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.
|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|
|09Jan17 17:04||RNS||TR-1: Notification of Major Interest in Shares|
|05Jan17 16:53||RNS||Mutanda Mining Sarl ("Mutanda")|
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).
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Opuama production restarts
21 Feb 17
Eland has confirmed the successful restart of exports from OML 40 through the new shipping alternative that it has implemented. Sales from the export terminal are expected imminently, re-establishing cash generation for Eland. Cash at YE16 was US$11.1m which has since reduced to US$5.9m, mainly reflecting initial operating expenses for the shipping alternative. While it is early days, Eland has demonstrated its ability to restart exports and production from OML 40 following the shut-down of the Forcados terminal a year ago. Production to date is averaging around 7kbd and we expect that to ramp up as Opuama operational performance improves. At US$55/bbl Brent, we estimate Eland is generating a net cash margin of around US$25/bbl. We reiterate our Buy recommendation and 95p per share Target Price.
Small Cap Breakfast
24 Feb 17
GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow. Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo. Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb.
Operating update and shareholder activism
15 Feb 17
December and January have seen the emergence of shareholder activism at Bowleven (BLVN), bringing its strategy and management into greater focus. Its largest shareholder (Crown Ocean Capital, COC) evolved from being a supportive shareholder to voting against a number of resolutions at the December AGM, to recently calling for the widespread removal of the board and a radically different company structure. Operationally, the company reports that a new development concept is under review by the stakeholders in Etinde, where production would be piped to existing gas processing facilities in Equatorial Guinea. Such a solution would (if approved) require significantly less capex and could be brought online relatively quickly vs other solutions (fertiliser, FLNG, gas to power). We leave our valuation largely unchanged, save for a revision to cash holding to reflect the recent operational update. Our new core NAV is 49p/share.