JPM-JPM Mining Daily Iron ore 百分之0.9, Spodumene -百分之2.2...-20250904
这篇研报讲什么？
摘要原文摘录Anglo raises ~$2.5bn of proceeds via final sell down in Valterra Platinum
机构观点归属摩根大通，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
Anglo raises ~$2.5bn of proceeds via final sell down in Valterra Platinum
Anglo American has announced it is selling its residual 19.9% shareholding in ValterraPlatinum via an accelerated bookbuild. At Valterra’s closing price (R898/sh) Anglo’s 52.2mshares have a market value of $2.68bn which we estimate will reduce Anglo’s net debt to~$9bn by Dec’25 (vs JPM estimate $11.8bn). We estimate the impact of the sale will be toreduce Anglo’s 2026/27E EV/EBITDA to 7.7/6.7x vs 8.2/7.1x prior to the ABB. For Valterrathis removes a significant overhang on its share price, as Anglo will now have fully exitedfollowing the expiry of its de-merger lock-up on 1 September. Nevertheless, we continue tobelieve that Valterra’s $13.5bn market cap trades expensive vs our $8.3bn fair value, andsimilarly trades expensive on 2025/26E EV/EBITDA of 9.2/5.7x.
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