February 25, 2011 / 7:36 AM / 9 years ago

Factbox - Glencore - a $60 billion company?

(Reuters) - Glencore’s equity could be worth roughly $60 billion (37 billion pounds) — but little more than a third of that derives from its vaunted trading business. Here’s how one leading research team values the company, based on the prices of its share holdings and the commodities it produces, plus the valuation multiples the market applies to listed rivals such as Noble Group.

Mining assets (mines, smelters and refineries) $14.6 billion

Trading business $23 billion

Stakes in Xstrata and other listed companies $29.5 billion

Less 10 percent discount

as seen with “investment trusts” -$6.7 billion

Glencore equity value $60.4 billion

Net debt $13.6 billion

Enterprise value $74 billion

Source: Liberum Capital estimates, January 25 2011

Reporting by Quentin Webb in London

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