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1、Kaan Peker,Rio Tinto Ltd,1,2,Deutsche Bank Markets Research,Rating Buy Australasia Australia,Company Rio Tinto Ltd,Date 17 January 2013 Breaking News,M he is already on the board, and accountable for the largest part of,ALL ORDINARIES (Rebased),Rios earnings and growth. We expect him to deliver a se
2、ries of positive announcements in coming months including; early delivery on iron ore growth, the Oyu Tolgoi Ramp-up and details on the cost out program. Valuation/Risk,Performance (%) Absolute ALL ORDINARIES,1m 1.7 3.4,3m 15.3 4.9,12m -1.7 11.6,Our valuation is set in-line with our A$81.9/sh (from
3、82.8/sh) NPV (assumes a 9.0% WACC).Key risks include weaker commodity prices and higher capex. Forecasts And Ratios,Year End Dec 31 Net Profit (USDm) EPS (USD) % Change PER (x),2010A 13,901 7.07 0.0% 9.8,2011A 15,549 8.06 0.0% 9.8,2012E 8,804 4.74 0.0% 14.4,2013E 9,507 5.12 0.0% 13.3,2014E 10,751 5.
4、79 -0.0% 11.8,Source: Deutsche Bank estimates, company data Pre-exceptionals/extraordinaries Multiples and yields calculations use average historical prices for past years and spot prices for current and future years, except P/B which uses the year end close _ Deutsche Bank AG/Sydney Deutsche Bank d
5、oes and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 072/04/2012.,