Alumina

Alumina’s share price has risen more than 50% since we last covered the stock on 16 Aug 12 (Speculative Buy - $0.72). The rising share price reflects higher aluminium and alumina prices and relief that AWAC, in which Alumina owns a 40% stake, has guaranteed dividend payments this year to Alumina. Dividends are, of course, Alumina’s sole source of revenue. The market had been concerned that miserly dividends from AWAC would force a capital raising but that fear is diminishing. AWAC paid fully franked dividends of US$95m to Alumina last year and will pay at least US$100m again this...

Alumina’s share price has risen more than 50% since we last covered the stock on 16 Aug 12 (Speculative Buy - $0.72). The rising share price reflects higher aluminium and alumina prices and relief that AWAC, in which Alumina owns a 40% stake, has guaranteed dividend payments this year to Alumina. Dividends are, of course, Alumina’s sole source of revenue.

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