SKU: VALE Category:


Vale had a bad quarter with revenues and earnings well below expectations. The company saw a decent performance in iron ore production, particularly at S11D. Although there was a gap between production and sales, Vale’s management expects to offset the impact in the second half of the year. In the Energy Transition Metals business, copper production and sales grew, while the transitional phase between mines affected the finished nickel production. Vale’s commitment to sustainability is evident in its dam safety management efforts and improved ESG risk rating. With a disciplined capital allocation approach and a focus on operational excellence and low-carbon solutions, Vale remains well-positioned for a promising future. Furthermore, the company demonstrated its commitment to returning value to shareholders through dividend distributions and a buyback program. The management remains optimistic about delivering its production guidance for iron ore and expects improved asset availability and production output in its mining systems. With ongoing projects such as Gelado and advancements in the EV supply chain, Vale continues to drive innovation and position itself as a leading supplier in the energy transition metals sector. We give Vale S.A. a ‘Hold’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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