Initiating Coverage

Analyst Details
Company: Madison Williams
Analyst: Asit Sen
URL: https://sites.google.com/a/madisonwilliams.com/white-energy/

Summary

We are initiating coverage of White Energy Company, a Sydney, Australia-headquartered clean coal technology company, with a Buy rating and a 12-month price target of A$4.25 (ADR target US$20), based on the following:

Leverage to Unique and Value-Added Clean Coal Technology
Coal Expected to Remain Dominant Fuel Source, Driven by Strong Asian Demand Growth
While Versatile, Coal is Relatively Dirty
Recent SACL Acquisition has Strategic Benefits