In today’s briefing:
- JSE March Rebalance Day: Top Sells AGL, MNP & INP
- Alcoa Corporation: Strategic Acquisition of Alumina Marks a Milestone in the Metals Industry! – Key Drivers
- Baker Hughes Company: Does It Have A Sustainable Competitive Advantage? – Key Drivers
- Chevron Corporation: Expanding Horizons In Uruguay’s Offshore Waters & 5 Major Developments – Key Drivers
- Newmont Corporation: Will Its Balanced Capital Allocation Strategy Work? – Major Drivers
- Schlumberger Limited: Advancements In New Energy Markets & 5 Other Major Drivers
JSE March Rebalance Day: Top Sells AGL, MNP & INP
- We expect to see large volumes of AGL, MNP and INP to trade in the closing auction due to the index harmonisation.
- Passive trackers and hedgers with exposure to vanilla indices will need to sell down their holdings to transition to the SWIX methodology.
- The top buys include: NPN, FSR, SBK, GFI, CPI and PRX.
Alcoa Corporation: Strategic Acquisition of Alumina Marks a Milestone in the Metals Industry! – Key Drivers
- Alcoa highlighted improvement in safety and operational performance.
- The company achieved production records at its three smelters in Canada and one in Norway, signalling strong operational capabilities and efficiency.
- Improvements have been credited to a clear focus on values including integrity, operational excellence, and care for people.
Baker Hughes Company: Does It Have A Sustainable Competitive Advantage? – Key Drivers
- In 2023, Baker Hughes made significant strides in reshaping its operations, resulting in a removal of $150 million in costs, realigning its IET business, and launching efforts to further streamline its OFSE business.
- The company set records regarding all primary financial metrics, including orders, revenue, EBITDA, EPS, free cash flow, and returns.
- Adjusted EBITDA saw an increase of 26% YoY, exceeding prior peak levels by 25%.
Chevron Corporation: Expanding Horizons In Uruguay’s Offshore Waters & 5 Major Developments – Key Drivers
- Chevron announced another solid year of earnings for 2023, despite geopolitical turbulence and economic uncertainty.
- The company delivered an adjusted Return on Capital Employed (ROCE) of 14% and returned a record $26 billion in cash to shareholders.
- Moreover, Chevron’s production reached a record high as the company continued to advance on reducing its carbon footprint.
Newmont Corporation: Will Its Balanced Capital Allocation Strategy Work? – Major Drivers
- Newmont Corporation recently released its fourth-quarter 2023 earnings and 2024 guidance.
- Operationally, the company managed to produce 5.5 million ounces of gold at an all-in sustaining cost of $1,444 an ounce with additional production of nearly 900,000 gold equivalent ounces from copper, silver, lead, and zinc in 2023.
- This performance delivered adjusted EBITDA of $4.2 billion and allowed the company to return more than $1.4 billion to shareholders, ending the year with liquidity of above $6 billion.
Schlumberger Limited: Advancements In New Energy Markets & 5 Other Major Drivers
- Schlumberger, the world’s largest oilfield services company, demonstrated its resilience and adaptability with strong financial results for the fourth quarter and full year 2023, despite the challenges posed by the energy market.
- During the quarterly conference call that featured CEO Olivier Le Peuch and CFO Stephane Biguet, the company reported robust revenue growth, increased margins, and indications of a favorable outlook for 2024 and beyond.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
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