Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Copper delivered 36% of divisional EBITDA in H1 FY26 (US$5.7bn, 66% margin), up from 6.5% in H2 FY23, as Oyu Tolgoi underground ramps up.</li>
<li>Iron ore's share has halved to 43%, with EBITDA/t down 65% from its peak; capex is rotating to Simandou, the Pilbara replacement, lithium, and aluminum, while copper enters harvest.</li>
<li>Valuation at 13.7x FY26e P/E, 7.3x EV/EBITDA and 5.1% yield. We analyze the <a href="https://www.smartkarma.com/entities/rio-tinto-plc-057cb83c-c6f0-460f-976f-c58c789ef28c" target="_blank" data-smartkarma-citation="entities:28506:1" rel="noopener">Rio Tinto (RIO US)</a> pivot </li>
</ul>


Copper delivered 36% of divisional EBITDA in H1 FY26 (US$5.7bn, 66% margin), up from 6.5% in H2 FY23, as Oyu Tolgoi underground ramps up.
Iron ore's share has halved to 43%, with EBITDA/t down 65% from its peak; capex is rotating to Simandou, the Pilbara replacement, lithium, and aluminum, while copper enters harvest.
Valuation at 13.7x FY26e P/E, 7.3x EV/EBITDA and 5.1% yield. We analyze the Rio Tinto (RIO US) pivot 


Rio Tinto (RIO AU): Evolving Beyond Iron Ore as Copper Becomes the Second Earnings Engine

Rio Tinto Ltd

Rio Tinto (RIO AU): Evolving Beyond Iron Ore as Copper Becomes the Second Earnings Engine