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Alcan Aluminum (AL.TO)

BUY ON WEAKNESS
Aluminum market has softened a little. Likes aluminum over the long run.
TOP PICK
Aluminum is a commodity that has lagged ad is starting to pick up because of cut backs in China due to pollution controls. Trades at about 11 X next year's earnings.
TOP PICK
(A Top Pick July 29/04. Up 15%.) Aluminum dynamics are very solid. World demand is increasing. Acquisition of Pechene was a terrific deal. Likes that they are spinning off their rolled products. Not expensive.
BUY
Their spin-off, Novelis may be a weak performer out of the gate because of a high 86% debt to capital leverage. Alcan looks fairly good.
TOP PICK
(A Top Pick July 23/04. Up 17%.) Aluminum prices are staying strong. 10% cheaper than Alcoa. Spinning out their rolling mills to the shareholders.
BUY
A good way to play the commodity cycle.
WEAK BUY
A place you want to be. Extremely well run. Recomend.
TOP PICK
The fundamental supply/demand picture for alumium is probably the best of all the metals. The Pechene acquisition is giving it huge synergy. Not expensive at less than 10 X 2005 earnings. Spin out of its roll out division gives it more leverage.
TOP PICK
Acquisition of Pechene was pretty significant. Commodities are going to continue to trade at high prices. Selling its rolled products division.
BUY
Considering offers for their rolled products division. One of his favourites. Should be everyone's portfolio.
BUY
Good stock and a good time to buy. Aquisition is working out pretty much as planned. Aluminum prices are steady and will improve.
BUY
Well managed. Cyclical and trades between $55/65 at $0.75/0.78 aluminum.
BUY
Second largest aluminum producer in the world. Extremely well-positioned company.
PAST TOP PICK
(Past top pick Mar 18/04. Down 12 1/2%.) Has been a very disappointing performer. Reported earnings were above expectations. Would buy at this price.
TOP PICK
Had good earnings. Cash flow is 8 X next year's numbers. Good entry point.
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