Rusal’s quarterly results again came in at weak levels, largely due to severe market headwinds. Yet, the group has managed to sustain its (slow-paced) deleveraging momentum, thanks to sustained and growing dividend flows from Norilsk Nickel. While we don’t expect aluminium markets to normalise very soon, the group is well-equipped to withstand near-term headwinds and capitalise the white metal’s long-term fundamentals.
13 Nov 2019
Operating weakness persists, although the investment case remains unchanged
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Operating weakness persists, although the investment case remains unchanged
- Published:
13 Nov 2019 -
Author:
Varun Sikka -
Pages:
3
Rusal’s quarterly results again came in at weak levels, largely due to severe market headwinds. Yet, the group has managed to sustain its (slow-paced) deleveraging momentum, thanks to sustained and growing dividend flows from Norilsk Nickel. While we don’t expect aluminium markets to normalise very soon, the group is well-equipped to withstand near-term headwinds and capitalise the white metal’s long-term fundamentals.