Glencore plc

LSE:GLEN Stock Report

Market Cap: UK£43.0b

Glencore Valuation

Is GLEN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GLEN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GLEN (£3.53) is trading below our estimate of fair value (£5.12)

Significantly Below Fair Value: GLEN is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GLEN?

Key metric: As GLEN is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for GLEN. This is calculated by dividing GLEN's market cap by their current revenue.
What is GLEN's PS Ratio?
PS Ratio0.2x
SalesUS$227.51b
Market CapUS$53.84b

Price to Sales Ratio vs Peers

How does GLEN's PS Ratio compare to its peers?

The above table shows the PS ratio for GLEN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.8x
AAL Anglo American
1.2x0.7%UK£28.3b
RIO Rio Tinto Group
1.8x0.08%UK£80.0b
ANTO Antofagasta
3.1x8.6%UK£15.9b
KMR Kenmare Resources
1x5.5%UK£292.2m
GLEN Glencore
0.2x-1.0%UK£42.9b

Price-To-Sales vs Peers: GLEN is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (1.8x).

Price to Sales Ratio vs Industry

How does GLEN's PS Ratio compare vs other companies in the GB Metals and Mining Industry?

14 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.1.8x1.3%
GLEN Glencore
 0.2x-1.0%US$53.99b
NLMK Novolipetsk Steel
0.3xn/aUS$4.08b
EVR EVRAZ
0.1x-8.5%US$1.42b
GLEN 0.2xIndustry Avg. 1.8xNo. of Companies14PS01.22.43.64.86+
14 CompaniesEstimated GrowthMarket Cap
Industry Avg.1.8x23.7%
GLEN Glencore
 0.2x44.4%US$53.99b
No more companies

Price-To-Sales vs Industry: GLEN is good value based on its Price-To-Sales Ratio (0.2x) compared to the UK Metals and Mining industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is GLEN's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GLEN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.2x
Fair PS Ratio0.7x

Price-To-Sales vs Fair Ratio: GLEN is good value based on its Price-To-Sales Ratio (0.2x) compared to the estimated Fair Price-To-Sales Ratio (0.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GLEN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£3.53
UK£5.05
+43.1%
6.8%UK£5.68UK£4.34n/a15
Dec ’25UK£3.80
UK£5.06
+33.3%
7.6%UK£5.64UK£4.34n/a15
Nov ’25UK£4.08
UK£5.00
+22.6%
7.5%UK£5.53UK£4.28n/a15
Oct ’25UK£4.29
UK£4.90
+14.2%
8.6%UK£6.00UK£4.23n/a15
Sep ’25UK£4.01
UK£5.01
+25.0%
7.7%UK£5.80UK£4.27n/a15
Aug ’25UK£4.15
UK£5.25
+26.4%
8.0%UK£6.04UK£4.41n/a14
Jul ’25UK£4.62
UK£5.16
+11.7%
7.3%UK£5.74UK£4.57n/a13
Jun ’25UK£4.81
UK£4.99
+3.8%
9.3%UK£5.57UK£4.09n/a13
May ’25UK£4.67
UK£4.99
+7.0%
10.7%UK£5.67UK£3.69n/a13
Apr ’25UK£4.35
UK£4.88
+12.1%
11.2%UK£5.85UK£3.65n/a13
Mar ’25UK£3.82
UK£4.84
+26.6%
10.4%UK£5.86UK£3.90n/a13
Feb ’25UK£4.26
UK£5.20
+22.1%
11.4%UK£6.21UK£3.99n/a14
Jan ’25UK£4.72
UK£5.27
+11.5%
9.1%UK£6.21UK£4.54n/a13
Dec ’24UK£4.58
UK£5.37
+17.3%
8.5%UK£6.24UK£4.57UK£3.8012
Nov ’24UK£4.32
UK£5.54
+28.3%
9.0%UK£6.48UK£4.86UK£4.0811
Oct ’24UK£4.70
UK£5.73
+22.0%
7.8%UK£6.61UK£5.24UK£4.2911
Sep ’24UK£4.27
UK£5.54
+29.8%
8.8%UK£6.60UK£5.02UK£4.0112
Aug ’24UK£4.71
UK£5.52
+17.2%
8.4%UK£6.59UK£5.06UK£4.1512
Jul ’24UK£4.45
UK£5.68
+27.9%
7.4%UK£6.50UK£5.18UK£4.6212
Jun ’24UK£4.17
UK£5.90
+41.6%
9.2%UK£6.94UK£5.05UK£4.8113
May ’24UK£4.69
UK£5.90
+25.8%
9.1%UK£6.91UK£5.04UK£4.6713
Apr ’24UK£4.65
UK£6.05
+30.2%
8.4%UK£7.01UK£5.11UK£4.3517
Mar ’24UK£5.13
UK£6.27
+22.2%
8.6%UK£7.23UK£5.27UK£3.8218
Feb ’24UK£5.43
UK£6.28
+15.9%
10.1%UK£7.46UK£5.12UK£4.2618
Jan ’24UK£5.52
UK£6.32
+14.5%
11.9%UK£7.68UK£4.58UK£4.7219
Dec ’23UK£5.57
UK£6.28
+12.7%
11.8%UK£7.70UK£4.59UK£4.5819

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 18:51
End of Day Share Price 2024/12/20 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Glencore plc is covered by 42 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Teun TeeuwisseABN AMRO Bank N.V.
Pierre-Yves GauthierAlphaValue
Wade NapierAvior Capital Markets