Coronado's Balance Sheet Risks Ratchet Up -- Market Talk

Dow Jones10-30

2320 GMT - Coronado Global Resources' stock remains too cheap, but it increasingly suits metallurgical coal bulls and investors with a higher risk tolerance, Morgans says. Coronado's 3Q update put a focus on its balance sheet. Net debt in the quarter rose to US$93.9 million, from US$4.7 million at the end of June. Analyst Tom Sartor expects 4Q Ebitda to break even and net debt to rise another US$50 million-US$60 million on weaker pricing and continuing capital projects. Those balance-sheet risks contribute to Morgans lowering its price target by 24%, to A$1.40/share. Coronado is up 1.5%, at A$1.00 today. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

October 29, 2024 19:21 ET (23:21 GMT)

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