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MarketScreener Homepage  >  Equities  >  Nyse  >  Peabody Energy Corporation    BTU

PEABODY ENERGY CORPORATION

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Jefferies slashes miners' rating as escalating China tensions weigh

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08/06/2019 | 06:38am EST

(Reuters) - Jefferies lowered its ratings on several miners on Tuesday and reduced its commodity price forecasts, weighed by increasing chances of the Sino-U.S. trade war having a "significant impact" on the global demand for metals.

Tensions between the United States and China intensified over the past few days, after U.S. President Donald Trump vowed to impose a 10% tariff on $300 billion of Chinese imports from Sept. 1.

Adding to the woes, the U.S. Treasury Department announced late on Monday that it had determined for the first time since 1994 that China was manipulating its currency. The yuan broke past the symbolic 7-per-dollar level on Monday after China let the currency slide in response to the latest U.S. tariffs.

Jefferies said these developments, including the devaluation of the yuan and tightening measures in Chinese property markets, suggested that a cyclical recovery has now been pushed back further.

Any measures to tighten lending for the real estate sector could have a major impact, as Chinese property markets account for about 15% of global demand for metals, Jefferies analysts wrote.

"A slowdown in construction and a decline in Chinese manufacturing and exports due to trade wars would be significant negatives for metals' demand, even if fiscal/monetary stimulus leads to some recovery in the broader Chinese economy," the brokerage said in a note.

Jefferies cut its ratings on Rio Tinto Ltd, BHP Group Ltd, Fortescue Metals Group, Peabody Energy Corp and Arch Coal Inc to 'hold' from 'buy'.

The brokerage now prefers copper miners over iron ore and coal miners. It reduced its 2019 price forecast for iron ore fines (CFR China) by over 10% to $88 per tonne, while that of iron ore lump (CFR China) was cut to $106 per tonne.

(Reporting by Tanvi Mehta and Geetha Panchaksharam in Bengaluru; editing by Gopakumar Warrier)

Stocks mentioned in the article
ChangeLast1st jan.
ARCH COAL, INC. 0.83% 76.45 Delayed Quote.-8.64%
BHP GROUP 0.05% 36.81 End-of-day quote.8.38%
BHP GROUP 0.10% 1679.2 Delayed Quote.1.53%
FORTESCUE METALS GROUP LIMITED 0.69% 8.73 End-of-day quote.111.46%
LME COPPER CASH -0.26% 5823 End-of-day quote.-0.27%
PEABODY ENERGY CORPORATION -1.13% 9.6 Delayed Quote.-68.18%
RIO TINTO GROUP 0.61% 92.36 End-of-day quote.18.98%
RIO TINTO PLC 0.36% 4092 Delayed Quote.9.29%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.03% 7.0249 Delayed Quote.2.21%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.03% 7.0194 Delayed Quote.1.91%
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Financials (USD)
Sales 2019 4 573 M
EBIT 2019 197 M
Net income 2019 3,30 M
Debt 2019 638 M
Yield 2019 24,2%
P/E ratio 2019 80,5x
P/E ratio 2020 -7,85x
EV / Sales2019 0,34x
EV / Sales2020 0,36x
Capitalization 939 M
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 17,80  $
Last Close Price 9,70  $
Spread / Highest target 158%
Spread / Average Target 83,5%
Spread / Lowest Target 23,7%
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Managers
NameTitle
Glenn L. Kellow President, Chief Executive Officer & Director
Robert A. Malone Non-Executive Chairman
Charles F. Meintjes Chief Operating Officer & Executive Vice President
Amy B. Schwetz CFO, Chief Accounting Officer & Executive VP
Michael W. Sutherlin Independent Director
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