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Rabu, 09 Februari 2011

INCO - laggard play to run in nickel prices - Macquarie

Albert Saputro, flagged INCO’s share price underperformance to nickel prices by about 20% since beginning of Q4. INCO has high leverage to nickel prices as for every 1% change in our LME Nickel price assumptions (USD11.6/lb vs spot at USD12.9/lb), translates to 2-3% change in earnings. Karebbe hydro project is also on track to finish August 2011 which will serve as a buffer to oil prices + additional capacity by 20-40Mt. INCO is attractively valued at 10.2x PE11 + 9.8% dividend yield (historically INCO pays 100% div pay out except in 2008). INCO is trading at 8.8x PE11 with USD11.8/lb price assumption (YTD average nickel price). Interestingly enough on the Quant space (which combines growth, momentum, profit, technical, value, + other analysis) INCO ranks 18th out of 542 companies.
Posted by Saham Pilihan at 13.47

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