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AWC.N

ISIN: US0222051080
SEDOL: 2954912

Rating:

BUY

Target Price:

5.47 USD

Investment Horizon:

6 to 12 months
19th May 2009 View Report   Download

Company News Alert

The Alumina Ltd. (Alumina) common stock has depreciated significantly since our FY 2008 update report, reflecting investor concerns over re-commissioning of aluminum capacity in Chinese smelters. Meanwhile, as we remain concerned about the company’s near term growth potential, we maintain our 6-12 month HOLD rating even though the target price derived in our last update report does not support a HOLD. We will reassess our common stock rating after the company releases…

13th May 2009 View Report   Download

FY 2008 Update Report

The recent deterioration in the auto and construction sectors in particular has resulted in a decline in demand for aluminum, resulting in a steep decline in prices from the record levels of mid-2008 and significant production cuts. Looking ahead, we expect the company's realized metal prices to decline yo- y during FY 2009 as we expect the credit crunch and increasing capital costs across the world to delay construction projects…

30th Apr 2009 View Report   Download

Company News Alert

On 30 April 2009, Alumina Limited (Alumina) announced a non-renounceable rights issue to raise up to A$1.0 bn, which will be used to repay debt and strengthen the balance sheet; this should reduce interest expenses, going forward. However, we expect aluminum prices to moderate over the near-tomedium term in reflection of the current global economic environment. Considering this, as well as the company’s weaker-than-expected FY 2008 results, we expect to lower our estimates and…

3rd Feb 2009 View Report   Download

FY 2008 News Alert

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On 03 February 2009, Alumina Limited (Alumina) announced its FY 2008 results. Top-line declined significantly due to a fall in Alcoa World Alumina and Chemicals (AWAC) sales volumes, coupled with high operating costs. Going forward, we expect aluminum prices to level off to reflect the recessionary environment in developed economies. Considering the fall…

13th Jan 2009 View Report   Download

Company News Alert

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Alumina Limited (Alumina) announced that it will incur a non-cash charge after tax of A$40 mn in its FY 2008 earnings after Alcoa Inc. wrote down expenditure relating to its Alcoa World Alumina & Chemicals (AWAC) joint venture business. The alumina & aluminium industry has been severely affected by the global economic downturn and the writedown relates to the suspension of current projects. However, we believe…