Commodity prices diverged in the quarter. Despite solid China steel production, iron ore and metallurgical coal prices are down, while copper rose on supply issues and hopes of faster global growth. However, prices are elevated compared with history and cost-curve support.
Emerging-markets demand for steel, producer consolidation and supply discipline and the relative paucity of high-grade metallurgical coal deposits could backstop pricing.
A slower-growing Chinese steel industry if investment growth in infrastructure and real estate slows and ultimately reverses would likely exert significant downward pressure on metallurgical coal prices.
|
Metric
|
TECK
|
BHP
|
NGLOY
|
|---|---|---|---|
Price/Earnings (Normalized) | 12.33 | 10.71 | 10.82 |
Price/Book Value | 1.20 | 3.48 | 1.41 |
Price/Sales | 2.23 | 2.61 | 1.05 |
Price/Cash Flow | 7.74 | 6.77 | 4.64 |
|
Metric
|
TECK
|
BHP
|
NGLOY
|
|---|---|---|---|
Quick Ratio | 0.50 | 1.08 | 1.06 |
Current Ratio | 1.10 | 1.57 | 1.85 |
Interest Coverage | — | 7.59 | 4.20 |
|
Metric
|
TECK
|
BHP
|
NGLOY
|
|---|---|---|---|
Return on Assets (Normalized) | 5.01% | 13.90% | 3.73% |
Return on Equity (Normalized) | 10.24% | 31.67% | 9.49% |
Return on Invested Capital (Normalized) | 7.11% | 21.70% | 6.06% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
BHPLF
| BHP Group Ltd | ZL | Zstypv | $144.3 Bil | |
BHP
| BHP Group Ltd ADR | Wymnbbqs | Wbl | $144.3 Bil | |
RTNTF
| Rio Tinto Ltd | — | Mgg | $134.0 Bil | |
RIO
| Rio Tinto PLC ADR | Vqwxfwfzt | Qspz | $108.7 Bil | |
VALE
| Vale SA ADR | Mgkp | Mctx | $50.3 Bil | |
NGLOY
| Anglo American PLC ADR | Jshpsdvxf | Xfjk | $36.1 Bil | |
LAC
| Lithium Americas Corp | Qpcvvcc | Hsyv | $1.1 Bil | |
LAAC
| Lithium Americas (Argentina) Corp | Wsbmkzps | Xwcssr | $818.0 Mil | |
CMP
| Compass Minerals International Inc | Ythjfyvn | Jqjltc | $566.8 Mil |
