Financials Teck Resources Limited

Equities

TECK.B

CA8787422044

Diversified Mining

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-05-14 pm EDT			5-day change	1st Jan Change
71.72 ^CAD	+2.02%		+3.78%	+28.05%

May. 14	Teck Resources sees $3 billion in annual EBITDA if copper stays around current levels	RE
May. 14	Teck Resources sees $3 bln in annual EBITDA if copper stays around current levels	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,480	12,303	19,440	26,218	29,128	36,491	-	-
Enterprise Value (EV) ¹	16,288	19,734	26,081	32,073	34,918	32,735	32,878	32,093
P/E ratio	36.9 x	-14.3 x	6.86 x	6.71 x	12.1 x	21 x	24.7 x	22.6 x
Yield	0.89%	0.87%	0.55%	1.95%	1.79%	0.72%	1.01%	1.06%
Capitalization / Revenue	1.05 x	1.37 x	1.44 x	1.41 x	1.94 x	2.21 x	3.37 x	3.39 x
EV / Revenue	1.36 x	2.21 x	1.93 x	1.72 x	2.33 x	1.98 x	3.04 x	2.99 x
EV / EBITDA	3.83 x	7.68 x	3.97 x	3.35 x	5.48 x	4.58 x	7.01 x	6.89 x
EV / FCF	1,018 x	-9.56 x	1,043 x	12.7 x	-20.6 x	-636 x	31.8 x	20.5 x
FCF Yield	0.1%	-10.5%	0.1%	7.85%	-4.86%	-0.16%	3.15%	4.88%
Price to Book	0.55 x	0.61 x	0.85 x	1.03 x	1.07 x	1.36 x	1.34 x	1.25 x
Nbr of stocks (in thousands)	554,120	531,102	533,239	512,248	520,061	519,090	-	-
Reference price ²	22.52	23.10	36.43	51.17	56.01	71.72	71.72	71.72
Announcement Date	2/20/20	2/18/21	2/23/22	2/21/23	2/22/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,934	8,948	13,481	18,628	15,011	16,501	10,832	10,751
EBITDA ¹	4,253	2,570	6,573	9,568	6,367	7,142	4,690	4,660
EBIT ¹	979	-910	4,742	6,715	4,106	4,780	3,450	3,616
Operating Margin	8.2%	-10.17%	35.18%	36.05%	27.35%	28.97%	31.85%	33.64%
Earnings before Tax (EBT) ¹	661	-1,136	4,532	6,565	3,944	4,123	3,081	3,200
Net income ¹	339	-864	2,868	4,089	2,435	1,793	1,504	1,647
Net margin	2.84%	-9.66%	21.27%	21.95%	16.22%	10.87%	13.89%	15.32%
EPS ²	0.6100	-1.620	5.310	7.630	4.640	3.408	2.901	3.169
Free Cash Flow ¹	16	-2,065	25	2,518	-1,698	-51.5	1,035	1,567
FCF margin	0.13%	-23.08%	0.19%	13.52%	-11.31%	-0.31%	9.56%	14.58%
FCF Conversion (EBITDA)	0.38%	-	0.38%	26.32%	-	-	22.08%	33.63%
FCF Conversion (Net income)	4.72%	-	0.87%	61.58%	-	-	68.82%	95.14%
Dividend per Share ²	0.2000	0.2000	0.2000	1.000	1.000	0.5157	0.7217	0.7620
Announcement Date	2/20/20	2/18/21	2/23/22	2/21/23	2/22/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	4,406	5,032	5,787	4,669	3,140	3,785	3,519	3,599	4,108	3,988	3,975	4,723	4,686	2,668	2,648
EBITDA ¹	2,521	3,044	3,290	1,901	1,333	1,972	1,479	1,213	1,703	1,693	1,616	1,931	2,093	1,141	1,117
EBIT ¹	2,261	2,499	2,709	1,408	617	1,855	1,055	561	748	993	1,037	1,376	1,544	743.5	787.5
Operating Margin	51.32%	49.66%	46.81%	30.16%	19.65%	49.01%	29.98%	15.59%	18.21%	24.9%	26.09%	29.13%	32.94%	27.87%	29.74%
Earnings before Tax (EBT) ¹	2,208	2,450	2,663	-76	594	1,856	805	589	694	741	817.3	1,046	1,357	725.5	740
Net income ¹	1,487	1,571	1,675	-195	247	1,140	510	276	483	343	421.9	507.6	711.5	336.1	323.6
Net margin	33.75%	31.22%	28.94%	-4.18%	7.87%	30.12%	14.49%	7.67%	11.76%	8.6%	10.61%	10.75%	15.18%	12.6%	12.22%
EPS ²	2.740	2.870	3.070	-0.3700	0.4700	2.180	0.9700	0.5200	0.9200	0.6500	0.7497	1.040	1.208	0.7079	0.6595
Dividend per Share ²	0.1000	0.1250	0.1250	0.1250	0.6250	0.1250	0.1250	0.1250	0.1250	-	0.1250	0.1250	0.1250	0.1250	0.1250
Announcement Date	2/23/22	4/27/22	7/27/22	10/27/22	2/21/23	4/26/23	7/27/23	10/24/23	2/22/24	4/24/24	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,808	7,431	6,641	5,855	5,790	-	-	-
Net Cash position ¹	-	-	-	-	-	3,756	3,613	4,397
Leverage (Debt/EBITDA)	0.8954 x	2.891 x	1.01 x	0.6119 x	0.9094 x	-	-	-
Free Cash Flow ¹	16	-2,065	25	2,518	-1,698	-51.5	1,035	1,567
ROE (net income / shareholders' equity)	6.88%	2.71%	14.2%	16.9%	9.28%	6.97%	5.29%	5.75%
ROA (Net income/ Total Assets)	3.87%	1.39%	6.9%	8.2%	4.99%	2.9%	2.73%	2.9%
Assets ¹	8,749	-62,087	41,583	49,863	48,827	61,824	55,061	56,793
Book Value Per Share ²	40.70	37.70	43.10	49.60	52.20	52.60	53.50	57.40
Cash Flow per Share ²	6.160	2.920	8.770	14.90	7.770	7.560	6.930	7.790
Capex ¹	3,468	3,628	4,713	5,465	5,782	3,803	1,835	2,928
Capex / Sales	29.06%	40.55%	34.96%	29.34%	38.52%	23.05%	16.94%	27.23%
Announcement Date	2/20/20	2/18/21	2/23/22	2/21/23	2/22/24	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Teck Resources Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

70.3 CAD

Average target price

71.16 CAD

Spread / Average Target

+1.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Mining

	1st Jan change	Capi.
TECK RESOURCES LIMITED	+28.05%	26.67B
BHP GROUP LIMITED	-12.12%	145B
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GLENCORE PLC	+4.32%	72.52B
SAUDI ARABIAN MINING COMPANY (MA'ADEN)	+1.96%	49.72B
GRUPO MÉXICO, S.A.B. DE C.V.	+8.99%	48.1B
ANGLO AMERICAN PLC	+32.93%	41.21B
HINDUSTAN ZINC LIMITED	+76.12%	29.29B
VEDANTA LIMITED	+67.30%	18.41B
IVANHOE MINES LTD.	+55.88%	18.3B

Integrated Mining