Best Research Ideas

Anglo American – A Combination of Catalysts to Unlock Trapped Value

— Chris LaFemina, Equity Research Analyst, Metals & Mining

Jefferies believes that Anglo is in a strong financial position as its balance sheet and FCF have greatly improved and the company is once again returning capital to shareholders. However, the Anglo story does not end there. Its discount valuation relative to other miners and its own SOTP are issues that must be addressed, and Anil Agarwal will likely become a less passive shareholder over time. Anglo is now Jefferies’ top pick of the major miners.  FULL REPORT