Vale（XVALO）株式概要ヴァーレS.A.はその子会社とともに、ブラジル国内および海外で鉄鉱石、鉄鉱石ペレット、ニッケル、銅を生産・販売している。 詳細XVALO ファンダメンタル分析スノーフレーク・スコア評価0/6将来の成長2/6過去の実績0/6財務の健全性3/6配当金3/6報酬収益は年間17.19%増加すると予測されています リスク分析6.76%の配当は、利益やフリーキャッシュフローによって十分にカバーされていない 財務結果に影響を与える大きな一時的項目 利益率(7.3%)は昨年より低い(14.9%) 多額の負債を抱えている +1 さらなるリスクすべてのリスクチェックを見るXVALO Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair Value€Current Price€13.3772.1% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-28b281b2016201920222025202620282031Revenue R$212.8bEarnings R$15.5bAdvancedSet Fair ValueView all narrativesVale S.A. 競合他社FortescueSymbol: ASX:FMGMarket cap: AU$67.4bNucorSymbol: NYSE:NUEMarket cap: US$51.6bArcelorMittalSymbol: ENXTAM:MTMarket cap: €39.0bJSW SteelSymbol: BSE:500228Market cap: ₹3.1t価格と性能株価の高値、安値、推移の概要Vale過去の株価現在の株価R$13.3752週高値R$15.0152週安値R$7.95ベータ0.751ヶ月の変化-8.17%3ヶ月変化-1.26%1年変化50.06%3年間の変化3.00%5年間の変化-18.80%IPOからの変化526.72%最新ニュースBuy Or Sell Opportunity • May 18Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 5.6% to €13.75. The fair value is estimated to be €11.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 37%. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are forecast to grow by 17% per annum over the same time period.New Risk • May 02New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Cash payout ratio: 141% Minor Risks High level of debt (41% net debt to equity). Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.3% net profit margin).Reported Earnings • Apr 30First quarter 2026 earnings released: EPS: R$2.33 (vs R$1.91 in 1Q 2025)First quarter 2026 results: EPS: R$2.33 (up from R$1.91 in 1Q 2025). Revenue: R$48.7b (up 2.7% from 1Q 2025). Net income: R$9.95b (up 22% from 1Q 2025). Profit margin: 20% (up from 17% in 1Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 4.3% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.New Risk • Apr 30New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).New Risk • Feb 24New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Minor Risks Share price has been volatile over the past 3 months (4.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).New Risk • Feb 23New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Dividend yield: 6.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).最新情報をもっと見るRecent updatesBuy Or Sell Opportunity • May 18Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 5.6% to €13.75. The fair value is estimated to be €11.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 37%. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are forecast to grow by 17% per annum over the same time period.New Risk • May 02New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Cash payout ratio: 141% Minor Risks High level of debt (41% net debt to equity). Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.3% net profit margin).Reported Earnings • Apr 30First quarter 2026 earnings released: EPS: R$2.33 (vs R$1.91 in 1Q 2025)First quarter 2026 results: EPS: R$2.33 (up from R$1.91 in 1Q 2025). Revenue: R$48.7b (up 2.7% from 1Q 2025). Net income: R$9.95b (up 22% from 1Q 2025). Profit margin: 20% (up from 17% in 1Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 4.3% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.New Risk • Apr 30New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).New Risk • Feb 24New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Minor Risks Share price has been volatile over the past 3 months (4.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).New Risk • Feb 23New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Dividend yield: 6.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).お知らせ • Feb 21Vale S.A. Announces Resignation of João Luiz Fukunaga from the BoardVale S.A. informed that its Board of Directors on February 20, 2026 received a letter from Mr. João Luiz Fukunaga submitting his resignation from the position of member of the Company's Board of Directors. Mr. João Luiz Fukunaga served as a Board member since 2023. As a result of this resignation and pursuant to the Company's Bylaws, the Board of Directors, with the support of the Company's Nomination and Governance Committee, will evaluate the necessary measures in the coming days and will keep the market duly informed on the matter.Reported Earnings • Feb 15Full year 2025 earnings released: EPS: US$0.55 (vs US$1.20 in FY 2024)Full year 2025 results: EPS: US$0.55 (down from US$1.20 in FY 2024). Revenue: US$38.4b (up 15% from FY 2024). Net income: US$2.35b (down 54% from FY 2024). Profit margin: 6.1% (down from 15% in FY 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.Buy Or Sell Opportunity • Jan 22Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 35% to €13.62. The fair value is estimated to be €11.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 36%. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings are also forecast to grow by 4.3% per annum over the same time period.お知らせ • Jan 14Vale S.A., Annual General Meeting, Apr 30, 2026Vale S.A., Annual General Meeting, Apr 30, 2026.Declared Dividend • Dec 08Dividend of R$3.58 announcedShareholders will receive a dividend of R$3.58. Ex-date: 12th December 2025 Payment date: 4th March 2026 Dividend yield will be 38%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (145% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 4.4% over the next 2 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Dec 05+ 2 more updatesVale S.A. to Report Q2, 2026 Results on Jul 30, 2026Vale S.A. announced that they will report Q2, 2026 results on Jul 30, 2026お知らせ • Nov 28+ 1 more updateVale S.A. Announces Ordinary Dividend, Payable on January 7, 2026 and March 4, 2026Vale S.A. informs that its board of directors approved on this date, the distribution of shareholder remuneration in the total amount of BRL 3.581771057 per ordinary and preferred shares of special class issued by value. Shareholders holding vale shares at the close of trading on B3 S.A. - Brasil, Bolsa, Balcao on December 11, 2025, will be entitled to receive the remuneration. Vale shares will trade ex-dividend on B3 as of December 12, 2025. Payment to shareholders will occur as follows: on January 7, 2026, an amount of BRL 1.244102486 per share will be paid as dividends; and on March 4, 2026, an amount of BRL 0.768133538 per share will be paid as dividends, in addition to BRL 1.5695350033 per share as interest on equity. Remuneration to ADR Holders Holders of American Depositary Receipts ("ADRs") traded on the New York Stock Exchange ("NYSE") will be entitled to receive the remuneration on the record date of December 12, 2025. Vale ADRs will trade ex-dividend on the NYSE as of December 12, 2025. Payments to ADR holders will be made starting January 14 and March 11, 2026, respectively, through Vale's ADR depositary agent.Reported Earnings • Nov 02Third quarter 2025 earnings released: EPS: R$3.42 (vs R$3.14 in 3Q 2024)Third quarter 2025 results: EPS: R$3.42 (up from R$3.14 in 3Q 2024). Revenue: R$56.7b (up 7.0% from 3Q 2024). Net income: R$14.6b (up 9.2% from 3Q 2024). Profit margin: 26% (in line with 3Q 2024). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.New Risk • Oct 31New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (181% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin).お知らせ • Oct 22Vale S.A. Provides Production Guidance for the Full Year 2025Vale S.A. provided production guidance for the full year 2025. For the full year 2025, the company expects iron ore production of 325-335 Mt, pellets production of 31-35 Mt, copper production of 340-370 kt, and nickel production of 160-175 kt.お知らせ • Oct 03Vale S.A. to Report Q3, 2025 Results on Oct 30, 2025Vale S.A. announced that they will report Q3, 2025 results After-Market on Oct 30, 2025お知らせ • Sep 25Global Infrastructure Management, LLC completed the acquisition of 70% stake in Aliança Geração de Energia S.A. from Vale S.A. (BOVESPA:VALE3).Global Infrastructure Management, LLC entered into an agreement to acquire 70% stake in Aliança Geração de Energia S.A. from Vale S.A. (BOVESPA:VALE3) for $1 billion on March 31, 2025. A cash consideration of $1 billion will be paid by Global Infrastructure Management, subject to adjustments between the present date and the actual completion date. Once the transaction is completed, Vale hold a 30% stake and GIP will hold a 70% in Aliança Geração. Vale clarifies that the transaction is subject to customary precedent conditions, including the consent or approval of regulatory bodies. Tony Del Pino, Carlos Ardila, Carlos Alvarez, and Katherine Sawyer of Latham & Watkins LLP acted as legal advisor to Global Infrastructure Partners in the transaction and the related financing. Global Infrastructure Management, LLC completed the acquisition of 70% stake in Aliança Geração de Energia S.A. from Vale S.A. (BOVESPA:VALE3) on September 25, 2025.Declared Dividend • Aug 06Dividend of R$1.90 announcedShareholders will receive a dividend of R$1.90. Ex-date: 13th August 2025 Payment date: 3rd September 2025 Dividend yield will be 26%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but not covered by cash flows (181% cash payout ratio). The dividend has increased by an average of 9.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Aug 01Vale S.A Provides Update on Lawsuit Filed by the Brazilian Federal Attorney General's OfficeVale S. A informed that it became aware through the press about a lawsuit filed by the Brazilian Federal Attorney General's Office against Vale in the Regional Federal Court of the 6th Region (TRF6), worth approximately BRL 2 billion, related to the alleged irregular exploitation of the Tamandua Mine, located in Nova Lima, Minas Gerais. The Company informs that it has not been summoned by the Judiciary regarding such lawsuit, and that it will present its statement to the competent court in due course. Vale reiterates its commitment to keeping the market informed of material developments regarding its business.Reported Earnings • Aug 01Second quarter 2025 earnings released: EPS: US$0.50 (vs US$0.61 in 2Q 2024)Second quarter 2025 results: EPS: US$0.50 (down from US$0.61 in 2Q 2024). Revenue: US$8.80b (down 4.9% from 2Q 2024). Net income: US$2.12b (down 19% from 2Q 2024). Profit margin: 24% (down from 28% in 2Q 2024). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.お知らせ • Jul 02Vale S.A. to Report Q2, 2025 Results on Jul 31, 2025Vale S.A. announced that they will report Q2, 2025 results After-Market on Jul 31, 2025お知らせ • Jun 05Vale S.A Appoints Grazielle Parenti as Executive Vice President of Sustainability, Begin on July 7, 2025Vale S. A announced that the Company’s Board of Directors has approved the appointment of Ms. Grazielle Parenti as Executive Vice President of Sustainability, with her term scheduled to begin on July 7, 2025. Ms. Parenti is an executive with over 30 years of experience in Sustainability, Institutional and Government Relations, International Relations and Communications, with notable performance and professional recognition. She has worked in several industries globally and over the past 3 years, she served as Vice President of Corporate Affairs and Sustainability at Syngenta. Previously, she was part of the executive board of BRF for 4 years, serving as Global Vice President of Corporate Affairs and Sustainability. She was also Director of Government and Corporate Affairs at large organizations such as Mondelez and Diageo. The executive holds a degree in Business Administration from Fundação Getúlio Vargas in São Paulo, with an MBA in Marketing. Vale would like to thank Ms. Camilla Lott for her competent and committed performance in the interim position of Executive Vice President of Sustainability. Ms. Lott will resume her regular duties at Vale upon Ms. Parenti's inauguration.Reported Earnings • Apr 27First quarter 2025 earnings released: EPS: R$1.91 (vs R$1.93 in 1Q 2024)First quarter 2025 results: EPS: R$1.91 (down from R$1.93 in 1Q 2024). Revenue: R$47.4b (up 13% from 1Q 2024). Net income: R$8.16b (down 1.5% from 1Q 2024). Profit margin: 17% (down from 20% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings.New Risk • Apr 25New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (135% cash payout ratio).Valuation Update With 7 Day Price Move • Apr 09Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to €7.75, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total loss to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.95 per share.お知らせ • Apr 06Vale S.A. to Report Q1, 2025 Results on Apr 24, 2025Vale S.A. announced that they will report Q1, 2025 results After-Market on Apr 24, 2025お知らせ • Apr 02Global Infrastructure Management, LLC entered into an agreement to acquire 70% stake in Aliança Geração de Energia S.A. from Vale S.A. (BOVESPA:VALE3) for $1 billion.Global Infrastructure Management, LLC entered into an agreement to acquire 70% stake in Aliança Geração de Energia S.A. from Vale S.A. (BOVESPA:VALE3) for $1 billion on March 31, 2025. A cash consideration of $1 billion will be paid by Global Infrastructure Management, subject to adjustments between the present date and the actual completion date. Once the transaction is completed, Vale hold a 30% stake and GIP will hold a 70% in Aliança Geração. Tony Del Pino, Carlos Ardila, Carlos Alvarez, and Katherine Sawyer of Latham & Watkins LLP acted as legal advisor to Global Infrastructure Partners in the transaction and the related financing.お知らせ • Feb 23Vale S.A. Approves Dividend, Payable on March 14, 2025Vale S.A. announced that its board of directors approved the distribution of dividends in the total gross amount of BRL 2.141847479 per share, fixed according to the balance sheet of December 31, 2024, which includes the remuneration established in the company’s shareholder remuneration policy. The record date for payment of dividends to holders of shares issued by Vale and traded on B3 will be March 7, 2025, and the record date for payment of dividends to holders of American Depositary Receipts (ADRs) traded on the New York Stock Exchange (NYSE) will be March 10, 2025. The company’s shares will start trading ex-dividends on B3 and NYSE from March 10, 2025. Payment of dividends will occur on March 14, 2025.New Risk • Feb 23New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 7.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.0% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (91% cash payout ratio). Large one-off items impacting financial results.Reported Earnings • Feb 21Full year 2024 earnings released: EPS: US$1.44 (vs US$1.89 in FY 2023)Full year 2024 results: EPS: US$1.44 (down from US$1.89 in FY 2023). Revenue: US$38.1b (down 11% from FY 2023). Net income: US$6.17b (down 25% from FY 2023). Profit margin: 16% (down from 19% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings.お知らせ • Jan 17An undisclosed buyer acquired 4.05% stake in Vale S.A. (BOVESPA:VALE3) from Cosan S.A. (BOVESPA:CSAN3) for BRL 9 billion.An undisclosed buyer acquired 4.05% stake in Vale S.A. (BOVESPA:VALE3) from Cosan S.A. (BOVESPA:CSAN3) for BRL 9 billion on January 16, 2025. Cosan intends to use proceeds to pay down debt. An undisclosed buyer completed the acquisition of 4.05% stake in Vale S.A. (BOVESPA:VALE3) from Cosan S.A. (BOVESPA:CSAN3) on January 16, 2025.お知らせ • Jan 14Vale S.A., Annual General Meeting, Apr 30, 2025Vale S.A., Annual General Meeting, Apr 30, 2025.お知らせ • Jan 09Vale S.A. to Report Q4, 2024 Results on Feb 19, 2025Vale S.A. announced that they will report Q4, 2024 results After-Market on Feb 19, 2025お知らせ • Dec 04+ 2 more updatesVale S.A. Updates Production Guidance for the Fiscal Year 2024, 2025, 2026, 2030 and 2035Vale S.A. updated production guidance for the fiscal year 2024, 2025, 2026, 2030 and 2035. For 2024, the company expects Iron ore of ~328 Mt, Iron ore - agglomerates of ~38 Mt, Iron ore - from reused tailings of ~10 Mt, Copper of ~345 kt and Nickel of ~160 kt. For 2025, the company expects Iron ore of 325 Mt - 335 Mt, Iron ore - agglomerates of 38 Mt - 42 Mt, Copper of 340 kt - 370 kt and Nickel of 160 kt-175 kt. For 2026, the company expects Iron ore of 340 Mt - 360 Mt, Iron ore - agglomerates of 45 Mt-50 Mt, Copper of 350 kt - 380 kt and Nickel of 175 kt - 210 kt. For 2030, the company expects Iron ore of ~360 Mt, Iron ore - agglomerates Of 60 Mt to 70 Mt, Iron ore - from reused tailings of >30 Mt, Copper of 420 kt- 500 kt and Nickel of 210 kt - 250 kt. For 2035, the company expects Copper of~700 kt.お知らせ • Dec 03Vale S.A. (BOVESPA:VALE3) acquired 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL).Vale S.A. (BOVESPA:VALE3) agreed to acquire 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL) on February 22, 2024. Under the Transaction’s terms, Vale will contribute Serpentina and $157.5 million in cash to acquire a 15% shareholding in the enlarged Minas-Rio, subject to normal completion adjustments. Vale will also have an option to acquire an additional 15% shareholding in the enlarged Minas-Rio for cash (at fair value calculated at the time of exercise of the option), if and when certain events relating to a future expansion occur. Additionally, depending on the future iron ore prices, there may be an adjustment in the transaction price and the fair value adjustments of this mechanism will be recognized in the Company's income statements accordingly. Upon completion of the transaction, Anglo American Brasil will be an associate of Vale and the investment will be accounted for under the equity method. The combination of Minas-Rio with the scale and quality of the Serpentina endowment also offers considerable expansion opportunities, including the potential to double production towards 60Mtpa. The Transaction is subject to regulatory conditions and is expected to complete in Q4 2024. Rory O'Halloran, Lara Aryani, Cynthia Urda Kassis, Maegen Morrison and Nick Withers of Shearman & Sterling LLP acted as legal advisor to Anglo American plc (LSE:AAL). Morgan Stanley acted as the financial advisor to Anglo American. Vale S.A. (BOVESPA:VALE3)completed the acquisition of 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL) on December 2, 2024. Anglo American will continue to control, manage and operate Minas-Rio, including any future expansion.お知らせ • Nov 29Vale S.A. Approves New Composition of Audit and Risks CommitteeVale S.A. informed that its Board of Directors approved on this date the new composition of Vale’s Audit and Risks Committee. Mrs. Heloísa Belotti Bedicks and Mr. Reinaldo Duarte Castanheira Filho were elected as new members of the Committee. The Committee remains composed entirely of independent members, with a total of 3 members, with Mr. Ollie Oliveira as its coordinator and financial expert. Mr. Paulo Cesar Hartung Gomes and Mr. Douglas James Upton, replaced members of the Committee, continue to perform their regular duties as Board members.お知らせ • Oct 16Vale S.A. Announces Power Resumption in Onça PumaVale S.A. announced following the press release on October 6, 2024, the company announced that the power supply to the Onça Puma plant was resumed last night, as expected, and the operation ramp-up has started, with normalization of activities expected in the coming days.お知らせ • Oct 09Vale S.A. Announces Executives ChangesVale S. A informed that, on this date, Mr. Marcello Magistrini Spinelli leaves the position of Executive Vice President of Iron Ore Solutions. Marcello joined the Company in 2002, working as an executive in the logistics area, being appointed CEO of VLI Logística in 2011. In May 2019, he took over as Executive Vice President of Ferrous and had an important contribution in the resumption of iron ore operations in a challenging time for the company. He also played a relevant role in positioning Vale as partner of choice for customers in their decarbonization pathways. Vale thanks Marcello for his dedication and results achieved during his time in office. Mr. Rogério Nogueira, the Company’s current Director of Product and Business Development, was appointed interim Executive Vice-President of Iron Ore Solutions, starting on October 9th and ending until December 31st, 2024.お知らせ • Oct 08+ 1 more updateCosan Reportedly Mulls Selling Vale Stake on Leverage WoesBillionaire Rubens Ometto’s conglomerate Cosan S.A. (BOVESPA:CSAN3) is mulling a sale of assets including its $2.2 billion stake in mining giant Vale S.A. (BOVESPA:VALE3), according to people familiar with the matter, potentially unwinding a soured bet to pay down debt. Cosan has told investors that all options are on the table to improve its balance sheet, including selling part or all of its 4.1% interest in the iron ore producer, the people said, asking not be identified because discussions aren’t public. The company has also weighed the sale of an Argentine gasoline distributor it owns in a joint venture with Shell Plc, the people said. No final decision has been made. “Cosan continually monitors the best deleveraging opportunities and remains committed to optimizing capital allocation, especially in a scenario of high interest rates and a challenging macroeconomic environment,” the company said in a note to Bloomberg News. Cosan jumped as much as 2.4% after Bloomberg News reported the discussions. Vale dropped as much as 1.7%. Cosan is contending with high interest rates in Brazil and lower profits from its sugar and ethanol business. The company has also struggled to move forward with plans to sell shares of its lubricant and gas businesses amid a lack of investor appetite.お知らせ • Oct 07Vale S.A. Reports Interruption of Operations at the on A Puma Nickel PlantVale S.A. announced a temporary interruption of operations at the On a Puma nickel plant in Ouril ndia do Norte, Par. The interruption occurred due to damage to the local electricity company's transmission network after strong winds on October 5th, 2024. There were no incidents reported regarding the safety of employees, neighboring communities or Vale's assets at the site. The electricity transmission network is expected to be restored by October 15, 2024, according to information from the operator in charge. Vale preliminarily estimates an impact of 1.5 to 2.0 kt on nickel production in fourth quarter of 2024, which does not imply a change in the guidance provided by the company for 2024, of 153-168 kt. The Company will continue to assess the impacts of the interruption on nickel production at On a Puma and the measures necessary to resume the affected operational processes. Vale will keep the market informed about material developments at the On a Puma operation.New Risk • Sep 27New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.0% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (99% cash payout ratio). Share price has been volatile over the past 3 months (4.0% average weekly change).お知らせ • Aug 27Vale S.A. Announces Appointment of Gustavo Pimenta as CEOVale S.A. announced Gustavo Pimenta as the company's next CEO. The executive was unanimously elected by the Board of Directors, after a rigorous selection process supported by an international headhunting company, in compliance with Vale's Bylaws, corporate policies, the Board's internal regulations and applicable legislation. Gustavo Pimenta is an executive with global experience in the financial, energy and mining sectors, and with a career developed over 20 years in Brazil, the United States and Europe. In 2021, he assumed the position of executive Vice-president of Finance and Investor Relations at Vale S.A. He was also responsible for the Procurement and Energy & Decarbonization areas. Before joining Vale, Pimenta was an executive at AES for 12 years, accumulating extensive experience as Global CFO, director of Planning and Strategy and Vice President of Performance and Services at the company. He also served as Vice President of Strategy and M&A at Citigroup in New York. He has a degree in Economics from the Federal University of Minas Gerais and a master's degree in finance and economics from Funda o Get lio Vargas. The transition process will follow the schedule already published by the Company.お知らせ • Aug 14Vale S.A. (BOVESPA:VALE3) completed the acquisition of remaining 45% stake in Aliança Geração de Energia S.A. from Cemig Geração e Transmissão S.A.Vale S.A. (BOVESPA:VALE3) entered into an agreement to acquire the remaining 45% stake in Aliança Geração de Energia S.A. from Cemig Geração e Transmissão S.A. for BRL 2.7 billion on March 27, 2024. The transaction is subject to the approval by Cemig GT’s Shareholders’ Meeting and customary precedent conditions, including the approval by competent authorities. Upon closing Vale will hold 100% of Aliança Energia’s capital. Banco J.P. Morgan S.A. acted as financial advisor to Vale S.A. (BOVESPA:VALE3). Vale S.A. (BOVESPA:VALE3) completed the acquisition of remaining 45% stake in Aliança Geração de Energia S.A. from Cemig Geração e Transmissão S.A. on August 13, 2024. As part of closing, all the customary precedent conditions were fully met.Declared Dividend • Jul 31Dividend of R$2.09 announcedShareholders will receive a dividend of R$2.09. Ex-date: 5th August 2024 Payment date: 4th September 2024 Dividend yield will be 30%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not adequately covered by cash flows (99% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 12% over the next 3 years. However, it would need to fall by 50% to increase the payout ratio to a potentially unsustainable range.Reported Earnings • Jul 26Second quarter 2024 earnings released: EPS: US$0.65 (vs US$0.22 in 2Q 2023)Second quarter 2024 results: EPS: US$0.65 (up from US$0.22 in 2Q 2023). Revenue: US$9.92b (flat on 2Q 2023). Net income: US$2.77b (up 190% from 2Q 2023). Profit margin: 28% (up from 9.6% in 2Q 2023). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings.お知らせ • Jul 12+ 1 more updateVale S.A. and BHP Brasil Enter into an Agreement on Claims in the United Kingdom and the NetherlandsVale S.A. announced that it has entered into an agreement with BHP Billiton Brasil Ltda. (“BHP Brasil”), BHP Group (UK) Ltd. and BHP Group Ltd. (together, “BHP”) in relation to group action proceedings in the United Kingdom and the Netherlands relating to the Fundão Dam1 rupture in Brazil in 2015. The Fundão Dam was owned and operated by Samarco Mineração S.A. As disclosed on December 2, 20222, Vale is a defendant to a contribution claim brought by BHP before the English Court, in connection with a group action claim brought against BHP by over 600,000 claimants seeking damages for alleged losses arising from the dam rupture (the “UK Claims”). BHP denies liability in the UK Claims. As disclosed on March 19, 20243, Vale became a defendant in proceedings brought in the Netherlands on behalf of over 78,000 claimants who claim to have been affected by the dam rupture. As previously stated, Vale will assess the merits of those claims in due course and defend itself appropriately. Vale and BHP have entered into a confidential agreement without any admission of liability pursuant to which the contribution claim brought by BHP against Vale in connection with the UK Claims will be withdrawn. The effect of the agreement is that should BHP ultimately be found to have any liability to the claimants in the UK Claims, or should Vale ultimately be found to have any liability to the claimants in the Netherlands, such liability would be shared equally between BHP and Vale. All other terms of the agreement remain strictly confidential.お知らせ • Jul 04Vale S.A. to Report Q2, 2024 Results on Jul 25, 2024Vale S.A. announced that they will report Q2, 2024 results After-Market on Jul 25, 2024New Risk • May 31New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (19% net profit margin).お知らせ • May 01Manara Minerals Investment Company completed the acquisition of 10% stake in Energy Transition Metals business of Vale S.A. (BOVESPA:VALE3).Manara Minerals Investment Company entered into binding agreement to acquire 10% stake in Energy Transition Metals business of Vale S.A. (BOVESPA:VALE3) for $2.5 billion on July 27, 2023. In a related transaction, along with sale of 10% stake in Energy Transition Metals business Vale also sold additional 3% stake in Energy Transition Metals business to Engine No. 1 for a combined purchase price of $3.4 billion. Under the terms of agreements, the total consideration of $3.4 billion will be paid in cash to VBM at the closing of the transaction, subject to customary adjustments. Post-closing of the transaction, Manara Minerals Investment Company will own 10% and Engine No. 1 will own 3%. As a part of acquisition, the Company will retain control over VBM and this agreement shall be accounted for as an equity transaction with any result being recognized in shareholder’s equity upon closing of the transaction. The transactions are subject to customary conditions precedent, including the approval of relevant regulatory authorities, including the approval of the relevant antitrust and are expected to close in first quarter of 2024. As of April 19, 2024 The closing of the transaction is expected to take place in 2024, subject to conditions precedent, including the approval of the usual authorities. These transaction will see strategic investments as a major milestone in our path to accelerate accretive growth in our Energy Transition Metals business platform, creating significant long-term value to all of our stakeholders. BofA Securities, Inc. acted as financial advisor to Manara Minerals Investment Company. Marc Kushner, Stewart Worthy, Lawrence Ward and Wells Parker of Dorsey & Whitney LLP acted as legal advisor to Manara Minerals Investment Company. Cleary Gottlieb Steen & Hamilton Consultores em Direito Estrangeiro acted as legal advisor to Vale S.A. Manara Minerals Investment Company completed the acquisition of 10% stake in Energy Transition Metals business of Vale S.A. (BOVESPA:VALE3) on April 30, 2024. Regulatory approvals received.Reported Earnings • Apr 26First quarter 2024 earnings released: EPS: R$1.93 (vs R$2.14 in 1Q 2023)First quarter 2024 results: EPS: R$1.93 (down from R$2.14 in 1Q 2023). Revenue: R$41.9b (down 4.4% from 1Q 2023). Net income: R$8.29b (down 13% from 1Q 2023). Profit margin: 20% (down from 22% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.お知らせ • Apr 17+ 1 more updateVale S. A Provides Production Guidance for the Year 2024Vale S. A provided production guidance for the year 2024. For the year, the company expects production of iron ore of 310,000 metric tons to 320,000 metric tons, Pellets of 38,000 metric tons to 42,000 metric tons, Nickel of 160 kt to 175 kt, and Copper of 320 kt to 355 kt.お知らせ • Apr 06Vale S.A. to Report Q1, 2024 Results on Apr 24, 2024Vale S.A. announced that they will report Q1, 2024 results After-Market on Apr 24, 2024New Risk • Apr 04New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.3% average weekly change). Profit margins are more than 30% lower than last year (19% net profit margin).Upcoming Dividend • Mar 05Upcoming dividend of R$2.74 per shareEligible shareholders must have bought the stock before 12 March 2024. Payment date: 19 March 2024. Payout ratio is a comfortable 59% and the cash payout ratio is 76%. Trailing yield: 6.4%. Within top quartile of Spanish dividend payers (6.4%). Higher than average of industry peers (4.4%).Declared Dividend • Feb 28Dividend of R$2.74 announcedShareholders will receive a dividend of R$2.74. Ex-date: 12th March 2024 Payment date: 19th March 2024 Dividend yield will be 28%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (38% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 2 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Feb 25Full year 2023 earnings released: EPS: R$9.15 (vs R$18.57 in FY 2022)Full year 2023 results: EPS: R$9.15 (down from R$18.57 in FY 2022). Revenue: R$208.1b (down 8.1% from FY 2022). Net income: R$39.9b (down 54% from FY 2022). Profit margin: 19% (down from 38% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.New Risk • Jan 29New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (23% net profit margin).お知らせ • Jan 16Vale S.A. to Report Q4, 2023 Results on Jan 30, 2024Vale S.A. announced that they will report Q4, 2023 results After-Market on Jan 30, 2024お知らせ • Jan 13Vale S.A., Annual General Meeting, Apr 26, 2024Vale S.A., Annual General Meeting, Apr 26, 2024.お知らせ • Dec 06Vale S. A Provides Production Guidance for the Year 2023, 2024, 2026 and 2030+Vale S. A provided production guidance for the year 2023, 2024, 2026 and 2030+. For the year 2023, the company expected production of iron ore of approx. 315 million tons, Pellets & briquettes of approx. 37 million tons, Nickel of approx. 165kt, and Copper of approx. 325 kt.For the year 2024, the company expected production of iron ore of 310 million tons to 320 million tons, Pellets & briquettes of 38 million tons to 42 million tons, Nickel of 160kt to 175 kt, and Copper of 320kt to 355 kt.For the year 2026, the company expects production of iron ore of 340 million tons to 360 million tons, Pellets & briquettes of 50 million tons to 55 million tons, Nickel of 210 kt to 230 kt, and Copper of 375kt to 410 kt.For the year 2030+, the company expects production of iron ore of more than 360 million tons, Pellets & briquettes of approx. 100 million tons, Nickel of more than 300 kt, and Copper of approx. 900kt.お知らせ • Nov 25Vale Sa Announces English Court of Appeal Dismisses Application for Permission to Appeal Against the Court's JurisdictionVale SA announced that, in a decision published on November 24, 2023, the English Court of Appeal has dismissed Vale’s application for permission to appeal against the Court's jurisdiction to hear the contribution claim brought against the Company by BHP. It is important to clarify that the merits of this claim have not yet been heard or determined. In the contribution claim, BHP is seeking a pro rata financial share from the Company in the event that BHP is ordered to make a payment in the class action lawsuit filed in the UK over the collapse of Samarco’s Fundão dam in 2015. Vale, as a shareholder of Samarco, believes that the solutions created by the agreements in Brazil, in particular the "TTAC", are capable of addressing the claims in the foreign lawsuit. The Company also reaffirms its commitment to repair the damage caused by the dam collapse in accordance with the agreements signed with the Brazilian authorities for this purpose.Upcoming Dividend • Nov 15Upcoming dividend of R$2.33 per share at 6.9% yieldEligible shareholders must have bought the stock before 22 November 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 69% and the cash payout ratio is 79%. Trailing yield: 6.9%. Within top quartile of Spanish dividend payers (6.0%). Lower than average of industry peers (8.6%).お知らせ • Oct 28Vale S.A. Announces Approval of Distribution, Scheduled to Be Paid December 1, 2023Vale S.A. announced that the Board of Directors has approved the distribution of USD 2.0 billion in dividends scheduled to be paid December 1, 2023.Reported Earnings • Oct 28Third quarter 2023 earnings released: EPS: US$0.66 (vs US$0.95 in 3Q 2022)Third quarter 2023 results: EPS: US$0.66 (down from US$0.95 in 3Q 2022). Revenue: US$10.6b (up 10.0% from 3Q 2022). Net income: US$2.84b (down 34% from 3Q 2022). Profit margin: 27% (down from 45% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 13% per year.お知らせ • Oct 07Vale S.A. to Report Q3, 2023 Results on Oct 26, 2023Vale S.A. announced that they will report Q3, 2023 results After-Market on Oct 26, 2023Upcoming Dividend • Aug 07Upcoming dividend of R$1.92 per share at 7.5% yieldEligible shareholders must have bought the stock before 14 August 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 17% and the cash payout ratio is 94%. Trailing yield: 7.5%. Within top quartile of Spanish dividend payers (6.0%). In line with average of industry peers (8.2%).New Risk • Jul 31New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 28% Last year net profit margin: 41% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (28% net profit margin).Reported Earnings • Jul 31Second quarter 2023 earnings released: EPS: US$0.20 (vs US$0.83 in 2Q 2022)Second quarter 2023 results: EPS: US$0.20 (down from US$0.83 in 2Q 2022). Revenue: US$9.67b (down 7.9% from 2Q 2022). Net income: US$892.0m (down 77% from 2Q 2022). Profit margin: 9.2% (down from 37% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.お知らせ • Jul 29+ 1 more updateEngine No. 1 LP entered into binding agreement to acquire 3% stake in Energy Transition Metals business of Vale S.A. (BOVESPA:VALE3) for an enterprise value of $26 billion.Engine No. 1 LP entered into binding agreement to acquire 3% stake in Energy Transition Metals business of Vale S.A. (BOVESPA:VALE3) for an enterprise value of $26 billion on July 27, 2023. In a related transaction, along with sale of 3% stake in Energy Transition Metals business Vale also sold additional 10% stake in Energy Transition Metals business to Saudi Arabian Mining Company (Ma'aden) (SASE:1211) and an undisclosed public investment firm for a combined purchase price of $3.4 billion. Under the terms of agreements, the total consideration of $3.4 billion will be paid in cash to VBM at the closing of the transaction, subject to customary adjustments. Post-closing of the transaction, Engine No. 1 will own 3% and Saudi Arabian Mining Company (Ma'aden) and undisclosed PIF will own 10%. The transactions are subject to customary conditions precedent, including the approval of relevant regulatory authorities and are expected to close in first quarter of 2024. These transaction will see strategic investments as a major milestone in our path to accelerate accretive growth in our Energy Transition Metals business platform, creating significant long-term value to all of our stakeholders.お知らせ • Jul 26Vale Reportedly Close to Deal to Divest 10% of Base Metals BusinessVale S.A. (BOVESPA:VALE3)’ is nearing a deal to sell a 10% stake in its $25 billion base metals unit to Saudi Arabia's sovereign-wealth fund and a Saudi mining company, The Wall Street Journal's Julie Steinberg, Ben Dummett, and Summer Said report. According to people familiar with the matter, Saudi Arabia's sovereign-wealth vehicle, the Public Investment Fund, and state-owned mining company Ma'aden, would pay $2.5 billion for the roughly 10% stake, and a deal could be announced as soon as this week.お知らせ • Jul 08Vale S.A. to Report Q2, 2023 Results on Jul 27, 2023Vale S.A. announced that they will report Q2, 2023 results After-Market on Jul 27, 2023お知らせ • Jul 01Vale S.A. Appoints Manuel Lino Silva De Sousa Oliveira as Lead Independent DirectorVale SA informed that Mr. Manuel Lino Silva de Sousa Oliveira was appointed as Lead Independent Director of Vale's Board of Directors. Mr. Ollie Oliveira has been an independent Board member of the Company since 2021, with recognized performance on several international Boards in the industry and more than 35 years of experience in corporate finance and strategy, mainly in the mining sector. Composition of the Audit and Risk Committee: For a better dedication to the LID role, Mr. Ollie Oliveira leaves the coordination of Vale's Audit and Risks Committee, remaining as a member and technical specialist of the referred advisory body of the Board of Directors. Mrs. Vera Marie Inkster, an independent Board member, assumes the coordinator position of Vale's Audit and Risk Committee. Therefore, Audit and Risks Committee continues to be composed of the same three members and is fully independent.お知らせ • May 18+ 1 more updateVale S.A. Announces Board's CommitteesVale S.A. at its Extraordinary Board of Directors Meeting held on May 15, 2023, the Board unanimously approved: (i) the appointment, as the case may be, of the following members to compose the Advisory Committees of the Board: (i.a) Capital Allocation and Projects Committee: Luiz Henrique Cals de Beauclair Guimarães (Coordinator), Daniel André Stieler, Fernando Jorge Buso Gomes, José Luciano Duarte Penido and Marcelo Gasparino da Silva; (i.b) Audit and Risks Committee (“CARE”): Vera Marie Inkster; (i.c) Nomination and Governance Committee: Vera Marie Inkster; (i.d) Innovation Committee (“CINOV”): José Luciano Duarte Penido (Coordinator), Fernando Jorge Buso Gomes, Paulo Cesar Hartung Gomes, Shunji Komai and Wagner Vasconcelos Xavier; (i.e) People and Compensation Committee: João Luiz Fukunaga (Coordinator), Luiz Henrique Cals de Beauclair Guimarães, Manuel Lino Silva de Sousa Oliveira and Shunji Komai; and (i.f) Sustainability Committee: Rachel de Oliveira Maia (Coordinator), João Luiz Fukunaga, Paulo Cesar Hartung Gomes and Andre Viana Madeira.Reported Earnings • Apr 30First quarter 2023 earnings released: EPS: R$2.14 (vs R$4.79 in 1Q 2022)First quarter 2023 results: EPS: R$2.14 (down from R$4.79 in 1Q 2022). Revenue: R$29.5b (down 48% from 1Q 2022). Net income: R$9.52b (down 59% from 1Q 2022). Profit margin: 32% (down from 41% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 1.3% p.a. on average during the next 3 years compared to a 1.3% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Mar 07Upcoming dividend of R$1.83 per share at 4.5% yieldEligible shareholders must have bought the stock before 14 March 2023. Payment date: 22 March 2023. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Lower than top quartile of Spanish dividend payers (5.9%). Lower than average of industry peers (7.8%).Reported Earnings • Feb 19Full year 2022 earnings released: EPS: US$4.05 (vs US$4.79 in FY 2021)Full year 2022 results: EPS: US$4.05 (down from US$4.79 in FY 2021). Revenue: US$43.8b (down 17% from FY 2021). Net income: US$16.7b (down 30% from FY 2021). Profit margin: 38% (down from 46% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 2.4% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.お知らせ • Feb 10GM Reportedly Looks to Deepen Mining Ties with Stake in Brazil’s ValeGeneral Motors Company (NYSE:GM) has discussed taking a small stake in Brazilian miner Vale S.A. (BOVESPA:VALE3)’s base metals unit, a business that mines and processes nickel and other metals crucial to building electric vehicle batteries, according to people familiar with the matter. Vale said in December it would consider selling up to a 10% stake in the business, without disclosing a potential sale price. A stake of that size could be valued at as much as $2 billion, according to some of the people. GM’s interest comes as auto makers increasingly seek out supply agreements and closer partnerships with mining and metals companies as they jostle for the world’s limited supply of metals they need to build the batteries needed in the EVs they hope to sell in coming years. The sale process is in the early stages and has attracted some of the world’s biggest sovereign-wealth and pension funds, including from the Middle East and North America, according to people familiar with the matter.お知らせ • Jan 18Vale S.A. to Report Q4, 2022 Results on Feb 16, 2023Vale S.A. announced that they will report Q4, 2022 results After-Market on Feb 16, 2023Upcoming Dividend • Aug 05Upcoming dividend of R$3.57 per shareEligible shareholders must have bought the stock before 12 August 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 35% and the cash payout ratio is 96%. Trailing yield: 23%. Within top quartile of Spanish dividend payers (6.0%). Higher than average of industry peers (9.6%).Reported Earnings • Jul 30Second quarter 2022 earnings released: EPS: R$6.43 (vs R$7.87 in 2Q 2021)Second quarter 2022 results: EPS: R$6.43 (down from R$7.87 in 2Q 2021). Revenue: R$55.0b (down 37% from 2Q 2021). Net income: R$20.2b (down 50% from 2Q 2021). Profit margin: 37% (down from 46% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is expected to shrink by 2.2% compared to a 25% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.Buying Opportunity • Jun 08Now 20% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be €21.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 94%. For the next 3 years, revenue is forecast to decline by 9.4% per annum. Earnings is also forecast to decline by 26% per annum over the same time period.株主還元XVALOES Metals and MiningES 市場7D-3.7%-4.3%0.6%1Y50.1%76.7%20.4%株主還元を見る業界別リターン: XVALO過去 1 年間で76.7 % の収益を上げたSpanish Metals and Mining業界を下回りました。リターン対市場: XVALO過去 1 年間で20.4 % の収益を上げたSpanish市場を上回りました。価格変動Is XVALO's price volatile compared to industry and market?XVALO volatilityXVALO Average Weekly Movement5.3%Metals and Mining Industry Average Movement8.6%Market Average Movement3.9%10% most volatile stocks in ES Market6.8%10% least volatile stocks in ES Market0.8%安定した株価: XVALOの株価は、 Spanish市場と比較して過去 3 か月間で変動しています。時間の経過による変動: XVALOの weekly volatility ( 5% ) は過去 1 年間安定していますが、依然としてSpanishの株式の 75% よりも高くなっています。会社概要設立従業員CEO（最高経営責任者ウェブサイト194265,805Gustavo Pimentavale.comヴァーレS.A. は子会社とともに、ブラジル国内および海外で鉄鉱石、鉄鉱石ペレット、ニッケル、銅を生産・販売している。同社は鉄鉱石部門とエネルギー遷移材料部門を通じて事業を行っている。鉄ソリューション部門は、鉄鉱石、ペレット、その他鉄製品の生産、抽出、関連物流サービスを提供している。エネルギー遷移材料部門は、ニッケル、およびその副産物である金、銀、コバルト、貴金属などの生産と抽出、および建設部門でパイプや電線を生産するために使用される銅を生産している。旧社名はコンパニア・ヴァーレ・ド・リオ・ドースで、2009年5月にヴァーレS A.に社名変更。ヴァーレS.A.は1942年に設立され、ブラジルのリオデジャネイロに本社を置いている。もっと見るVale S.A. 基礎のまとめVale の収益と売上を時価総額と比較するとどうか。XVALO 基礎統計学時価総額€59.60b収益（TTM）€2.66b売上高(TTM)€36.70b22.1xPER（株価収益率1.6xP/SレシオXVALO は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計XVALO 損益計算書（TTM）収益R$214.86b売上原価R$139.50b売上総利益R$75.37bその他の費用R$59.76b収益R$15.60b直近の収益報告Mar 31, 2026次回決算日Jul 30, 2026一株当たり利益（EPS）3.66グロス・マージン35.08%純利益率7.26%有利子負債／自己資本比率55.4%XVALO の長期的なパフォーマンスは？過去の実績と比較を見る配当金6.8%現在の配当利回り150%配当性向View Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/19 09:50終値2026/05/19 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Vale S.A. 22 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。41 アナリスト機関Leonardo CorreaBarclaysAmos FletcherBarclaysMary Cleia da SilvaBB Banco de Investimento S.A.38 その他のアナリストを表示
Buy Or Sell Opportunity • May 18Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 5.6% to €13.75. The fair value is estimated to be €11.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 37%. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are forecast to grow by 17% per annum over the same time period.
New Risk • May 02New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Cash payout ratio: 141% Minor Risks High level of debt (41% net debt to equity). Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.3% net profit margin).
Reported Earnings • Apr 30First quarter 2026 earnings released: EPS: R$2.33 (vs R$1.91 in 1Q 2025)First quarter 2026 results: EPS: R$2.33 (up from R$1.91 in 1Q 2025). Revenue: R$48.7b (up 2.7% from 1Q 2025). Net income: R$9.95b (up 22% from 1Q 2025). Profit margin: 20% (up from 17% in 1Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 4.3% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.
New Risk • Apr 30New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).
New Risk • Feb 24New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Minor Risks Share price has been volatile over the past 3 months (4.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).
New Risk • Feb 23New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Dividend yield: 6.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).
Buy Or Sell Opportunity • May 18Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 5.6% to €13.75. The fair value is estimated to be €11.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 37%. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are forecast to grow by 17% per annum over the same time period.
New Risk • May 02New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Cash payout ratio: 141% Minor Risks High level of debt (41% net debt to equity). Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.3% net profit margin).
Reported Earnings • Apr 30First quarter 2026 earnings released: EPS: R$2.33 (vs R$1.91 in 1Q 2025)First quarter 2026 results: EPS: R$2.33 (up from R$1.91 in 1Q 2025). Revenue: R$48.7b (up 2.7% from 1Q 2025). Net income: R$9.95b (up 22% from 1Q 2025). Profit margin: 20% (up from 17% in 1Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 4.3% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.
New Risk • Apr 30New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).
New Risk • Feb 24New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Minor Risks Share price has been volatile over the past 3 months (4.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).
New Risk • Feb 23New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Dividend yield: 6.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 169% Cash payout ratio: 152% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin).
お知らせ • Feb 21Vale S.A. Announces Resignation of João Luiz Fukunaga from the BoardVale S.A. informed that its Board of Directors on February 20, 2026 received a letter from Mr. João Luiz Fukunaga submitting his resignation from the position of member of the Company's Board of Directors. Mr. João Luiz Fukunaga served as a Board member since 2023. As a result of this resignation and pursuant to the Company's Bylaws, the Board of Directors, with the support of the Company's Nomination and Governance Committee, will evaluate the necessary measures in the coming days and will keep the market duly informed on the matter.
Reported Earnings • Feb 15Full year 2025 earnings released: EPS: US$0.55 (vs US$1.20 in FY 2024)Full year 2025 results: EPS: US$0.55 (down from US$1.20 in FY 2024). Revenue: US$38.4b (up 15% from FY 2024). Net income: US$2.35b (down 54% from FY 2024). Profit margin: 6.1% (down from 15% in FY 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
Buy Or Sell Opportunity • Jan 22Now 23% overvalued after recent price riseOver the last 90 days, the stock has risen 35% to €13.62. The fair value is estimated to be €11.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 36%. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings are also forecast to grow by 4.3% per annum over the same time period.
お知らせ • Jan 14Vale S.A., Annual General Meeting, Apr 30, 2026Vale S.A., Annual General Meeting, Apr 30, 2026.
Declared Dividend • Dec 08Dividend of R$3.58 announcedShareholders will receive a dividend of R$3.58. Ex-date: 12th December 2025 Payment date: 4th March 2026 Dividend yield will be 38%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (145% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 4.4% over the next 2 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Dec 05+ 2 more updatesVale S.A. to Report Q2, 2026 Results on Jul 30, 2026Vale S.A. announced that they will report Q2, 2026 results on Jul 30, 2026
お知らせ • Nov 28+ 1 more updateVale S.A. Announces Ordinary Dividend, Payable on January 7, 2026 and March 4, 2026Vale S.A. informs that its board of directors approved on this date, the distribution of shareholder remuneration in the total amount of BRL 3.581771057 per ordinary and preferred shares of special class issued by value. Shareholders holding vale shares at the close of trading on B3 S.A. - Brasil, Bolsa, Balcao on December 11, 2025, will be entitled to receive the remuneration. Vale shares will trade ex-dividend on B3 as of December 12, 2025. Payment to shareholders will occur as follows: on January 7, 2026, an amount of BRL 1.244102486 per share will be paid as dividends; and on March 4, 2026, an amount of BRL 0.768133538 per share will be paid as dividends, in addition to BRL 1.5695350033 per share as interest on equity. Remuneration to ADR Holders Holders of American Depositary Receipts ("ADRs") traded on the New York Stock Exchange ("NYSE") will be entitled to receive the remuneration on the record date of December 12, 2025. Vale ADRs will trade ex-dividend on the NYSE as of December 12, 2025. Payments to ADR holders will be made starting January 14 and March 11, 2026, respectively, through Vale's ADR depositary agent.
Reported Earnings • Nov 02Third quarter 2025 earnings released: EPS: R$3.42 (vs R$3.14 in 3Q 2024)Third quarter 2025 results: EPS: R$3.42 (up from R$3.14 in 3Q 2024). Revenue: R$56.7b (up 7.0% from 3Q 2024). Net income: R$14.6b (up 9.2% from 3Q 2024). Profit margin: 26% (in line with 3Q 2024). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.
New Risk • Oct 31New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (181% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin).
お知らせ • Oct 22Vale S.A. Provides Production Guidance for the Full Year 2025Vale S.A. provided production guidance for the full year 2025. For the full year 2025, the company expects iron ore production of 325-335 Mt, pellets production of 31-35 Mt, copper production of 340-370 kt, and nickel production of 160-175 kt.
お知らせ • Oct 03Vale S.A. to Report Q3, 2025 Results on Oct 30, 2025Vale S.A. announced that they will report Q3, 2025 results After-Market on Oct 30, 2025
お知らせ • Sep 25Global Infrastructure Management, LLC completed the acquisition of 70% stake in Aliança Geração de Energia S.A. from Vale S.A. (BOVESPA:VALE3).Global Infrastructure Management, LLC entered into an agreement to acquire 70% stake in Aliança Geração de Energia S.A. from Vale S.A. (BOVESPA:VALE3) for $1 billion on March 31, 2025. A cash consideration of $1 billion will be paid by Global Infrastructure Management, subject to adjustments between the present date and the actual completion date. Once the transaction is completed, Vale hold a 30% stake and GIP will hold a 70% in Aliança Geração. Vale clarifies that the transaction is subject to customary precedent conditions, including the consent or approval of regulatory bodies. Tony Del Pino, Carlos Ardila, Carlos Alvarez, and Katherine Sawyer of Latham & Watkins LLP acted as legal advisor to Global Infrastructure Partners in the transaction and the related financing. Global Infrastructure Management, LLC completed the acquisition of 70% stake in Aliança Geração de Energia S.A. from Vale S.A. (BOVESPA:VALE3) on September 25, 2025.
Declared Dividend • Aug 06Dividend of R$1.90 announcedShareholders will receive a dividend of R$1.90. Ex-date: 13th August 2025 Payment date: 3rd September 2025 Dividend yield will be 26%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but not covered by cash flows (181% cash payout ratio). The dividend has increased by an average of 9.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Aug 01Vale S.A Provides Update on Lawsuit Filed by the Brazilian Federal Attorney General's OfficeVale S. A informed that it became aware through the press about a lawsuit filed by the Brazilian Federal Attorney General's Office against Vale in the Regional Federal Court of the 6th Region (TRF6), worth approximately BRL 2 billion, related to the alleged irregular exploitation of the Tamandua Mine, located in Nova Lima, Minas Gerais. The Company informs that it has not been summoned by the Judiciary regarding such lawsuit, and that it will present its statement to the competent court in due course. Vale reiterates its commitment to keeping the market informed of material developments regarding its business.
Reported Earnings • Aug 01Second quarter 2025 earnings released: EPS: US$0.50 (vs US$0.61 in 2Q 2024)Second quarter 2025 results: EPS: US$0.50 (down from US$0.61 in 2Q 2024). Revenue: US$8.80b (down 4.9% from 2Q 2024). Net income: US$2.12b (down 19% from 2Q 2024). Profit margin: 24% (down from 28% in 2Q 2024). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.
お知らせ • Jul 02Vale S.A. to Report Q2, 2025 Results on Jul 31, 2025Vale S.A. announced that they will report Q2, 2025 results After-Market on Jul 31, 2025
お知らせ • Jun 05Vale S.A Appoints Grazielle Parenti as Executive Vice President of Sustainability, Begin on July 7, 2025Vale S. A announced that the Company’s Board of Directors has approved the appointment of Ms. Grazielle Parenti as Executive Vice President of Sustainability, with her term scheduled to begin on July 7, 2025. Ms. Parenti is an executive with over 30 years of experience in Sustainability, Institutional and Government Relations, International Relations and Communications, with notable performance and professional recognition. She has worked in several industries globally and over the past 3 years, she served as Vice President of Corporate Affairs and Sustainability at Syngenta. Previously, she was part of the executive board of BRF for 4 years, serving as Global Vice President of Corporate Affairs and Sustainability. She was also Director of Government and Corporate Affairs at large organizations such as Mondelez and Diageo. The executive holds a degree in Business Administration from Fundação Getúlio Vargas in São Paulo, with an MBA in Marketing. Vale would like to thank Ms. Camilla Lott for her competent and committed performance in the interim position of Executive Vice President of Sustainability. Ms. Lott will resume her regular duties at Vale upon Ms. Parenti's inauguration.
Reported Earnings • Apr 27First quarter 2025 earnings released: EPS: R$1.91 (vs R$1.93 in 1Q 2024)First quarter 2025 results: EPS: R$1.91 (down from R$1.93 in 1Q 2024). Revenue: R$47.4b (up 13% from 1Q 2024). Net income: R$8.16b (down 1.5% from 1Q 2024). Profit margin: 17% (down from 20% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings.
New Risk • Apr 25New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (135% cash payout ratio).
Valuation Update With 7 Day Price Move • Apr 09Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to €7.75, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total loss to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.95 per share.
お知らせ • Apr 06Vale S.A. to Report Q1, 2025 Results on Apr 24, 2025Vale S.A. announced that they will report Q1, 2025 results After-Market on Apr 24, 2025
お知らせ • Apr 02Global Infrastructure Management, LLC entered into an agreement to acquire 70% stake in Aliança Geração de Energia S.A. from Vale S.A. (BOVESPA:VALE3) for $1 billion.Global Infrastructure Management, LLC entered into an agreement to acquire 70% stake in Aliança Geração de Energia S.A. from Vale S.A. (BOVESPA:VALE3) for $1 billion on March 31, 2025. A cash consideration of $1 billion will be paid by Global Infrastructure Management, subject to adjustments between the present date and the actual completion date. Once the transaction is completed, Vale hold a 30% stake and GIP will hold a 70% in Aliança Geração. Tony Del Pino, Carlos Ardila, Carlos Alvarez, and Katherine Sawyer of Latham & Watkins LLP acted as legal advisor to Global Infrastructure Partners in the transaction and the related financing.
お知らせ • Feb 23Vale S.A. Approves Dividend, Payable on March 14, 2025Vale S.A. announced that its board of directors approved the distribution of dividends in the total gross amount of BRL 2.141847479 per share, fixed according to the balance sheet of December 31, 2024, which includes the remuneration established in the company’s shareholder remuneration policy. The record date for payment of dividends to holders of shares issued by Vale and traded on B3 will be March 7, 2025, and the record date for payment of dividends to holders of American Depositary Receipts (ADRs) traded on the New York Stock Exchange (NYSE) will be March 10, 2025. The company’s shares will start trading ex-dividends on B3 and NYSE from March 10, 2025. Payment of dividends will occur on March 14, 2025.
New Risk • Feb 23New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 7.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.0% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (91% cash payout ratio). Large one-off items impacting financial results.
Reported Earnings • Feb 21Full year 2024 earnings released: EPS: US$1.44 (vs US$1.89 in FY 2023)Full year 2024 results: EPS: US$1.44 (down from US$1.89 in FY 2023). Revenue: US$38.1b (down 11% from FY 2023). Net income: US$6.17b (down 25% from FY 2023). Profit margin: 16% (down from 19% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings.
お知らせ • Jan 17An undisclosed buyer acquired 4.05% stake in Vale S.A. (BOVESPA:VALE3) from Cosan S.A. (BOVESPA:CSAN3) for BRL 9 billion.An undisclosed buyer acquired 4.05% stake in Vale S.A. (BOVESPA:VALE3) from Cosan S.A. (BOVESPA:CSAN3) for BRL 9 billion on January 16, 2025. Cosan intends to use proceeds to pay down debt. An undisclosed buyer completed the acquisition of 4.05% stake in Vale S.A. (BOVESPA:VALE3) from Cosan S.A. (BOVESPA:CSAN3) on January 16, 2025.
お知らせ • Jan 14Vale S.A., Annual General Meeting, Apr 30, 2025Vale S.A., Annual General Meeting, Apr 30, 2025.
お知らせ • Jan 09Vale S.A. to Report Q4, 2024 Results on Feb 19, 2025Vale S.A. announced that they will report Q4, 2024 results After-Market on Feb 19, 2025
お知らせ • Dec 04+ 2 more updatesVale S.A. Updates Production Guidance for the Fiscal Year 2024, 2025, 2026, 2030 and 2035Vale S.A. updated production guidance for the fiscal year 2024, 2025, 2026, 2030 and 2035. For 2024, the company expects Iron ore of ~328 Mt, Iron ore - agglomerates of ~38 Mt, Iron ore - from reused tailings of ~10 Mt, Copper of ~345 kt and Nickel of ~160 kt. For 2025, the company expects Iron ore of 325 Mt - 335 Mt, Iron ore - agglomerates of 38 Mt - 42 Mt, Copper of 340 kt - 370 kt and Nickel of 160 kt-175 kt. For 2026, the company expects Iron ore of 340 Mt - 360 Mt, Iron ore - agglomerates of 45 Mt-50 Mt, Copper of 350 kt - 380 kt and Nickel of 175 kt - 210 kt. For 2030, the company expects Iron ore of ~360 Mt, Iron ore - agglomerates Of 60 Mt to 70 Mt, Iron ore - from reused tailings of >30 Mt, Copper of 420 kt- 500 kt and Nickel of 210 kt - 250 kt. For 2035, the company expects Copper of~700 kt.
お知らせ • Dec 03Vale S.A. (BOVESPA:VALE3) acquired 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL).Vale S.A. (BOVESPA:VALE3) agreed to acquire 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL) on February 22, 2024. Under the Transaction’s terms, Vale will contribute Serpentina and $157.5 million in cash to acquire a 15% shareholding in the enlarged Minas-Rio, subject to normal completion adjustments. Vale will also have an option to acquire an additional 15% shareholding in the enlarged Minas-Rio for cash (at fair value calculated at the time of exercise of the option), if and when certain events relating to a future expansion occur. Additionally, depending on the future iron ore prices, there may be an adjustment in the transaction price and the fair value adjustments of this mechanism will be recognized in the Company's income statements accordingly. Upon completion of the transaction, Anglo American Brasil will be an associate of Vale and the investment will be accounted for under the equity method. The combination of Minas-Rio with the scale and quality of the Serpentina endowment also offers considerable expansion opportunities, including the potential to double production towards 60Mtpa. The Transaction is subject to regulatory conditions and is expected to complete in Q4 2024. Rory O'Halloran, Lara Aryani, Cynthia Urda Kassis, Maegen Morrison and Nick Withers of Shearman & Sterling LLP acted as legal advisor to Anglo American plc (LSE:AAL). Morgan Stanley acted as the financial advisor to Anglo American. Vale S.A. (BOVESPA:VALE3)completed the acquisition of 15% stake in Minas-Rio of Vale S.A. from Anglo American plc (LSE:AAL) on December 2, 2024. Anglo American will continue to control, manage and operate Minas-Rio, including any future expansion.
お知らせ • Nov 29Vale S.A. Approves New Composition of Audit and Risks CommitteeVale S.A. informed that its Board of Directors approved on this date the new composition of Vale’s Audit and Risks Committee. Mrs. Heloísa Belotti Bedicks and Mr. Reinaldo Duarte Castanheira Filho were elected as new members of the Committee. The Committee remains composed entirely of independent members, with a total of 3 members, with Mr. Ollie Oliveira as its coordinator and financial expert. Mr. Paulo Cesar Hartung Gomes and Mr. Douglas James Upton, replaced members of the Committee, continue to perform their regular duties as Board members.
お知らせ • Oct 16Vale S.A. Announces Power Resumption in Onça PumaVale S.A. announced following the press release on October 6, 2024, the company announced that the power supply to the Onça Puma plant was resumed last night, as expected, and the operation ramp-up has started, with normalization of activities expected in the coming days.
お知らせ • Oct 09Vale S.A. Announces Executives ChangesVale S. A informed that, on this date, Mr. Marcello Magistrini Spinelli leaves the position of Executive Vice President of Iron Ore Solutions. Marcello joined the Company in 2002, working as an executive in the logistics area, being appointed CEO of VLI Logística in 2011. In May 2019, he took over as Executive Vice President of Ferrous and had an important contribution in the resumption of iron ore operations in a challenging time for the company. He also played a relevant role in positioning Vale as partner of choice for customers in their decarbonization pathways. Vale thanks Marcello for his dedication and results achieved during his time in office. Mr. Rogério Nogueira, the Company’s current Director of Product and Business Development, was appointed interim Executive Vice-President of Iron Ore Solutions, starting on October 9th and ending until December 31st, 2024.
お知らせ • Oct 08+ 1 more updateCosan Reportedly Mulls Selling Vale Stake on Leverage WoesBillionaire Rubens Ometto’s conglomerate Cosan S.A. (BOVESPA:CSAN3) is mulling a sale of assets including its $2.2 billion stake in mining giant Vale S.A. (BOVESPA:VALE3), according to people familiar with the matter, potentially unwinding a soured bet to pay down debt. Cosan has told investors that all options are on the table to improve its balance sheet, including selling part or all of its 4.1% interest in the iron ore producer, the people said, asking not be identified because discussions aren’t public. The company has also weighed the sale of an Argentine gasoline distributor it owns in a joint venture with Shell Plc, the people said. No final decision has been made. “Cosan continually monitors the best deleveraging opportunities and remains committed to optimizing capital allocation, especially in a scenario of high interest rates and a challenging macroeconomic environment,” the company said in a note to Bloomberg News. Cosan jumped as much as 2.4% after Bloomberg News reported the discussions. Vale dropped as much as 1.7%. Cosan is contending with high interest rates in Brazil and lower profits from its sugar and ethanol business. The company has also struggled to move forward with plans to sell shares of its lubricant and gas businesses amid a lack of investor appetite.
お知らせ • Oct 07Vale S.A. Reports Interruption of Operations at the on A Puma Nickel PlantVale S.A. announced a temporary interruption of operations at the On a Puma nickel plant in Ouril ndia do Norte, Par. The interruption occurred due to damage to the local electricity company's transmission network after strong winds on October 5th, 2024. There were no incidents reported regarding the safety of employees, neighboring communities or Vale's assets at the site. The electricity transmission network is expected to be restored by October 15, 2024, according to information from the operator in charge. Vale preliminarily estimates an impact of 1.5 to 2.0 kt on nickel production in fourth quarter of 2024, which does not imply a change in the guidance provided by the company for 2024, of 153-168 kt. The Company will continue to assess the impacts of the interruption on nickel production at On a Puma and the measures necessary to resume the affected operational processes. Vale will keep the market informed about material developments at the On a Puma operation.
New Risk • Sep 27New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.0% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (99% cash payout ratio). Share price has been volatile over the past 3 months (4.0% average weekly change).
お知らせ • Aug 27Vale S.A. Announces Appointment of Gustavo Pimenta as CEOVale S.A. announced Gustavo Pimenta as the company's next CEO. The executive was unanimously elected by the Board of Directors, after a rigorous selection process supported by an international headhunting company, in compliance with Vale's Bylaws, corporate policies, the Board's internal regulations and applicable legislation. Gustavo Pimenta is an executive with global experience in the financial, energy and mining sectors, and with a career developed over 20 years in Brazil, the United States and Europe. In 2021, he assumed the position of executive Vice-president of Finance and Investor Relations at Vale S.A. He was also responsible for the Procurement and Energy & Decarbonization areas. Before joining Vale, Pimenta was an executive at AES for 12 years, accumulating extensive experience as Global CFO, director of Planning and Strategy and Vice President of Performance and Services at the company. He also served as Vice President of Strategy and M&A at Citigroup in New York. He has a degree in Economics from the Federal University of Minas Gerais and a master's degree in finance and economics from Funda o Get lio Vargas. The transition process will follow the schedule already published by the Company.
お知らせ • Aug 14Vale S.A. (BOVESPA:VALE3) completed the acquisition of remaining 45% stake in Aliança Geração de Energia S.A. from Cemig Geração e Transmissão S.A.Vale S.A. (BOVESPA:VALE3) entered into an agreement to acquire the remaining 45% stake in Aliança Geração de Energia S.A. from Cemig Geração e Transmissão S.A. for BRL 2.7 billion on March 27, 2024. The transaction is subject to the approval by Cemig GT’s Shareholders’ Meeting and customary precedent conditions, including the approval by competent authorities. Upon closing Vale will hold 100% of Aliança Energia’s capital. Banco J.P. Morgan S.A. acted as financial advisor to Vale S.A. (BOVESPA:VALE3). Vale S.A. (BOVESPA:VALE3) completed the acquisition of remaining 45% stake in Aliança Geração de Energia S.A. from Cemig Geração e Transmissão S.A. on August 13, 2024. As part of closing, all the customary precedent conditions were fully met.
Declared Dividend • Jul 31Dividend of R$2.09 announcedShareholders will receive a dividend of R$2.09. Ex-date: 5th August 2024 Payment date: 4th September 2024 Dividend yield will be 30%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not adequately covered by cash flows (99% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 12% over the next 3 years. However, it would need to fall by 50% to increase the payout ratio to a potentially unsustainable range.
Reported Earnings • Jul 26Second quarter 2024 earnings released: EPS: US$0.65 (vs US$0.22 in 2Q 2023)Second quarter 2024 results: EPS: US$0.65 (up from US$0.22 in 2Q 2023). Revenue: US$9.92b (flat on 2Q 2023). Net income: US$2.77b (up 190% from 2Q 2023). Profit margin: 28% (up from 9.6% in 2Q 2023). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings.
お知らせ • Jul 12+ 1 more updateVale S.A. and BHP Brasil Enter into an Agreement on Claims in the United Kingdom and the NetherlandsVale S.A. announced that it has entered into an agreement with BHP Billiton Brasil Ltda. (“BHP Brasil”), BHP Group (UK) Ltd. and BHP Group Ltd. (together, “BHP”) in relation to group action proceedings in the United Kingdom and the Netherlands relating to the Fundão Dam1 rupture in Brazil in 2015. The Fundão Dam was owned and operated by Samarco Mineração S.A. As disclosed on December 2, 20222, Vale is a defendant to a contribution claim brought by BHP before the English Court, in connection with a group action claim brought against BHP by over 600,000 claimants seeking damages for alleged losses arising from the dam rupture (the “UK Claims”). BHP denies liability in the UK Claims. As disclosed on March 19, 20243, Vale became a defendant in proceedings brought in the Netherlands on behalf of over 78,000 claimants who claim to have been affected by the dam rupture. As previously stated, Vale will assess the merits of those claims in due course and defend itself appropriately. Vale and BHP have entered into a confidential agreement without any admission of liability pursuant to which the contribution claim brought by BHP against Vale in connection with the UK Claims will be withdrawn. The effect of the agreement is that should BHP ultimately be found to have any liability to the claimants in the UK Claims, or should Vale ultimately be found to have any liability to the claimants in the Netherlands, such liability would be shared equally between BHP and Vale. All other terms of the agreement remain strictly confidential.
お知らせ • Jul 04Vale S.A. to Report Q2, 2024 Results on Jul 25, 2024Vale S.A. announced that they will report Q2, 2024 results After-Market on Jul 25, 2024
New Risk • May 31New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (19% net profit margin).
お知らせ • May 01Manara Minerals Investment Company completed the acquisition of 10% stake in Energy Transition Metals business of Vale S.A. (BOVESPA:VALE3).Manara Minerals Investment Company entered into binding agreement to acquire 10% stake in Energy Transition Metals business of Vale S.A. (BOVESPA:VALE3) for $2.5 billion on July 27, 2023. In a related transaction, along with sale of 10% stake in Energy Transition Metals business Vale also sold additional 3% stake in Energy Transition Metals business to Engine No. 1 for a combined purchase price of $3.4 billion. Under the terms of agreements, the total consideration of $3.4 billion will be paid in cash to VBM at the closing of the transaction, subject to customary adjustments. Post-closing of the transaction, Manara Minerals Investment Company will own 10% and Engine No. 1 will own 3%. As a part of acquisition, the Company will retain control over VBM and this agreement shall be accounted for as an equity transaction with any result being recognized in shareholder’s equity upon closing of the transaction. The transactions are subject to customary conditions precedent, including the approval of relevant regulatory authorities, including the approval of the relevant antitrust and are expected to close in first quarter of 2024. As of April 19, 2024 The closing of the transaction is expected to take place in 2024, subject to conditions precedent, including the approval of the usual authorities. These transaction will see strategic investments as a major milestone in our path to accelerate accretive growth in our Energy Transition Metals business platform, creating significant long-term value to all of our stakeholders. BofA Securities, Inc. acted as financial advisor to Manara Minerals Investment Company. Marc Kushner, Stewart Worthy, Lawrence Ward and Wells Parker of Dorsey & Whitney LLP acted as legal advisor to Manara Minerals Investment Company. Cleary Gottlieb Steen & Hamilton Consultores em Direito Estrangeiro acted as legal advisor to Vale S.A. Manara Minerals Investment Company completed the acquisition of 10% stake in Energy Transition Metals business of Vale S.A. (BOVESPA:VALE3) on April 30, 2024. Regulatory approvals received.
Reported Earnings • Apr 26First quarter 2024 earnings released: EPS: R$1.93 (vs R$2.14 in 1Q 2023)First quarter 2024 results: EPS: R$1.93 (down from R$2.14 in 1Q 2023). Revenue: R$41.9b (down 4.4% from 1Q 2023). Net income: R$8.29b (down 13% from 1Q 2023). Profit margin: 20% (down from 22% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.
お知らせ • Apr 17+ 1 more updateVale S. A Provides Production Guidance for the Year 2024Vale S. A provided production guidance for the year 2024. For the year, the company expects production of iron ore of 310,000 metric tons to 320,000 metric tons, Pellets of 38,000 metric tons to 42,000 metric tons, Nickel of 160 kt to 175 kt, and Copper of 320 kt to 355 kt.
お知らせ • Apr 06Vale S.A. to Report Q1, 2024 Results on Apr 24, 2024Vale S.A. announced that they will report Q1, 2024 results After-Market on Apr 24, 2024
New Risk • Apr 04New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.3% average weekly change). Profit margins are more than 30% lower than last year (19% net profit margin).
Upcoming Dividend • Mar 05Upcoming dividend of R$2.74 per shareEligible shareholders must have bought the stock before 12 March 2024. Payment date: 19 March 2024. Payout ratio is a comfortable 59% and the cash payout ratio is 76%. Trailing yield: 6.4%. Within top quartile of Spanish dividend payers (6.4%). Higher than average of industry peers (4.4%).
Declared Dividend • Feb 28Dividend of R$2.74 announcedShareholders will receive a dividend of R$2.74. Ex-date: 12th March 2024 Payment date: 19th March 2024 Dividend yield will be 28%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (38% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 2 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Feb 25Full year 2023 earnings released: EPS: R$9.15 (vs R$18.57 in FY 2022)Full year 2023 results: EPS: R$9.15 (down from R$18.57 in FY 2022). Revenue: R$208.1b (down 8.1% from FY 2022). Net income: R$39.9b (down 54% from FY 2022). Profit margin: 19% (down from 38% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
New Risk • Jan 29New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (23% net profit margin).
お知らせ • Jan 16Vale S.A. to Report Q4, 2023 Results on Jan 30, 2024Vale S.A. announced that they will report Q4, 2023 results After-Market on Jan 30, 2024
お知らせ • Jan 13Vale S.A., Annual General Meeting, Apr 26, 2024Vale S.A., Annual General Meeting, Apr 26, 2024.
お知らせ • Dec 06Vale S. A Provides Production Guidance for the Year 2023, 2024, 2026 and 2030+Vale S. A provided production guidance for the year 2023, 2024, 2026 and 2030+. For the year 2023, the company expected production of iron ore of approx. 315 million tons, Pellets & briquettes of approx. 37 million tons, Nickel of approx. 165kt, and Copper of approx. 325 kt.For the year 2024, the company expected production of iron ore of 310 million tons to 320 million tons, Pellets & briquettes of 38 million tons to 42 million tons, Nickel of 160kt to 175 kt, and Copper of 320kt to 355 kt.For the year 2026, the company expects production of iron ore of 340 million tons to 360 million tons, Pellets & briquettes of 50 million tons to 55 million tons, Nickel of 210 kt to 230 kt, and Copper of 375kt to 410 kt.For the year 2030+, the company expects production of iron ore of more than 360 million tons, Pellets & briquettes of approx. 100 million tons, Nickel of more than 300 kt, and Copper of approx. 900kt.
お知らせ • Nov 25Vale Sa Announces English Court of Appeal Dismisses Application for Permission to Appeal Against the Court's JurisdictionVale SA announced that, in a decision published on November 24, 2023, the English Court of Appeal has dismissed Vale’s application for permission to appeal against the Court's jurisdiction to hear the contribution claim brought against the Company by BHP. It is important to clarify that the merits of this claim have not yet been heard or determined. In the contribution claim, BHP is seeking a pro rata financial share from the Company in the event that BHP is ordered to make a payment in the class action lawsuit filed in the UK over the collapse of Samarco’s Fundão dam in 2015. Vale, as a shareholder of Samarco, believes that the solutions created by the agreements in Brazil, in particular the "TTAC", are capable of addressing the claims in the foreign lawsuit. The Company also reaffirms its commitment to repair the damage caused by the dam collapse in accordance with the agreements signed with the Brazilian authorities for this purpose.
Upcoming Dividend • Nov 15Upcoming dividend of R$2.33 per share at 6.9% yieldEligible shareholders must have bought the stock before 22 November 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 69% and the cash payout ratio is 79%. Trailing yield: 6.9%. Within top quartile of Spanish dividend payers (6.0%). Lower than average of industry peers (8.6%).
お知らせ • Oct 28Vale S.A. Announces Approval of Distribution, Scheduled to Be Paid December 1, 2023Vale S.A. announced that the Board of Directors has approved the distribution of USD 2.0 billion in dividends scheduled to be paid December 1, 2023.
Reported Earnings • Oct 28Third quarter 2023 earnings released: EPS: US$0.66 (vs US$0.95 in 3Q 2022)Third quarter 2023 results: EPS: US$0.66 (down from US$0.95 in 3Q 2022). Revenue: US$10.6b (up 10.0% from 3Q 2022). Net income: US$2.84b (down 34% from 3Q 2022). Profit margin: 27% (down from 45% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 13% per year.
お知らせ • Oct 07Vale S.A. to Report Q3, 2023 Results on Oct 26, 2023Vale S.A. announced that they will report Q3, 2023 results After-Market on Oct 26, 2023
Upcoming Dividend • Aug 07Upcoming dividend of R$1.92 per share at 7.5% yieldEligible shareholders must have bought the stock before 14 August 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 17% and the cash payout ratio is 94%. Trailing yield: 7.5%. Within top quartile of Spanish dividend payers (6.0%). In line with average of industry peers (8.2%).
New Risk • Jul 31New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 28% Last year net profit margin: 41% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (28% net profit margin).
Reported Earnings • Jul 31Second quarter 2023 earnings released: EPS: US$0.20 (vs US$0.83 in 2Q 2022)Second quarter 2023 results: EPS: US$0.20 (down from US$0.83 in 2Q 2022). Revenue: US$9.67b (down 7.9% from 2Q 2022). Net income: US$892.0m (down 77% from 2Q 2022). Profit margin: 9.2% (down from 37% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.
お知らせ • Jul 29+ 1 more updateEngine No. 1 LP entered into binding agreement to acquire 3% stake in Energy Transition Metals business of Vale S.A. (BOVESPA:VALE3) for an enterprise value of $26 billion.Engine No. 1 LP entered into binding agreement to acquire 3% stake in Energy Transition Metals business of Vale S.A. (BOVESPA:VALE3) for an enterprise value of $26 billion on July 27, 2023. In a related transaction, along with sale of 3% stake in Energy Transition Metals business Vale also sold additional 10% stake in Energy Transition Metals business to Saudi Arabian Mining Company (Ma'aden) (SASE:1211) and an undisclosed public investment firm for a combined purchase price of $3.4 billion. Under the terms of agreements, the total consideration of $3.4 billion will be paid in cash to VBM at the closing of the transaction, subject to customary adjustments. Post-closing of the transaction, Engine No. 1 will own 3% and Saudi Arabian Mining Company (Ma'aden) and undisclosed PIF will own 10%. The transactions are subject to customary conditions precedent, including the approval of relevant regulatory authorities and are expected to close in first quarter of 2024. These transaction will see strategic investments as a major milestone in our path to accelerate accretive growth in our Energy Transition Metals business platform, creating significant long-term value to all of our stakeholders.
お知らせ • Jul 26Vale Reportedly Close to Deal to Divest 10% of Base Metals BusinessVale S.A. (BOVESPA:VALE3)’ is nearing a deal to sell a 10% stake in its $25 billion base metals unit to Saudi Arabia's sovereign-wealth fund and a Saudi mining company, The Wall Street Journal's Julie Steinberg, Ben Dummett, and Summer Said report. According to people familiar with the matter, Saudi Arabia's sovereign-wealth vehicle, the Public Investment Fund, and state-owned mining company Ma'aden, would pay $2.5 billion for the roughly 10% stake, and a deal could be announced as soon as this week.
お知らせ • Jul 08Vale S.A. to Report Q2, 2023 Results on Jul 27, 2023Vale S.A. announced that they will report Q2, 2023 results After-Market on Jul 27, 2023
お知らせ • Jul 01Vale S.A. Appoints Manuel Lino Silva De Sousa Oliveira as Lead Independent DirectorVale SA informed that Mr. Manuel Lino Silva de Sousa Oliveira was appointed as Lead Independent Director of Vale's Board of Directors. Mr. Ollie Oliveira has been an independent Board member of the Company since 2021, with recognized performance on several international Boards in the industry and more than 35 years of experience in corporate finance and strategy, mainly in the mining sector. Composition of the Audit and Risk Committee: For a better dedication to the LID role, Mr. Ollie Oliveira leaves the coordination of Vale's Audit and Risks Committee, remaining as a member and technical specialist of the referred advisory body of the Board of Directors. Mrs. Vera Marie Inkster, an independent Board member, assumes the coordinator position of Vale's Audit and Risk Committee. Therefore, Audit and Risks Committee continues to be composed of the same three members and is fully independent.
お知らせ • May 18+ 1 more updateVale S.A. Announces Board's CommitteesVale S.A. at its Extraordinary Board of Directors Meeting held on May 15, 2023, the Board unanimously approved: (i) the appointment, as the case may be, of the following members to compose the Advisory Committees of the Board: (i.a) Capital Allocation and Projects Committee: Luiz Henrique Cals de Beauclair Guimarães (Coordinator), Daniel André Stieler, Fernando Jorge Buso Gomes, José Luciano Duarte Penido and Marcelo Gasparino da Silva; (i.b) Audit and Risks Committee (“CARE”): Vera Marie Inkster; (i.c) Nomination and Governance Committee: Vera Marie Inkster; (i.d) Innovation Committee (“CINOV”): José Luciano Duarte Penido (Coordinator), Fernando Jorge Buso Gomes, Paulo Cesar Hartung Gomes, Shunji Komai and Wagner Vasconcelos Xavier; (i.e) People and Compensation Committee: João Luiz Fukunaga (Coordinator), Luiz Henrique Cals de Beauclair Guimarães, Manuel Lino Silva de Sousa Oliveira and Shunji Komai; and (i.f) Sustainability Committee: Rachel de Oliveira Maia (Coordinator), João Luiz Fukunaga, Paulo Cesar Hartung Gomes and Andre Viana Madeira.
Reported Earnings • Apr 30First quarter 2023 earnings released: EPS: R$2.14 (vs R$4.79 in 1Q 2022)First quarter 2023 results: EPS: R$2.14 (down from R$4.79 in 1Q 2022). Revenue: R$29.5b (down 48% from 1Q 2022). Net income: R$9.52b (down 59% from 1Q 2022). Profit margin: 32% (down from 41% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 1.3% p.a. on average during the next 3 years compared to a 1.3% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Mar 07Upcoming dividend of R$1.83 per share at 4.5% yieldEligible shareholders must have bought the stock before 14 March 2023. Payment date: 22 March 2023. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Lower than top quartile of Spanish dividend payers (5.9%). Lower than average of industry peers (7.8%).
Reported Earnings • Feb 19Full year 2022 earnings released: EPS: US$4.05 (vs US$4.79 in FY 2021)Full year 2022 results: EPS: US$4.05 (down from US$4.79 in FY 2021). Revenue: US$43.8b (down 17% from FY 2021). Net income: US$16.7b (down 30% from FY 2021). Profit margin: 38% (down from 46% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 2.4% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.
お知らせ • Feb 10GM Reportedly Looks to Deepen Mining Ties with Stake in Brazil’s ValeGeneral Motors Company (NYSE:GM) has discussed taking a small stake in Brazilian miner Vale S.A. (BOVESPA:VALE3)’s base metals unit, a business that mines and processes nickel and other metals crucial to building electric vehicle batteries, according to people familiar with the matter. Vale said in December it would consider selling up to a 10% stake in the business, without disclosing a potential sale price. A stake of that size could be valued at as much as $2 billion, according to some of the people. GM’s interest comes as auto makers increasingly seek out supply agreements and closer partnerships with mining and metals companies as they jostle for the world’s limited supply of metals they need to build the batteries needed in the EVs they hope to sell in coming years. The sale process is in the early stages and has attracted some of the world’s biggest sovereign-wealth and pension funds, including from the Middle East and North America, according to people familiar with the matter.
お知らせ • Jan 18Vale S.A. to Report Q4, 2022 Results on Feb 16, 2023Vale S.A. announced that they will report Q4, 2022 results After-Market on Feb 16, 2023
Upcoming Dividend • Aug 05Upcoming dividend of R$3.57 per shareEligible shareholders must have bought the stock before 12 August 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 35% and the cash payout ratio is 96%. Trailing yield: 23%. Within top quartile of Spanish dividend payers (6.0%). Higher than average of industry peers (9.6%).
Reported Earnings • Jul 30Second quarter 2022 earnings released: EPS: R$6.43 (vs R$7.87 in 2Q 2021)Second quarter 2022 results: EPS: R$6.43 (down from R$7.87 in 2Q 2021). Revenue: R$55.0b (down 37% from 2Q 2021). Net income: R$20.2b (down 50% from 2Q 2021). Profit margin: 37% (down from 46% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is expected to shrink by 2.2% compared to a 25% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
Buying Opportunity • Jun 08Now 20% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be €21.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 94%. For the next 3 years, revenue is forecast to decline by 9.4% per annum. Earnings is also forecast to decline by 26% per annum over the same time period.
