Peabody Coal Buy Will be Positive in Long Run, Bull Reckons -- Market Talk

Dow Jones11-26

0111 GMT - Peabody's acquisition of Anglo American's coal business could more than double the company's annual output of steelmaking coal and make it the third-largest supplier in the seaborne market, says Jefferies analyst Christopher LaFemina. "The structure of this acquisition, with only $1.695 million of cash up front, helps limit the impact on Peabody's balance sheet," says LaFemina. The company had unrestricted cash of $773 million and total debt of $339 million at Sept. 30. Jefferies has a buy rating on Peabody. Possible "equity issuance could be a temporary overhang on Peabody's shares, but we believe this transaction will be a positive for the company in the longer term, especially if the Queensland tax/royalty regime ever changes to something less onerous," LaFemina says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

November 25, 2024 20:11 ET (01:11 GMT)

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The company had unrestricted cash of $773 million and total debt of $339 million at Sept. 30. Jefferies has a buy rating on Peabody. Possible \"equity issuance could be a temporary overhang on Peabody's shares, but we believe this transaction will be a positive for the company in the longer term, especially if the Queensland tax/royalty regime ever changes to something less onerous,\" LaFemina says. 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The company had unrestricted cash of $773 million and total debt of $339 million at Sept. 30. Jefferies has a buy rating on Peabody. Possible \"equity issuance could be a temporary overhang on Peabody's shares, but we believe this transaction will be a positive for the company in the longer term, especially if the Queensland tax/royalty regime ever changes to something less onerous,\" LaFemina says. 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