ago - $2, page-11

BA-Merrill Lynch 26-Feb-14
Atlas Iron's first half met consensus and the broker's estimate, the company reporting strong cash conversion of 100% and a net cash position of $90 million. Capital expenditure guidance was increased and production and cash guidance was steady.

BA-Merrill Lynch lamented the lack of detail offered on the much touted growth strategy beyond 15 million tonnes a year. It notes a port and rail infrastructure agreement is critical to growth outcomes and awaits updates on the cost-out program review and resource statements.

The broker retains a Buy rating but notes outcomes will depend heavily on iron-ore price volatility. Target price is steady at $1.30.


Maybe this also explains the recent jump