Analyst Note| Mathew Hodge, CFA |
No-moat Rio Tinto’s 2020 result was strong. Adjusted net profit after tax increased 20% to USD 12.4 billion, or USD 7.64 per share, in line with our forecast. Group adjusted EBITDA rose 13% to USD 23.9 billion, driven by a 17% uplift in iron ore EBITDA to USD 19.9 billion and a 9% increase in copper EBITDA to USD 2.1 billion. Aluminium EBITDA was flat at USD 1.0 billion.