Noble: Nomura maintains Buy on $2.75. Co believes Glencore IPO should not be viewed as negative for Noble. There have been concerns that Glencore’s IPO at 10-11x and 16x CY11 (calendar yr) earnings may look cheaper than Noble’s 15x CY11F P/E and investors might sell Noble to fund Glencore...
Nomura sees difference in offerings and both give complementary commodity and value chain exposure. Notes that Noble has high share of supply chain, Agri and ex-metals and minings businesses whereas Glencore is much more metals & mining based. Glencore’s listing if successful could also drive up valuations for Noble as well.
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