巴克莱资本Barclays - 印度煤业首次覆盖47页深度分析





INVESTMENT SUMMARY...................................................................................................................3
Seven key questions on investors’ minds ........................................................................................ 3
Valuations and view......................................................................................................................... 5
Key risks.......................................................................................................................................... 6
THE SEVEN KEY ISSUES...................................................................................................................8
1. Are production problems insurmountable?................................................................................... 8
2. What about logistics bottlenecks? ..............................................................................................10
3. Are e-auction volumes at risk? ....................................................................................................15
4. Is coal washing a precursor to import parity prices?.....................................................................16
5. How does one look at coal pricing policy going forward? .............................................................19
6. Is subsidiary-specific analysis really relevant?................................................................................22
7. Is there a risk of diversion of cash for other social obligations?......................................................23
VALUATIONS AND INVESTMENT VIEW ............................................................................................25
Value CIL based on DCF...................................................................................................................25
Key risks..........................................................................................................................................29
COAL INDIA – FACT FILE ................................................................................................................30
COAL INDIA – SNAPSHOT OF OPERATING SUBSIDIARIES................................................................32