【出版时间及名称】:2010年2月美国煤炭行业研究报告
【作者】:BREAN MURRAY
【文件格式】:pdf
【页数】:34
【目录或简介】:
Investment Summary .................................................................................................................................................................................... 1
Fundamental View ........................................................................................................................................................................................ 3
• Macro View .......................................................................................................................................................................................... 3
• Specific Names ..................................................................................................................................................................................... 4
Supply/Demand ............................................................................................................................................................................................ 5
• Official Supply/Demand Outlook .......................................................................................................................................................... 5
• Weak Demand ..................................................................................................................................................................................... 6
• Lower Supply ....................................................................................................................................................................................... 6
Key Countries/Continents .............................................................................................................................................................................. 8
• China… ................................................................................................................................................................................................. 8
• Other Key Countries ........................................................................................................................................................................... 10
Key Demand Drivers: Natural Gas Prices & Potential CO2 Legislation ........................................................................................................... 13
Price Deck .................................................................................................................................................................................................... 16
Summary Tables .......................................................................................................................................................................................... 18
Valuation ..................................................................................................................................................................................................... 19
• Walter Energy (WLT) .......................................................................................................................................................................... 20
• Patriot Coal Corporation (PCX) ........................................................................................................................................................... 21
• Alpha Natural Resources, Inc. (ANR)................................................................................................................................................... 22
• Peabody Energy Corporation (BTU) .................................................................................................................................................... 23
• CONSOL Energy Inc. (CNX) .................................................................................................................................................................. 24
• James River Coal Company (JRCC) ...................................................................................................................................................... 25
• Arch Coal, Inc. (ACI) ............................................................................................................................................................................ 26
Risks ............................................................................................................................................................................................................ 27
Appendix (Financial Statements) ................................................................................................................................................................. 28
Important Disclosures.................................................................................................................................................................................. 32