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Alumina Ltd - Stock Quote AWC

Rating as of

Morningstar's Alumina Ltd Stock Analysis

Valuation
Currency in AUD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

No-Moat Alumina Limited’s First Quarter Largely Missed More Recent Alumina Price Resurgence

Mark Taylor Senior Equity Analyst

Analyst Note

| Mark Taylor |

We make no change to our AUD 1.80 fair value estimate for no-moat Alumina Limited, effectively a forwarding office for its 40% share of dividends from global alumina refiner Alcoa World Alumina and Chemicals, or AWAC. At around AUD 1.76, Alumina Limited shares are close to fair value, in the middle of 3-star territory.

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Alumina Ltd's Company Profile

Business Description

Alumina Ltd. is a forwarding office for Alcoa World Alumina and Chemicals' distributions. Its profit is a 40% equity share of AWAC profit, less head office and interest expenses. Its cash flow consists of AWAC distributions. AWAC investments include substantial global bauxite reserves and alumina refining operations. Declining capital and operating costs and a lack of supply discipline from China are likely to result in competitive pressures, but Alumina's position in the lowest quartile of the industry cost curve is defensive.

Contact
Level 36, 2 Southbank Boulevard
Southbank, VIC, 3006, Australia
T +61 386992600
Sector Basic Materials
Industry Aluminum
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Stock Type
Employees 5,500

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