SMM, Sept. 18: at the end of July, Vale announced plans to buy back $1 billion worth of shares over the next 12 months. Brent (Jonathan Brandt), an analyst at HSBC (HSBC), said the company bought back 31.7 million shares in August alone at an average price of about $13 a share, or a total of $408 million. In a telephone interview, he said the move by the world's largest iron ore producer was "positive" and "impatient". Brent also sees it as a sign that shareholders will receive more returns in the future, and he expects Vale to meet its net debt target of $10 billion by the end of the year.
"given the current strong cash flow, Vale may announce an increase in its share buyback program, pay a special dividend, or both," Brent said in a report on Monday. As China steps up its efforts to manage haze, Vale (Vale), based in Canary, Spain, continues to benefit from a surge in Chinese demand for its low-cost, high-quality iron ore. At the same time, Vale's production is at record levels, and the devaluation of the Brazilian real is increasing the company's profit potential during the volatile election season.
(note: if copyright issues are involved, please contact SMM and we will deal with them in a timely manner.)
