Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GLENCORE PLC. We currently have 46 research reports from 4 professional analysts.
|27Mar17 09:30||RNS||Director Declaration|
|02Mar17 09:00||RNS||2016 Annual Report|
|23Feb17 07:00||RNS||Preliminary Results 2016|
|23Feb17 07:00||RNS||2017 DISTRIBUTION TIMETABLE|
|13Feb17 15:50||RNS||Glencore purchases stakes in Mutanda and Katanga|
|09Feb17 07:00||RNS||Preliminary Results 2016 Presentation on 23Feb2017|
|02Feb17 07:00||RNS||Production Report for the 12 months ended 31Dec'16|
Frequency of research reports
Research reports on
SP Angel – Morning View
23 Feb 17
Atalaya Mining (ATYM LN) – Acquiring 10% of a second Spanish copper project | BlueRock Diamonds* (BRD LN) – Former BloeRock ceo claims without merit Bushveld Minerals (BMN LN) – Changes to BEE structure and shareholding | Glencore (GLEN LN) – 2016 Results and dividend | IronRidge Resources (IRR LN) – Rock chips in Chad show interesting gold grades
VSA Morning Miner
02 Feb 17
Yesterday, Altyn (ALTN LN) the operator of the Sekisovskoye gold-silver mine in Kazakhstan, announced the appointment of Neil Herbert as Executive Deputy Chair. Neil joined the firm as non-exec in February, 2016 and now steps into an executive role. Neil is known throughout the London market for his participation on boards and managements of numerous successful London listed firms over the years including Polo Resources (POL LN), Galahad Gold, IronRidge Resources (IRR LN), Anglo African Agriculture (AAA LN), Brancote Holdings, and Patagonia Gold (PGD LN).
The mysterious Rosneft deal
31 Jan 17
On 10 December 2016, Glencore announced that it along with the Qatar Investment Authority (QIA) have established a (50:50) consortium for acquiring a 19.5% stake in Rosneft (the Russian oil & gas giant). The total consideration for this deal was €10.2bn – of which Glencore’s equity commitment was a meagre €300m while QIA’s commitment was €2.5bn. The balance was accessed via ‘non-recourse’ bank financing, principally being underwritten by Intesa Sanpaolo (Intesa). Moreover, a ‘new’ five-year agreement was inked between Rosneft and Glencore for providing 0.22m barrels per day of oil for the latter’s trading business. Way back in March 2013, Glencore and Vitol (another major oil trader) had signed a long-term ‘crude and oil products’ supply agreement with Rosneft, ensuring 46.9mt and 20.1mt, respectively, of supply, although the timeframe of delivery not disclosed. Under that agreement, Glencore had extended a $500m trade advance to Rosneft, with the advance being repaid via future oil deliveries starting in March 2015. Besides this (old) business connection, John Mack (former CEO & Chairman at Morgan Stanley), a director on Glencore’s board, had served as a director at Rosneft (during 2013-14). On 3 January 2017, Glencore announced that this transaction has been completed.
Dividends reinstated; is it time to turn (more) optimistic?
08 Dec 16
Glencore continues to surprise the markets, earlier with its fast pace of asset disposals and now with the reinstatement of dividends. The following were the key details shared with investors in a meeting held on 1 December 2016: 1/ completed $6.3bn of asset disposals; 2/ reduced net debt (including readily marketable inventories) by $12.5bn over the last 18 months; 3/ reiterated trading’s 2016 EBIT guidance towards the upper end of the $2.5-2.7bn range; 4/ expects healthy annualised 2016 free cash flows – even at Q1 16 commodity price lows; at 2017 forward prices, FCFs are guided to be $6.5bn; 5/ dividends would be reinstated from 2017 – with $1bn to be paid in two equal tranches in H1 and H2; thereafter (i.e. 2018 onwards), $1bn would be a fixed annual dividend payment (banking on the stability of trading’s cash flows) plus a minimum 25% of FCFs from industrial activities. Production guided to grow Source – Investor Presentation December 2016 While copper would be negatively impacted by the end-of-life impact at Alumbera and the Ernest Henry divestment, the output for all other commodities is guided to be higher (in varying degrees).
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
GMP FirstEnergy ― UK Energy morning research package
27 Mar 17
Amerisur Resources (AMER LN)6; HOLD, £0.30: Reduced 2017e production outlook and year-end 2016 reserves | Condor Petroleum (CPI CN)8 ; BUY, C$3.50: Reports 4Q16 results and remains on track for first production from Turkey in mid-2017e | Hurricane Energy (HUR LN) (not covered): Halifax well update in the UK | Cairn Energy (CNE LN): BUY, £2.90: Update on the VR-1 well in Senegal by Far (FAR AU) (Not covered) | Royal Dutch Shell (RDSA/B LN) (not covered): Divestment of Gabonese assets
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.