EFTA Document EFTA01385524

> Energy, Materials & Industrials (r) Glencore - Liam Fitzpatrick, BUY, close 391p, 430p tgt, 10% upside. ■ Strong organic growth from return of suspended capacity. Group volume growth is c7% pa to 2020, vs. peers at 2-3%. Giving full value for suspended capacity yields a blue-sky valuation of >£5/share. - Suspended zinc production stands at 500 Ktpa - we have c90/320/400kt of volume growth in 2018-20 in our numbers. - Also there is substantial suspended copper capacity. We have 8% YoY v