Alumina (AWC) $2.06

AWC -3.29%: Released their FY21 financial results today reporting a net profit of $226mn which was a shade below the $231mn expected by the market. The 6.2cps dividend was also a miss versus the 6.9cps expected however this looks to be more a timing issue than anything reflecting a lag in the timing of cashflow from the alumina JV.  Looking forward, FY22 should be a much better year in terms of earnings and thus dividends, with the alumina price currently tracking well ahead of CY22 alumina price forecasts, when that is sustained, upgrades follow and if earnings expectations are going up the share price normally does too.