For many investors, Vale (VALE) has moved into uninvestable territory following the extensive regulatory investigations post the Brumadinho dam failure. However, every asset has a price; the regulatory uncertainty surrounding Vale is well-known at this point, and I believe these uncertainties have mostly been priced in by now, with the stock trading at an ~4-5x EBITDA multiple (relative to historical ~6.0x). Vale should leave behind most of the uncertainty related to Brumadinho’s accident in the next 12 months, which should lead to a re-rating. I believe the key catalyst to lifting investor sentiment