Opinions

Peter Arender, CFA Alcan Aluminum AL-T BUY ON WEAKNESS Apr 21, 2004

Based on what it is earning right now, it is fully valued. Would buy 20/25% lower.

Peter Arender, CFA

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$57.600

Stock price when the opinion was issued

integrated mines

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SELL

Stock had a good top because of the offer from Alcoa (AA-N). Whatever happens to the price of aluminum in the near term will not be based on fundamentals. A lot of variables are going on, so there is no assurance the stock will go higher. If you own, take some partial profits.

PAST TOP PICK

(A Top Pick June 19/06. Up 92.5%.) Take some of your money off the table.

HOLD

Early on in the process of a bidding war. If you own, continue to hold. Main risk is a Pac Man defence where Alcan tries to buy Alcoa (AA-N). You might lock in a bit of profit at this point.

COMMENT

Has been a long term favorite of hers. Has just had a big pop, and they sold some.Expects the company to go higher.They've maintained a conservative balance sheet.

HOLD

If you're a short term trader, you've made an excellent return, take some profits. If you are a long term investor, hold.

PAST TOP PICK

(Past Top Pick Oct 18/06. Up 115%.) Being acquired and trading very close to the takeover price, so he sold his holdings.

TRADE

There is a takeover bid in play. (caller asked how) To sell your shares, you can tender your shares, (call your broker), or sell on the market. Recommends tendering.

PAST TOP PICK

(Top pick Nov 14/06. Up 80%)

PAST TOP PICK

(A Top Pick Feb 15/07. Up 52%.) Chose it because it was a takeover target. It was acquired last fall.

PAST TOP PICK

(A Top Pick Nov 23/05. Up 130% at the point that Rio Tinto (RTP-N) acquired it.

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Peter Arender, CFA Alcan Aluminum AL-T BUY ON WEAKNESS Apr 21, 2004

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