The only game in town?

Research evidence excerpt

The only game in town?

IdeaM

Mining – Relative performance & valuation

Exhibit 4: World Datastream Mining index RoE relative to the Exhibit 5: World Datastream Mining index P/B relative to the

Datastream World Index Datastream World Index

World Datastream Mining index RoE relative to the Datastream World Datastream Mining index P/B relative to the Datastream

2.5 World Index 2.5 World Index

Mining Relative RoE Average Mining Relative P/B Average 2.0 2.0

1.5 1.5

1.0 1.0

0.5 0.5

0.0 0.0

1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026

Source: Datastream, Morgan Stanley Research Source: Datastream, Morgan Stanley Research

Exhibit 6: World Datastream Mining index trailing P/E relative Exhibit 7: World Datastream Mining index 12m forward P/E

to the Datastream World Index relative to the Datastream World Index

World Datastream Mining index trailing P/E relative to the World Datastream Mining index 12m forward P/E relative to the

3.0 Datastream World Index 1.8 Datastream World Index

1.6

2.5 Mining Relateive PE trailing Average Mining Relative PE forward Average

1.4

2.0 1.2

1.5

0.8

1.0 0.6

0.4

0.5

0.2

0.0 0

1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026

Exhibit 8: World Datastream Mining index 12m forward DY Exhibit 9: World Datastream Mining index share price relative

relative to the Datastream World Index to the Datastream World Index