Teck Resources Ltd Class B (Sub Voting)
TECK.B: XTSE (CAN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
CAD 99.00 | Zdlx | Lstkthl |
Teck Resources' Fair Value Estimate Maintained at USD 40; Shares Overvalued
Business Strategy and Outlook
China plays a defining role for Teck Resources as the biggest buyer of everything the company digs out of the ground: metallurgical coal, copper, zinc, and lead. With the exception of lead, demand for these commodities is tied to fixed-asset investment. We expect a rebalancing of China's economy from investment to household consumption will mean weaker demand growth for investment-oriented commodities and lower prices than the favourable 2023 levels.