Davenport Initiates Coverage on Foundation Coal (FCL) with a Buy
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Davenport initiates coverage on Foundation Coal (NYSE: FCL) with a Buy.
"Today, we initiated coverage on FCL based on an average of: 1) A multiple of 4.75x our 2010 adjusted EBITDA estimate, which implies a $92 stock price; and 2) Our DCF analysis, which assumes long-term NAPP and CAPP steam coal prices of $70/ton, $12.60/ton in the PRB, and a WACC of 10.75%, which places fair value at $75...We consider FCL attractive at current levels, trading at 5.3x and 3.7x our respective 2009 and 2010 adjusted EBITDA estimates."
Foundation Coal Holdings, Inc. (Foundation Coal) is a coal producer in the United States that operates a group of 13 mines located in Wyoming, Pennsylvania and West Virginia. [SM]
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