How about Shutting Down IO & Steel Making Business?, page-2

Deutsche Bank has a "hold" recommendation on Arrium and a 12-month price target of 9¢, up from 8¢ previously. "At Arrium's AGM, management announced iron ore exports will likely increase to 8-10mtpa from 6-8mtpa in FY17 and FY18 (unchanged in FY16). While this reduces the FY17E EBIT Iron Ore loss $13 million to -$25 million, we remain concerned around Arrium's balance sheet in the absence of asset divestments (given our view the iron ore price will remain at low levels). Nonetheless, FY17E NPAT increases 11 per cent (we now factor in 9mt of iron ore exports in FY17E)." Credit Suisse has an "underperform" on Arrium and a target price of 15¢.


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