Citi increases earnings estimate for Australia's Alumina on Kwinana shutdown

Alumina

10/01/2024 20:12

** Analysts at Citi increase Alumina's  AWC.AX  CY24 earning
estimate on curtailment of loss-making Kwinana production and a
3% uplift in alumina prices
    ** Brokerage firm changes the Australian aluminum producer's
CY24 earnings estimate from a $19 mln loss to a $45 mln gain 
    ** Raises price target to A$1.15 and downgrades rating to
"neutral" from "buy" 
    ** Broker raises earnings estimate by 56% for CY25 and 30%
for CY26 
    ** U.S. aluminum producer Alcoa  AA.N  had earlier announced
that it is planning to stop production at its joint venture with
Alumina - Kwinana Alumina Refinery in Western Australia in 2024
    ** Five of seven analysts rate the AWC stock "buy" or
higher, one "hold" and one "sell" or lower; their median PT is
A$1.00 –– LSEG data
    ** Shares of Alumina fell 40.5% in 2023, dropping for the
second consecutive year 

    
    
    
    
    
    

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))