In today’s briefing:
- Vale Indonesia: Still Battling Nickel Price Decline in Q1/25
Vale Indonesia: Still Battling Nickel Price Decline in Q1/25
- Vale Indonesia’s Q1/25 net profit beat estimates only on non-core items, with a reversal to a gain from Q1/24 on the fair value recognition of a derivative asset
- Core earnings declined yoy on an unexpected maintenance shutdown-driven decline in volume and nickel price drop which offset a decline in costs
- Trading at a P/B of 0.5x and with peers also well below 1.0x, much of the industry’s current distress has been priced in, but immediate catalysts are few
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