Local investors are starting to see value in Vale SA shares after a fatal accident last month wiped out nearly a quarter of its market value, while global investors remain skeptical, according to UBS Group.
Approximately 80% of Brazilian investors are showing interest in buying Vale after the rout, while 70% of global investors are holding back, UBS analysts Andreas Bokkenheuser, Marcio Farid and Cleve Rueckert wrote in a report dated February 8, mentioning recent conversations with 30 investors.