Berenberg Updates Model for Glencore Amid Australia Listing Plans; Price Target, Estimates Adjusted

12:04 PM EDT, 08/07/2026 (MT Newswires) -- Berenberg updated its model for Glencore (GLEN.L, GLN.JO) after the mining giant unveiled plans to apply for a secondary listing in Australia alongside its half-year results, describing the announcement as a "big surprise." "According to management, Glencore hopes to be included in the ASX 200 within 12 months of listing (equating to cAUD1.5bn of Glencore shares held on the Australian line). Management also struck an optimistic tone on prospects for ASX 100 inclusion (equating to cAUD5.5bn of Glencore's shares held on the Australian line)," analysts said in a note published Friday. "We believe the index inclusion tailwinds that BHP saw when moving its primary listing to Australia were quite powerful. Consequently, Glencore's move to create buying pressure for the shares in a market that is looking for copper growth stories is a sensible one, we think, while still maintaining its primary listing in London." As part of the model update, the research firm lowered its medium-term EPS estimates on the back of higher interest costs and operating costs. For 2026, the projected EPS was increased by 3.2%. The price target was trimmed to 7.40 pounds sterling from 7.50 pounds, while the stock's buy rating was reiterated. "We continue to like the Glencore equity story and view the shares as a 'bridge' between an energy-focused market and a copper-focused 'off-ramp' scenario. This energy-focused market operates amid Middle East tensions, benefiting from elevated thermal coal prices and strong Marketing division revenues, particularly given the sizeable oil trading business that the company operates," Berenberg added.