Analyst Research Report Snapshot

Title:

ATH RESOURCES - DELIVERING STEADY GROWTH

Price:

$10.00

Provider:

Edison Investment Research

Date:

05 Dec 2008

Pages:

2

Type:

AcrobatPDF

Companies referenced:

ATH.L

Available for Immediate Download
Summary:

ATH Resources plans to produce 2.2Mt of thermal coal in FY09, half of which will be supplied to a number of UK electricity providers under long-term, fixed-price contracts. As such, ATH’s revenues are reasonably protected from volatility in the spot price of thermal coal (which is mainly used for electricity generation). However, since 1 September 2008 ATH’s share price has fallen from 184p to 67p currently. With FY08 revenues of £77m, PBT of £9m and a yield of 9%, ATH trades at less than 4.4x earnings even though its mines have the realistic potential to produce coal for at least another seven years. Management is focused on expanding coal reserves and developing the coal reclamation business. FOR MORE INFORMATION ON ATTACHED RESEARCH PLEASE CALL 020 3077 5713 OR EMAIL RESEARCH@EDISONINVESTMENTRESEARCH.CO.UK OR VISIT WWW.EDISONINVESTMENTRESEARCH.CO.UK

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