Raising Alumina Ltd. Fair Value Estimate to AUD 0.95 Per Share With Alumina Price Spike
We've increased our fair value estimate for Alumina Ltd. to AUD 0.95 from AUD 0.90 per share due to the time value of money and a small increase in forecast earnings for 2017. Alumina prices strengthened to about USD 350 per tonne in early 2017 before weakening to about USD 320 per tonne more recently. Higher near-term alumina prices mean we raise our 2017 forecast 7% to USD 290 per tonne. The increase sees our 2017 adjusted earnings forecast for the firm rise to AUD 0.10 from AUD 0.08 per share...Alumina is engaged the business of the global bauxite, alumina and aluminium industry, which it conducts primarily through bauxite mining and alumina refining. All of those business activities are conducted through its 40% investments in Alcoa World Alumina and Chemicals ("AWAC"). Co.'s equity interests in AWAC forms a reportable segment.
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