This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Trade Parameters
Observations – For
Observations – Against
Shares bounced within rising channel, which would see them rally back towards recent highs. Decent 4.2% forecast dividend yield, middle of the road for Mining sector. Despite all the worries about trade wars and economic growth the shares have been quite resilient. The recent settlement of a legal spat in Africa (DRC) removed a cloud regarding Copper output.
GLEN shares could suffer if metals price fall on trade war concerns, if economic data from key market China disappoints, further legal disputes, or if USD rallies (commodities priced in USD). That said, a rise in the USD tends to result in a fall in GBP which flatters the value of GLEN dividends when converted from USD to GBP.
Broker consensus is bullish, with 79% of brokers saying Buy, 17% neutral and only 3.5% of analysts suggesting Sell in-line with the 84% of broker price targets suggesting upside from current levels. Note also that the average 12-month broker target of 439p is well beyond our short-term objective of rallying back towards recent highs.
Next Event: Q2/H1 Production, 31 Jul; H1 Results, 8 Aug
Latest Broker 12-Month Consensus: 79% Buy, 17% Hold, 4% Sell (full breakdown on request)
Source: DowJones Newswires, Reuters News, Bloomberg or Company Press releases
| Share | 1wk | 1m | 3m | 6m | 1yr | 2yr | 3yr | 4yr | 5yr |
| Perf % | -4.7 | -2.1 | 2.3 | 1.0 | 34.9 | 159.9 | 39.8 | 15.8 | 32.3 |
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Prepared by Michael van Dulken, Head of Research