iPoint (iPoint.cz)
Czech markets  |  September 20, 2012 16:01:15

Another difficulty for shareholders NWR: Target Cut from Patria (+ list of recommendations)



iPoint.czFrom bad to worse at best it comes with a valuation for domestic miners. According to price targets issued in September 2011 should be in those moments NWR 6, 7 or even L 8.50. Reality is elsewhere, as on the global economic scene this year took a dramatic turn, and the word came back again skeptics. Well, not quite: At the end of the holidays, there was a general consensus analytical (or rather hope) that commodity prices could reverse the aggressive steps the Fed and the ECB to support growth. The world wonders (?), Not only coal prices after the announcement QE3 not increased, but rather have gone even further. According to Tomas Sykora of Patria Finance example benchmark spot price of high-quality coking coal within the last week fell by 13.5 dollars to $ 140.50 per tonne. Commodity lift FED therefore not worked, which does not bode well for shareholders or NWR, nor for the global economy as a whole."We expect NWR indicates the average cost of supply (coking coal, note. Red.) For the fourth quarter of 2012 around 100 euros per tonne, with the risk for a lower price, taking into account the currently lower spot prices," says Tomas Sykora of Patria Finance. Based on the reduction in the average prices of coking coal estimated for this year, but other changes in estimates of future prices of coal and coke in the coming years Patria reduced valuation for the title. How deep?

Other valuation NWR succumbed to erosion, read the iPoint

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