129773214415000000_182Hong Kong: reiterated that Russia Buy target $ 8.37 2011 aluminum core earnings in line with expectations: RUSAL 2011 years $ 12.29 billion in revenue, rose 24.6%. EBITDA of $ 2.512 billion, a drop of 3.3%. Company core profitability and our forecast of basic line. Aluminum Company cost moreOne-time upgrade, Russia 11 early liberalization of the electricity market reform
swtor gold, prices increased sharply. Net profit drop
tera power leveling, due to the adjustment of interest net investment: 2011 on Norilsk Nickel investment income decreased $ 2.78 billion, primarily due to a one-time devaluation of us $ 1.39 billion 2010 rush back to, and Norilsk Nickel last yearShare buyback to fend off potential acquisitions, making the company a net asset value decline, RUSAL adjusted book value of investments, reduction of 1.431 billion yuan. Debt burden is still in, but the risk has been reduced: $ 11.4 billion at the end of 2011, the company's net liabilities. Three quarter 2011 and all debtors reach a final restructuring agreement, corporate debt costs and periodsLimits have been optimized, and get rid of the limit of the capital expenditure.����Company's financial expenditure to a downward trend, the short term financial pressures had eased. Chairman of the Board of Directors changed: former Chairman of the Hong Kong Mercantile Exchange Chairman, Barry filled in a great saierboge (Viktor Vekselberg) vacancies arising from the resignation. Top three major shareholders of the company are still in the promiseLiersike nickel stake on the question of how to deal with disputes and resignation of Fibonacci saierboge will make the company more in accordance with Mr Deripaska's wish to develop. Reiterate buy rating: we reiterate our buy aluminium, mainly based on: 1. After continued to fall in aluminium prices are at end of build process, manufacturers supply reduction and the foreseeable demand for good, prices will be in 2012Year rebounded 2. RUSAL aluminum low cost, abundant resources in the upper reaches, near China's competitive advantage in the market, is a global leader in the aluminium industry 3.����Company valuations were high volume, Norilsk Nickel repression control disputes, compared to the current share price and the actual value of the company has a large discount. Value: our conservative future prices are expected, based on the discounted cash flow modelResult per share target price of HK $ 8.37
tera power leveling, 11.8 times 2011 P/E and double that to 2012 EV/EBITDA. 12345...10 next
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