European Metals & Mining: What's priced in?

Research evidence excerpt

European Metals & Mining: What's priced in?

Barclays | European Metals & Mining

Stock Rating

Overweight - The stock is expected to outperform the unweighted expected total return of the industry coverage universe over a 12-month investment

horizon.

Equal Weight - The stock is expected to perform in line with the unweighted expected total return of the industry coverage universe over a 12-month

investment horizon.

Underweight - The stock is expected to underperform the unweighted expected total return of the industry coverage universe over a 12-month

Rating Suspended - The rating and target price have been suspended temporarily due to market events that made coverage impracticable or to

comply with applicable regulations and/or firm policies in certain circumstances including where the Investment Bank of Barclays Bank PLC is acting in

an advisory capacity in a merger or strategic transaction involving the company.

Industry View

Positive - industry coverage universe fundamentals/valuations are improving.

Neutral - industry coverage universe fundamentals/valuations are steady, neither improving nor deteriorating.

Negative - industry coverage universe fundamentals/valuations are deteriorating.

Below is the list of companies that constitute the "industry coverage universe":

European Metals & Mining

Acerinox (ACX.MC) Anglo American plc (AAL.L) Antofagasta (ANTO.L)

Aperam (APAM.AS) ArcelorMittal (MT.AS) BHP (BHP.L)

Boliden (BOL.ST) Endeavour Mining (EDV.L) Ferrexpo Plc (FXPO.L)

Fresnillo (FRES.L) Glencore (GLEN.L) Hochschild Mining (HOCM.L)

Norsk Hydro (NHY.OL) Outokumpu (OUT1V.HE) Rio Tinto plc (RIO.L)

South32 Ltd. (S32.L) SSAB (SSABa.ST) thyssenkrupp (TKAG.DE)

Vale (VALE) Valterra Platinum Ltd. (VALJ.J) voestalpine (VOES.VI)

North America Metals & Mining