Corsa Coal Short Report 2016 - Metallurgical Coal Analysis

Critical analysis of Corsa Coal's metallurgical coal operations and market outlook. The report argues that while met coal prices surged in 2016, fundamental economic drivers are absent and structural headwinds from EAF steel mills threaten long-term demand. Author derives a $2.09 target price, representing a 36% discount to the February 2016 trading price.