RIO’s revenue in FY23 were 51.2% from iron ore, 27.3% from aluminium and 10.6% from copper plus 10.7% from other minerals – we simply prefer BHP’s commodities mix until further notice. However, RIO is cheap, in our opinion, trading on 10.2x while being estimated to yield 5.6%, the same as BHP, over the coming 12 months.
- We do not hold RIO across our portfolios, preferring BHP and others for respective exposure.
MM is bullish on RIO into 2024
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