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  "documentTitle": "Teck Resources (TECK)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2021-05-12 00:00:00",
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      "text": "Teck trades at two-thirds of Freeport's P/E multiple and has much better growth prospects.",
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      "text": "P/2021E Consensus EPS: 11.0x",
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      "text": "What I'm recommending today is a more overlooked company, a Canadian-based miner called Teck Resources. Teck's Class B shares are dually listed in the Toronto Stock Exchange and the NYSE. The company reports its financials in Canadian Dollars, so all of the numbers in the rest of the presentation will be in Canadian Dollars unless we explicitly disclose US dollars. Teck trades at two-thirds of Freeport's P/E multiple and has much better growth prospects.",
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      "text": "Source: TECK 2020 annual report, available at https://www.teck.com/media/2020-Annual-Report.pdf; TECK 2021 first quarter interim report, available at https://www.teck.com/investors/financial-reports/quarterly-reports/2021/q1-2021-financial-report; Bloomberg LP, retrieved May 7, 2021; Greenlight calculations.",
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      "text": "May 7 Share Price: C$ 31.09; Fully Diluted Shares (M): 538; Market Capitalization (M): C$ 16,739; Gross Debt/Leases: 7,385; Cash and Equivalents: (369); Equity Investments at BV: (1,053); Non-controlling Interest: 642; Enterprise Value (M): C$ 23,344; 2021E Consensus EPS: C$ 2.82; P/2021E Consensus EPS: 11.0x",
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      "text": "Teck Resources (TECK)",
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