Switzerland-based Glencore PLC (OTCPK:GLNCY) has certainly taken a different road on its way to becoming one of the world's mining majors. Glencore has no iron ore exposure at present and has instead built around quality base metal and copper assets. Glencore also has extensive agriculture assets and one of the largest physical marketing operations in the world. The shares do deserve a premium for that marketing business, and though the shares may not look like much of a bargain from an EV/EBITDA perspective, there's still credible value here.
A Major With A Different Model
Copper is the largest single commodity for Glencore and it generates around one-third of the company's EBITDA. The company has a relatively diverse asset...
|FREE||SA PRO MEMBERS|
|IDEA GENERATOR||X||Exclusive access to 10 PRO ideas every day|
|INVESTING IDEAS LIBRARY||X||Exclusive access to PRO library of more than 15,000 ideas|
|SECTOR EXPERT NETWORK||X||Exclusive access to all sector experts for direct consultation|
|PERFORMANCE TRACKING||X||Track performance of all PRO stock ideas|
|PROFESSIONAL TOOLS||X||Professional Idea Filters to zero-in based on industry, market cap and more|