Glencore Is Highly Undervalued

Summary

• Glencore's unique value lies in its strong commodity trading operation and disciplined approach to mergers, exemplified by its recent $7bn acquisition of Teck's coal business.
• CEO Gary Nagle emphasizes share buybacks and potential re-listing on NYSE or ASX for higher valuation, driving significant upside potential.
• Valuation analysis suggests a 50% upside, with a conservative long-term copper price and stable Marketing segment contributing to the robust forecast.
• Glencore's strategic focus on profit, risk management, and shareholder value makes it a compelling investment, with significant growth in key commodities and energy transition businesses.