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1、DeutscheBankMarketsResearchEuropeIndustryDateUnitedKingdomEMEAMining22June2017Metals&MiningIndustryUpdatePatrickJonesCuttingestimates,reiteratecautiousResearchAnalyst(+44)20754-53400viewpatrick.jones1@db.comReiterateNeutralsectorviewwithfurtherearningscutsPaulYoungChrisTerryWereiterateourcautiousvie
2、wontheEMEAminingsectorovertheremainderResearchAnalystResearchAnalystof2017.Macroindicatorsfortheminingsectorcontinuetomodestly(+61)28258-2587(+1)212250-5434deterioratethroughQ2withfewbrightspots.Also,wehaverevisedourpaul-d.young@db.comchris.terry@db.comcommoditypriceforecastswhichresultin~11%EPSdown
3、gradesforCY17/18efortheEMEAminers.Thus,wesitbroadlyin-linewithconsensusforKeyChangesthesameperiod,andthusdonotexpectthesectortobesupportedbyfurtherearningsrevisionmomentuminthenear-term.Instead,welookforcompanyCompanyTargetPriceRatingspecificcatalyststoofferbetteropportunitiesovertheremainderof2017.
4、BLT.L1,450.00to-1,400.00(GBP)Commoditypricerevisions:cutstoCu,Zn,oil,upgradestoAl,FeAAL.L1,100.00to-Wehaveupdatedourcommoditypriceforecastsacrossthemetalsandenergy1,000.00(GBP)space.Thegreatestchangesareforoil(cutting17-19eestimatesby~13%BOL.ST240.00to-respectively)andaluminium(hikingour17-19eestima
5、tesby~8%).However,220.00(SEK)wehavealsocutforecastsforcopperandzincmodestlyforthesameperiod.FM.TO22.00to-18.00(CAD)Forironore,wehavecutour17eforecastby~9%toUSD63/t,buthaveFXPO.L280.00to-modestlyupgradedour18/19eforecastby~2%.Althoughwehavemodestly270.00(GBP)upgradedour17egoldpriceforecastby~4%toUSD1
6、,250/oz,wehavealsoKAZ.L370.00to-cutour18/19e~1%.Ourseabornethermalcoalpriceforecastsremain350.00(GBP)relativelyunchanged.NHY.OL47.00to-49.00(NOK)EarningscutsforBLT,AAL,GLEN,ANTO,FQM;upgradesforRIO,S32,NHYRIO.L4,140.00to-Leadingfromourcommoditypricerevisions,wehavecutourearnings4,200.00(GBP)estimates
7、overthemediumtermby~11%onaveragefortheEMEAminers.S32.L150.00to-Mostnotably,wehavedowngradedBHP,GLENandAAL17-19eestimatesby160.00(GBP)9%onaveragegivenourcommoditypriceforecastcuts.However,wehaveSource:
