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Xstrata published H1 2010 results ahead of market expectations. The announcement that two major projects in Peru and Australia have been approved is excellent news, even though they are not due to start immediately. We believe that Xstrata remains a very good investment vehicle to benefit from exposure to recovery of the economic cycle. PLUS.
We recommend this investment because of certain factors specific to the company: operating leverage, focus on copper & coal, abandon of large scale M&As (Anglo-American), a project-rich pipeline, restructured balance sheet and attractive valuation. PLUS code confirmed.
Xstrata is a new PLUS recommendation in the commodities sector targeting two strategic markets: copper and coal. Certain factors specific to the company lead us to recommend the investment: operating leverage, the focus on Copper & Coal, the abandonment of large scale M&A activities (Anglo-American), a project-rich pipeline, a healthy balance sheet and an attractive valuation.
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