Diversified miner RIO has also fallen -18% from its 2023 high illustrating how both it and FMG are anchored to the underlying iron ore price. Similar to FMG we believe RIO is closer to a swing low than high.
- We can easily see RIO falling towards $100 but we believe buying this weakness will pay dividends over the coming years.
- Again this iron ore miner is reasonably cheap trading on a PE of 8.9x while being estimated to yield around 6.5% over the next 12 months – BHP trades on 9.5x due to its greater diversification.
MM likes RIO below $100
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