Daily Stock Market Report (Thur 19th February 2026) - PIN, RIO, DEBS, CNA, KITW, RGL

Good morning!

Today's Agenda is complete. Spreadsheet accompanying this report: link.

Companies Reporting
Name (Mkt Cap)RNSSummaryOur View (Author)Rio Tinto (LON:RIO) (£120bn | SR72)Final ResultsNet cash generated from operating activities of $16.8 billion up 8% and underlying EBITDA of $25.4 billion up 9%. Profit after tax of $10.0 billion, down 14%. 2026 production and sales guidance and capital investment guidance are consistent with Capital Markets Day (4 December 2025).AMBER ↓ (Roland)I admire this business and believe it will be a reliable long-term producer. But at nearly 3x book value, the valuation is starting to look quite strong to me given the very modest production growth that’s forecasts for FY26. If commodity prices remain stable – or rise – then I could be proved wrong. But I can’t help feeling that some of the good news is in the price here. I was AMBER/GREEN in April 2025, but the shares have risen by 70% since then. Right now, I’m more comfortable with a neutral view to reflect the miner’s heavy dependency on Chinese demand and commodity prices.Centrica (LON:CNA) (£9bn | SR48)Preliminary ResultsAdj. operating profit £814m (2024: £1,552m). Actual operating profit...