Several copper exposed miners are trading at discounts to fair value

*South32 copper exposure will increase with its Sierra Gorda purchase; Glencore and BHP based on Morningstar forecasts for EBIT; Teck resource on gross profit before depreciation and allowances in 2021; OZL calendar year revenue; Freeport 2020 revenue; NCM, FY19 revenue;
Source: Morningstar; Pitchbook