Value stocks


Our value stocks theme explores equity research and video content we have for companies that meet our criteria for value stocks

UK stocks that meet the following criteria:

Latest PE Ratio less than 10x  |  Latest P/B Ratio less than 1.2x  |  Latest Price-to-FCF Ratio less than 14x  |  Excluding Mining, Oil & Gas, Funds and Biotech stocks


 

Value Stocks


Our value stocks theme explores equity research and video content we have for companies that meet our criteria for value stocks

UK stocks that meet the following criteria:

Latest PE Ratio less than 10x  |  Latest P/B Ratio less than 1.2x  |  Latest Price-to-FCF Ratio less than 14x  |  Excluding Mining, Oil & Gas, Funds and Biotech stocks

Latest Content

Anglo American

Deleveraging target exceeded, thereby helping reinstate dividends

Anglo American posted strong H1 17 results, resulting in dividends being reinstated. Higher prices (average +30% yoy) across commodities — (met) coal, iron ore, copper and PGMs (due to palladium) — and healthy volumes (in De Beers and Minas-Rio) resulted in the top-line increasing by 22% yoy (and 5.9% hoh) to $12bn. Profit improvements were stellar, with adjusted EBIT soaring 87% yoy (and 22% hoh) to $2.5bn. In addition to the top-line support, profitability also benefited from cost improvements that were partly offset by adverse forex movements and inflation. H1 net attributable profit came in at $1.4bn vs. a loss of $813m (including sizeable impairments) in H1 16 and a profit of $2.4bn (including sizeable asset disposal gains) in H2 16. Even reported OCFs improved by 45% yoy (and 31% hoh) to $3.7bn, aptly supported by a working capital release of $231m (vs. release of $498m in H1 16 and use of $107m in H2 16). Strong cashflows along with controlled capex of $800m (-27% yoy; -39% hoh) further facilitated significant deleveraging, with net debt falling (-22% vs. 2016 end) to $5.5bn. Given that Anglo overshot its deleveraging target for 2017 during the first half, management decided to resume dividends – a good six months before the earlier guidance. As a result, an interim dividend of USc48 per share was announced. 2017 production guidance across commodities remains unchanged, except for Kumba – where 41-43mt of iron ore output is being targeted (vs. 40-42mt guided earlier). In terms of capex, the guidance for 2017 has been reduced by $0.2bn to $2.3bn.

  • 09 Aug 17
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Research Tree aggregates the latest equity research from 367 analysts at 31 city brokerages and research houses in one platform, giving users full access to the latest valuations, target prices, analysis, and financial models on the companies they care about, in real-time.