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Vale - ADR (VALE)
by Zacks Equity ResearchNovember 08, 2012 | Comments : 0 Recommended this article: (0)
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In the third quarter of 2012, earnings of the company fell by 66% year over year and stood at $0.32 per ADR. The revenue was also reported 34.5% lower year over year at $10,963 million due to weak macro conditions.
We are maintaining our Underperform recommendation on Vale based on demand degradation for metals and minerals, especially in the company's main region of operation, China. We expect Vale ADR to trade at a P/E of 7.1x EPADR 2012, to arrive at the target price of $17.00.
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