Imark
Forumer storico
Io la presi in considerazione, poi la scartai perché mi riusciva difficile capire cosa faceva l'emittente... ossia, è il principale trader mondiale nel settore delle commodities...
L'outlook bullish, l'utile in forte crescita, apprendo che il fondatore mira a farne una public company attraverso una emissione di obbligazioni convertibili...
Il bond sembra in caduta libera...
Dal FT ...
Upbeat Glencore sees net income touch $1.1bn
By Javier Blas in London
Published: May 19 2010 03:00 | Last updated: May 19 2010 03:00
Glencore yesterday gave a fairly bullish outlook on global economic growth, saying the "economy continued to exhibit signs of underlying improvement" as it revealed a 75 per cent jump in net income in the first quarter.
The world's top commodities trader, which is taking its first steps towards becoming a public company, said net income, excluding exceptional items, was $886m between January and March, up from $504m in the same period of last year.
Total net income more than doubled to $1.1bn in the first quarter, up from $444m.
Henri Alexaline, a credit analyst at BNP Paribas in London, said that the continued improvement in earnings was "boosting the intrinsic value of the company" and would "leave the group in a strong position when it comes to considering a public offering".
Glencore, led by South African Ivan Glasenberg, is in the process of a radical transformation . It issued $2.2bn in convertible bonds to strategic investors in the US, Singapore and China in December, the clearest sign it is moving towards becoming a public company. The issue values the company at $35bn. The company told bondholders its trading business improved on the back of "increased sales . . . of metal and coal", while its industrial assets, such as its 34 per cent stake in blue-chip miner Xstrata and other assets, fare better because of "higher average prices in copper, zinc and nickel" and "increased production".
The trading house's outlook is important because it is at the centre of trade and its wide business relationships allows it to anticipate economic cycles.
Earnings before interest, taxation, depreciation and amortisation, jumped 92 per cent to $1.4bn in the first quarter.
Sales rose to $31.7bn, up from $19.9bn.
Miriam Hehir, a credit analyst at RBC Capital Markets in London, said that bond investors "should be pleased" to see the year-on-year and quarter-on-quarter ebitda rises and the improvement in liquidity. "Unlike the Swiss cheese, there are no holes to pick with Glencore's firstquarter results," she said.
The surge in profitability comes as the price of coal, a commodity in which Glencore dominates, has risen on the back of China's shift from coal exporter into an importer .
Taking into account its direct operations, third- party agreements and advisory role, Glencore handles about 25 per cent of the seaborne thermal coal market.
Coal prices in the Australian port of Newcastle rose to near $100 a tonne in the first quarter of the year, up from about $70 a tonne in the last quarter of 2009.
