Teck: Another confidence inducing quarter. Buy

研报英文原文证据摘录

Teck: Another confidence inducing quarter. Buy

Deutsche Bank

Research

Rating Company Date

Buy Teck 23 July 2026

Company Update

North America

Canada

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (USD) 57.21

TECK.N TECK US NYS TECK

Price target 68.00

Industrials

52-week range 70.56 - 31.20

Metals & Mining

Another confidence inducing quarter.

Valuation & Risks Buy

Liam Fitzpatrick

Q2 results: a very strong first half; upside risk to guidance Research Analyst

Teck reported Q2 adjusted EBITDA of C$2.2bn, ~26% above consensus (Fig 2) and +44-20-754-13233

slightly ahead of a very strong Q1 (C$2.1bn). The beat was driven by strong copper

Cody Hayden

production, higher realised prices and lower cash costs, supported by robust by- Research Analyst

product credits. The Trail zinc smelter also delivered another strong quarter. While +44-20-754-13230

some areas will moderate in H2 (production is expected to be H1 weighted for most

Bastian Synagowitz

of the mines other than for QB), the strong operating performance is encouraging.

Research Analyst

Management reiterated 2026 guidance (Fig 4); however, we think there is upside

+41-44-227-3377

risk with potential formal upgrades with the Q3 results in October. At QB, the

planned works at the Tailings Management Facility (TMF) continues to progress to

plan. Supported by strong earnings and a C$0.2bn WC inflow, the company ended

the period with a net cash position of C$1.2bn (DB C$0.4bn). Post results, we revise

our 2026 EBITDA estimate ~7% higher and leave our US$68 TP unchanged. Buy.

Within, we provide our detailed Q2 results review and a summary of latest company

guidance.

Key focus areas for 2026+

(1) The Anglo Teck merger continues to progress, with China anti-trust the final

remaining regulatory approval still outstanding.