Insight
Global coal corporate activity: 2014 in review and what to look for in 2015
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Report summary
Announced spend on coal transactions fell by 59% in 2014 to a total of US$3.5 billion as both metallurgical and thermal coal prices fell throughout the year. Smaller deals were the theme of 2014 with an average deal spend of US$83 million despite the massive fall in total spend, the number of transactions only fell by 20%. We expect deal activity to rebound in 2015, but remain low in absolute value terms compared with prior years.
Table of contents
- Global spending on coal assets plummets
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- Acquisition spend by deal and target region
- Operating assets are still the favoured type of transaction
- Thermal coal asset sales remain popular
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Discounts in 2014 even greater than those of 2013
- Average premiums/discounts paid by region compared to GEM valuation
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Implied thermal prices lag the spot market while implied metallurgical prices spread out
- Implied long-term (adjusted) coal price (deal by deal) vs. Newcastle export thermal coal spot price
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- Implied long-term (adjusted) coal price (deal by deal) vs. Coking Coal Queensland Index (CCQ) and Argus
- Stabilising prices and buyer interest points to a rebound in 2015
Tables and charts
This report includes 7 images and tables including:
- Global coal corporate activity: 2014 in review and what to look for in 2015: Table 1
- Global coal corporate activity: 2014 in review and what to look for in 2015: Table 2
- Global coal corporate activity: 2014 in review and what to look for in 2015: Table 3
- Global coal corporate activity: 2014 in review and what to look for in 2015: Image 1
- Global coal corporate activity: 2014 in review and what to look for in 2015: Image 2
- Global coal corporate activity: 2014 in review and what to look for in 2015: Image 3
- Global coal corporate activity: 2014 in review and what to look for in 2015: Image 4
What's included
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