Stock data
| Market cap. | £266.7m |
| Last close | 40.25p |
| High / Low (52 weeks) | 89.2p / 40.2p |
| Stock market listing | AIM, JSE, ASX |
| Forecast net cash (US$m) | 27.1 |
| Forecast gearing ratio (%) | N/A |
| Team | Resources - Mining |
| Sector | Mining |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (28.44) | (36.11) | (47.73) |
| Relative * | (24.93) | (30.86) | (42.55) |
* % Relative to local index
Other companies covered in sector
| Y/E Jun | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 98.4 | 12.6 | (46.2) | (7.7) | N/A | N/A |
| 2011A | 261.4 | 14.7 | (120.7) | (22.9) | N/A | N/A |
| 2012E | 300.5 | 40.5 | (28.5) | (8.5) | N/A | 74.6 |
| 2013E | 377.4 | 71.4 | 16.6 | (1.1) | N/A | 7.3 |
Last updated on 17/04/2012
Latest research
Vele to the rescue
Outlook | Mining | 10/04/2012
Equity offering completed
Flash note | Mining | 11/11/2011
Vele is back on track
Flash note | Mining | 27/10/2011
Approval for farm swap
Update | Mining | 13/09/2010
A new dawn emerges
Outlook | Mining | 27/07/2010
Moving on up
Update | Mining | 24/05/2010
NuCoal completes
Update | Mining | 29/01/2010
Heating up
Update | Mining | 11/11/2009
Deal with Exxaro Coal
Update | Mining | 29/04/2009
Emerging coal producer
Outlook | Mining | 26/03/2009
Investment summary
Coal of Africa (CoAL) released good H112 financial results, followed by an analyst presentation. In the reported period, CoAL's revenue grew 63% y-o-y to US$143.8m on the back of higher coal sales and realisation price, while EBITDA loss shrank from US$40.4m to US$9.2m. The company reported net loss of US$74.7m, which was distorted by non-cash impairment of US$2.0m and unrealised FX loss of US$37.7m. At the presentation, management confirmed that Makhado's coal was classified as hard coking coal against our expectations of semi-hard type. We also understand the Vele project is expected to start commercial production in April or May, with coal qualities testing still underway. Importantly, the company is considering producing thermal coal middlings at Vele from the coking coal discard. This could become an additional revenue stream for the project.
Last updated on 23/04/2012
Industry outlook
Given the weak economic backdrop, downward pressure on thermal coal prices may continue.
Last updated on 23/04/2012
Key management
| Richard Linnell, Chairman |
| John Wallington, CEO |
| Wayne Koonin, FD |
Company address
| Level 1, Old Swan Brewery 173 Mounts Bay Road Perth WA 6000 Australia +61 8 9322 6776 View website |
