Daily Brief Energy/Materials: Zijin Gold, Iron Ore, UNO Minda, Jindal Steel, Olin Corp, Fermi, Newmarket Corp, Crescent Energy and more

• IPO leaves upside on the table: Priced at HK$71.6/sh (~US$24.1bn EV), Zijin Gold lists at ~8× 2026E EV/EBITDA — in line with peers despite offering far stronger growth.
• Fastest-Growing gold major challenger: Output set to rise ~20% CAGR to 2027E (2.1Moz), versus flat-to-low growth for Newmont, Barrick, and peers.
• Fair value HK$95/sh (+33%): Base case target on 2026E EBITDA at 8× peer multiple; risks include gold price volatility, execution of Wassa/Sepon/Raygorodok ramps, and governance overhangs.

• Iron ore fell as weakening Chinese economic activity, shrinking steel demand, and rising mill maintenance dampened production and demand outlook.
• Managed Money participants continue to increase their net long exposure, signalling renewed bullish sentiment and expectations of stronger demand and price gains.
• Bearish MACD crossover and Bollinger Bands pullback signal weakening momentum, highlighting growing selling pressure and short-term downside risk.

• Uno Minda, a legacy auto components player, is rapidly transforming its business mix by winning high-value orders in the EV and premium segments, significantly outperforming broader industry growth.
• A strategic pivot, fueled by capex, is set to elevate thecompany’s “kit value” per vehicle, diversify revenue streams, and strengthen its leadership in the dynamic auto market.
• With its strong order book and aggressive expansion into new technologies, Uno Minda is positioning itself for sustained, profitable growth, but its premium valuation requires a keen eye on execution.

• Jindal Steel International, part of the Naveen Jindal group, has offered over €2 billion (approx. INR 21,000 crore) to acquire thyssenkrupp Steel Europe, supporting its vital decarbonization projects.
• The deal strengthens Jindal’s position in Europe’s high-grade steel market, helps bypass EU carbon tariffs under CBAM, and secures access to the region’s key automotive supply chain.
• A high-stakes move, success depends on tackling EU regulations, integrating complex operations, and managing pension liabilities, while navigating subdued global steel demand.

• Even though tariffs disrupt Chinese competitiveness, U.S.-centric petrochemical companies face pressures from weak demand, low prices, and higher input costs.
• Olin has outperformed peers in a weak petrochemical cycle, supported by U.S.-centric sales, disciplined capital allocation, and investor flows, while Dow and Eastman struggled with tepid exports and margins.
• Tariffs boosted U.S. sales but hurt exports, and while the sector remains in a downcycle, Olin’s domestic focus and shareholder-friendly strategy have fueled a sharp stock rally.

• Their mission is to deliver up to 11 gigawatts on-demand power directly to the world’s most compute-intensive businesses with 1 GW of power projected to be online by 2026.
• A pair of hyperscalers have gone public and have been well-received by the market: CoreWeave (CRWV US) and Whitefiber (WYFI US).
• The company has no revenues and was formed in January meaning investors will have to exercise extreme patience with this developmental company. 

• NewMarket Corporation, long known for its dominance in petroleum additives, is quietly reshaping its future.
• On September 17, 2025, the company revealed it had entered into a definitive agreement to acquire Mars TopCo, the parent company of Calca Solutions—a hydrazine manufacturer based in Lake Charles, Louisiana.
• Hydrazine is a critical propellant used in space missions, making Calca a high-value asset in the mission-critical chemicals sector.

Key points (machine generated)

• Crescent Energy Company (CRGY) is an acquisition-focused oil and gas firm trading at 3.4x EBITDA with a 28% free cash flow yield and a 5% dividend yield.
• Formed in 2021 through the merger of Independence Energy LLC and Contango Oil & Gas, CRGY employs an ‘acquire-and-exploit’ strategy for growth.
• The company targets a 2x multiple of invested capital with payback periods of less than five years for acquisitions and three years for drilling, while managing cash flow prudently.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.