 4.7bn (excluding 25bn of RMIs - readily marketable inventories) with a base dividend of USD 0.11/sh with no top up.