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Eadwig if you go to top of this page and click on GLEN Share news then go to entry at 5 August Broker Ratings and scroll down

Credit Suisse raises Glencore price target to 570 (560) pence - 'outperform'
JPMorgan cuts Glencore price target to 590 (620) pence - 'overweight'
Bank of America raises Glencore price target to 480 (470) pence - 'neutral'

Ivan has over 9 per cent of all GLEN shares - more than 1.2 billion shares. SO he will have made more than $330m from today's two divis

Lefto. If u have 7000 shares at ex-dividend date of 1 Sept then u get 7000 x .24c or 7000 x 20p, so £1400. If u had these 7000 shares back in April you will ALSO have been paid 7000 x 13c (or about 11p) so £910. So this year you will have had £910 plus £1400 so, yes, over £2000.

So total divis for 2022 are 2x13 plus 11 (Special) = 37c or c.30.5p. That's about 7.5% at current SP. Has the dividend yield ever been this high??

Earnings per share up from .10 to.92 - that's 800 per cent! The numbers really are "exceptional" as Gary Nagel said

The big traders are presumably at the beach, which is really where I should be. Just their juniors in charge. Still, it's up to 459 (tho HL only showing 455). More to come today and tomorrow, surely? The numbers are soooo good. Net Income up 865%?

Income up 846%; EBITDA up 119%

Key statement of income and cash flows highlights1
:
Revenue 134,435 93,805 43 203,751
Adjusted EBITDA? 18,918 8,654 119 21,323
Adjusted EBIT? 15,415 5,305 191 14,495
Income for the period attributable to equity holders 12,085 1,277 846 4,974
Earnings per share (Basic) (US$) 0.92 0.10 820 0.38
Funds from operations (FFO)2? 15,425 7,310 111 17,057
Cash generated by operating activities before working capital changes,
interest and tax 18,290 7,181 155 16,725

last night we said 11c ! Lol

11c Special DIv!

Excellent work Living. Maybe the estimated $3bn for divis already includes the interim of 13c which we know we are getting. So that would leave 11 cents for a special? IF, and a big IF, the $3bn estimate is correct....we'll know in 13 hours!!

If EBITDA has risen 110 per cent and Net Income has gone up by an astonishing 850% then most of this free cash would have to be already tied up as working capital to produce no or just a small Special Divi. These are very big numbers aren't they?

EBITDA: Glencore is expected to report earnings before interest, taxes, depreciation and amortization of $18.76 billion for the first half of the year, according to a Visible Alpha market consensus averaged from eight brokers. This would be up from $8.65 billion the same period a year earlier, reflecting a significant increase in the profitability of its coal business.

NET INCOME: Net income is expected to soar to $10.53 billion in the first half from $1.28 billion a year earlier, according to the same market consensus.

WHAT TO WATCH:

--CASH FLOW: Glencore will report very strong profits for the first half of the year but cash-flow generation is likely to lag the earnings increase due to the build up of working capital. Chief Executive Gary Nagle warned on Friday of a significant increase in net working capital in line with higher commodity prices and volatility. RBC's analyst Tyler Broda said Wednesday that the potential impact to cash flows "could be nearly anything," considering the lack of visibility on the company's marketing positions.

--DIVIDEND: This build up of working capital could result in higher-than-expected net debt and a lower dividend. Considering this, Broda has slashed its interim dividend forecast to $3.0 billion from $7.5 billion. "The cash is not lost, however, and will be returned in line with policy in due course," the analyst said.

--MARKETING: In addition to mining, Glencore also makes significant amounts of money in the business of trading commodities across the globe, where it stands out as a major player. In June, the company forecast first-half marketing earnings before interest and taxes of more than $3.2 billion, and said it expected a more normal performance in the second half.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

Evik...Are these buybacks really any help to shareholders? I suppose they might push the SP slightly upwards but hard to tell. Anyway, for what it's worth that Chinese blog was this weekend AGAIN claiming there's going to be two divis announced on Thursday, the one we already know about and another one of roughly the same value (10.8p) The only way that can possibly be true - if not a guess - is if there is a leak in the Company. Who knows?

QZ Any guess on the Special Divi?

""Our financial performance - both industrial and marketing - was very strong during the period, particularly on account of buoyant energy markets, which will be a feature in the release of next week's half-year report.

"Allied with the strong results, particularly in marketing and mostly energy related, our net working capital has significantly increased during the period, in line with materially higher oil, gas and coal prices, and their elevated market volatilities.

"These factors result in a timing mismatch between the net positive fair value of physical forward contracts, which are not margined, and related derivative hedging requirements, which are margined."

Gary Nagle added that various commodity exchanges had also "significantly" increased their initial margining requirements."
*****
The last sentences about a "timing mismatch" and "hedging" sound like Glen is saying has loads and loads of profit/ cash but lots of this is somehow tied up in forward contracts so won't be coming to shareholders.....??

Today/s RNS sounds a little downbeat about copper. But it does say "very strong" financial results will be announced next week. That can only mean means a lot of profit, which surely has to be paid out in a big Special??

A Chinese blog is claiming that GLEN will have a special dividend announced next week equal to 10.8p which is about 13 cents. Can we believe it?

Anglo American results today a little worrying: profits and production substantially down, costs up. Divi cut. SP rose because profit fall wasn't as bad as expected. But still China, inflation fears seem to have impacted.
Not sure how different GLEN is to Anglo and if she is affected by same issues....??

The big question now may well be: will Friday's production figures be as good as promised in the unexpected announcement GLEN made on June 17? And, more importantly, what will be the size of the special dividend announced next week on August 4? We already have the 13c interim divi in the bag so what will any special dividend add to that?. Last year I think the Special announced on August 5 was 4c, which was good but not brilliant. If Citi are to be believed (May 22) it could be much higher next week. As a spread bet I reckon 8-12c perhaps. That would mean a total of 21c-25c per share. IMO That would definitely make GLEN a good place to park the money while we wait for the price to recovery.