Name: Costly but transformational: Yancoal buys Coal and Allied from Rio Tinto
Brand: Wood Mackenzie
SKU: 60648
Price: 1100 USD
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Author: Wood Mackenzie

Insight 25 January 2017

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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Yancoal and Rio Tinto announced January 24 they had entered into a binding agreement for Yancoal to buy Rio Tinto's NSW thermal and semi-soft coking coal producer, Coal and Allied. The deal is transformational for Yancoal, propelling it to become Australia's fourth largest coal producer. However nothing comes for free, and Yancoal have paid a significant premium to secure the assets, making it an attractive deal for Rio Tinto. The total upfront consideration of US$2.35 billion (assuming Yancoal elects to pay the entire amount upfront) represents a 60% premium to our valuation of US$1.46 billion. We estimate the deal was struck at an implied long-term benchmark thermal coal price of US$74/tonne and a hard coking coal price of US$124/tonne (flat real 2017 terms).</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Overview
    </li>

<li class="list__item-toggle">
        <a href="#92c2db94-dde6-4688-9cc3-152d2148d145" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="92c2db94-dde6-4688-9cc3-152d2148d145" aria-expanded="false">
            Deal summary
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        <ul id="92c2db94-dde6-4688-9cc3-152d2148d145" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Key facts
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        Location map
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        <a href="#bfc4bf8a-7bea-4389-870e-adf42e8a8a2e" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="bfc4bf8a-7bea-4389-870e-adf42e8a8a2e" aria-expanded="false">
            Deal Analysis
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        <ul id="bfc4bf8a-7bea-4389-870e-adf42e8a8a2e" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Summary valuation
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    <li class="push-quarter--bottom">
        Valuation metrics
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        Economic assumptions
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            Upside, risks, and strategic rationale
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        <ul id="0fab2a2f-3c3a-469a-bfb4-5c6f452e1472" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Top 10 producers 2017 (pre and post deal, attributable)
    </li>
    <li class="push-quarter--bottom">
        Yancoal and Coal and Allied margins 2017
    </li>
    <li class="push-quarter--bottom">
        Valuation sensitivity
    </li>

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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Costly but transformational: Yancoal buys Coal and Allied from Rio Tinto: Table 1</li><li class="list__item push-quarter--bottom">Costly but transformational: Yancoal buys Coal and Allied from Rio Tinto: Image 1</li><li class="list__item push-quarter--bottom">Costly but transformational: Yancoal buys Coal and Allied from Rio Tinto: Table 2</li>
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        <ul class="list list--bullets panel-toggle" id="8089041b4b54405e833985b0218c0085">
            <li class="list__item push-quarter--bottom">Costly but transformational: Yancoal buys Coal and Allied from Rio Tinto: Table 3</li><li class="list__item push-quarter--bottom">Costly but transformational: Yancoal buys Coal and Allied from Rio Tinto: Table 4</li><li class="list__item push-quarter--bottom">Costly but transformational: Yancoal buys Coal and Allied from Rio Tinto: Image 2</li><li class="list__item push-quarter--bottom">Seaborne export thermal coal margins</li><li class="list__item push-quarter--bottom">Seaborne export metallurgical coal margins</li><li class="list__item push-quarter--bottom">Costly but transformational: Yancoal buys Coal and Allied from Rio Tinto: Image 5</li>
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Costly but transformational Yancoal buys Coal and Allied from Rio Tinto.xls</p>
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    <span>2.42 MB</span>
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</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Costly but transformational: Yancoal buys Coal and Allied from Rio Tinto</p>
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